Afferro Mining Inc. - Nkout Iron Ore Project - Operations Update

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS 
WIRE SERVICES./ 
TSX-V:AFF
AIM:AFF 
LONDON, UK, Nov. 12, 2012 /CNW/ - Afferro Mining Inc. ("Afferro" or the 
"Company"), the exploration and development company focused on iron ore in 
Cameroon, is pleased to provide an update on operations at its 100% owned 
Nkout project ("Nkout"). The Company is continuing its programme of 
exploration for further potential direct shipping ore ("DSO") zones. 
Highlights 


    --  High grade intercepts at Nkout East indicate a potential DSO
        zone similar to that delineated at Nkout Centre. Highlights


    include:
  o NKEGS003  44.8m @ 55.5% Fe from surface
  o NKEGS008  85.5m @ 55.3% Fe from surface
  o NKEGS010  101.8m @ 54.1% Fe from surface
  o NKEGS004  77.3m @ 53.2% Fe from surface
  o NKEHC070  84.3m @ 51.8% Fe from surface 


    --  Metallurgical testwork shows that material above a 50% iron
        mineralised cut-off is amenable to processing through the
        potential DSO plant with a mass yield of approximately 75%
    --  Reconnaissance drilling of the D8 target zone ("D8") identifies
        a high-grade zone consisting of iron-bearing saprolite,
        overlying a magnetite banded iron formation ("BIF") that is


    open at depth. Highlights include:
  o NKDE026  35.9m @ 38.9% Fe from 4.0m
  o NKDE004  35.8m @ 38.9% Fe from 13.6m
  o NKDE010  44.5m @ 37.8% Fe from surface
  o NKDE023  30.5m @ 37.7% Fe from 3.0m 


    --  Assays returned from a total of 77 diamond drill holes
        totalling 4,872m of drilling. Assays currently outstanding from
        a further 108 holes, totalling 6,434m of drilling


--  Further high-grade intersections from Nkout Centre include:
  o NKHC139  96.4m @ 47.4% Fe from surface
  o NKHC147  71.0m @ 46.5% Fe from surface
  o NKHC140  59.5m @ 46.5% Fe from surface
  o NKHC144  55.9m @ 45.6% Fe from surface
  o NKHC141  65.0m @ 45.2% Fe from surface 


    --  Drilling programme to continue, targeting identification of
        further potential DSO resource at Nkout
    Luis da Silva, Chief Executive Officer of Afferro, commented:

"These excellent results from our on-going exploration programme identify 
further DSO resource at Nkout. In particular, the results indicate a separate 
DSO zone in Nkout East, with wide intercepts grading up to 55% iron. 
Metallurgical testing has indicated that material with a 50% cut-off should be 
amenable to processing with a DSO plant.

These results, the results from assays pending and results from further 
drilling will be collated in an updated Mineral Resource Estimate ("MRE5"), 
which will be used as the basis for a prefeasibility study which is to 
commence in Q1 2013"

Nkout Iron Ore Project

Afferro has continued reconnaissance and resource drilling at Nkout through 
2012. The results reported are from 77 drill holes comprising 4,872m of 
drilling conducted between 16 April 2012 and 20 August 2012. Drilling is 
on-going and assays are pending from 108 holes comprising 6,434m. Results from 
all of this drilling will be incorporated into MRE5 in H1 2013.

The target areas are a series of east-west to north-west striking magnetic 
anomalies coincident with magnetite rich BIF and topographical highs with a 
cumulative strike length of approximately 10km. Following MRE4 the Company has 
focused drilling at Nkout East and Nkout Centre to investigate shallow, high 
grade iron mineralisation contained in the oxide and transitional saprolitic 
zones overlying the primary magnetite BIF. Reconnaissance drilling of the D8 
magnetic anomaly was also conducted. A summary of the mineralised 
intersections are shown in Table 1 and in the two links below.

http://www.afferro-mining.com/i/maps/cameroon/OpsUpdate-Nkout.png 
http://www.afferro-mining.com/i/maps/cameroon/OpsUpdate-D8.png

The primary magnetite BIF mineralisation remains open at depth.

Nkout East

19 diamond drill holes were completed, comprising 1,571m. The objective of the 
drilling was to further define the potential DSO unit detailed in the news 
release of 23 April 2012. Results of this drilling are highly encouraging, 
with metallurgical testing indicating that high-grade saprolite above a 50% 
iron mineralised cut-off should be amenable to be processed in a DSO plant. 
Examples include NKEGS008 (85.5m @ 55.3% Fe from surface) and NKEGS010 (101.8m 
@ 54.1% Fe from surface).

D8

The target zone is the fourth area to be drilled within a 9km radius of Nkout 
Centre. First pass reconnaissance drilling of 39 diamond holes comprising 
1,988m was completed over a 1km strike on 200m spaced drill traverses with 50m 
centres. Drilling was targeted on a high intensity, coherent north-west 
striking magnetic anomaly and designed to test for high-grade oxide and 
transitional mineralisation. A number of drill holes were advanced deeper into 
primary BIF mineralisation to gauge depth continuity. Results indicate the 
tenor is the same as that of the Nkout mineralisation and remains open at 
depth.

Nkout Centre

19 drill holes were completed comprising 1,313m to further define and extend 
the potential DSO. Drilling is on-going and will further explore a potential 
south-western extension of the DSO.

The potential DSO, saprolite and magnetite BIF mineralisation at Nkout is the 
subject of metallurgical testwork being carried out by SGS Laboratories in 
Perth, Western Australia. The results of this test work are pending.

Table 1 - Nkout Mineralised Intersections

 _______________________________________________________________________________________________
|        |      |     |     |     |        |        |     |     |     |     |    |    | Al |SiO |
|Hole ID | Area | Azm | Dip |Elev.|  North |   East | EOH |From | To  |Int  |Fe %|P % |(2)O|(2) |
|        |      |(deg)|(deg)| (m) |   (m)  |   (m)  | (m) | (m) | (m) | (m) |    |    |(3 )| %  |
|        |      |     |     |     |        |        |     |     |     |     |    |    | %  |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|        |Nkout |     |     |     |        |        |     | 0.0 |44.8 |44.8 |55.5|0.10|3.9 |10.4|
|NKEGS003| East | 180 | -80 | 804 |286,847 |256,603 |110.7|_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |52.8 |90.0 |37.2 |39.0|0.04|0.8 |42.3|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                             including(#)| 6.0 |33.4 |27.4 |60.8|0.12|2.5 |3.6 |
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|NKEGS004|Nkout | 180 | -80 | 806 | 286,801|256,604 |90.2 | 0.0 |77.3 |77.3 |53.2|0.14|4.2 |12.1|
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                                         | 6.0 |38.3 |32.3 |59.2|0.13|2.7 |5.0 |
|                                             including(#)|_____|_____|_____|____|____|____|____|
|                                                         |46.3 |62.3 |16.0 |58.5|0.21|2.5 |5.5 |
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|NKEGS005|Nkout | 180 | -80 | 767 | 286,893|256,512 |81.8 | 0.0 | 8.8 | 8.8 |43.6|0.05|13.3|14.6|
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKEGS006|Nkout | 180 | -80 | 800 |286,756 |256,603 |74.8 | 0.0 | 9.6 | 9.6 |53.7|0.05|7.8 |8.4 |
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                             including(#)| 2.0 | 4.0 | 2.0 |59.3|0.05|6.6 |3.6 |
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|NKEGS007|Nkout | 180 | -80 | 789 |286,700 |256,603 |73.8 | 0.0 |10.3 |10.3 |38.8|0.04|12.6|7.9 |
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|        |Nkout |     |     |     |        |        |     | 0.0 |85.5 |85.5 |55.3|0.08|4.6 |5.8 |
|NKEGS008| East | 180 | -80 | 825 |286,803 |256,794 |113.6|_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |106.5|113.6| 7.1 |37.6|0.05|0.6 |43.5|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                             including(#)|14.7 |76.5 |61.8 |58.8|0.08|2.3 |2.4 |
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|NKEGS009|Nkout | 180 | -80 | 779 |286,849 |256,498 |84.8 | 0.0 | 5.6 | 5.6 |47.9|0.04|12.5|9.9 |
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKEGS010|Nkout | 180 | -80 | 823 |286,845 |256,800 |101.8| 0.0 |101.8|101.8|54.1|0.05|3.6 |7.6 |
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                             including(#)| 6.0 |92.8 |86.8 |56.4|0.05|3.2 |4.3 |
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|NKEHC061|Nkout | 180 | -80 | 785 |286,663 |256,602 |88.9 | 0.0 | 9.2 | 9.2 |46.6|0.05|10.3|15.1|
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKEHC062|Nkout | 180 | -80 | 754 |286,940 |256,505 |89.0 | 0.0 |19.5 |19.5 |49.1|0.08|5.7 |8.6 |
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKEHC063|Nkout | 180 | -80 | 779 |286,755 |256,509 |61.0 | 0.0 |13.5 |13.5 |41.6|0.03|6.0 |29.5|
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKEHC064|Nkout | 180 | -80 | 757 |286,653 |256,499 |42.5 | 0.0 | 3.5 | 3.5 |43.1|0.04|12.1|17.2|
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKEHC065|Nkout | 180 | -80 | 768 |286,704 |256,500 |63.4 | 0.0 | 6.4 | 6.4 |49.6|0.13|8.9 |11.9|
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKEHC066|Nkout | 180 | -80 | 805 |286,662 |256,800 |34.8 | 0.0 | 3.8 | 3.8 |76.6|0.13|20.5|10.2|
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                                         | 5.0 | 7.0 | 2.0 |55.8|0.05|9.5 |4.3 |
|                                             including(#)|_____|_____|_____|____|____|____|____|
|                                                         |11.5 |13.8 | 2.3 |55.7|0.26|5.1 |5.4 |
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|        |Nkout |     |     |     |        |        |     | 0.0 | 6.0 | 6.0 |43.9|0.04|13.1|14.8|
|NKEHC069| East | 180 | -80 | 784 |286,798 |256,507 |70.8 |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |48.0 |50.0 | 2.0 |35.1|0.06|4.8 |41.8|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKEHC070|Nkout | 180 | -80 | 826 |286,756 |256,801 |84.3 | 0.0 |84.3 |84.3 |51.8|0.09|4.8 |12.7|
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                             including(#)|10.8 |63.8 |53.0 |57.3|0.11|3.9 |4.2 |
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|NKEHC071|Nkout | 180 | -80 | 813 |286,893 | 256,800|114.5| 0.0 |114.5|114.5|47.5|0.06|4.0 |20.4|
|        | East |     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                                         | 9.5 |11.5 | 2.0 |55.9|0.06|5.9 |2.7 |
|                                                         |_____|_____|_____|____|____|____|____|
|                                                         |18.0 |34.0 |16.0 |61.4|0.09|2.0 |2.0 |
|                                               including#|_____|_____|_____|____|____|____|____|
|                                                         |50.5 |72.0 |21.5 |59.4|0.06|1.3 |7.3 |
|                                                         |_____|_____|_____|____|____|____|____|
|                                                         |82.0 |84.0 | 2.0 |58.6|0.08|1.3 |6.6 |
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|                                                                                               |
|_______________________________________________________________________________________________|
|NKHC139 |Nkout | 180 | -80 | 733 |286,009 | 254,305|96.4 | 0.0 |96.4 |96.4 |46.5|0.05|1.9 |25.8|
|        |Centre|     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                                         | 0.0 |19.9 |19.9 |56.8|0.1 |5.2 |7.4 |
|                                               including#|_____|_____|_____|____|____|____|____|
|                                                         |25.9 |34.9 | 9.0 |58.5|0.02|0.6 |14.6|
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|NKHC140 |Nkout | 180 | -80 | 728 |286,049 |254,302 |69.5 | 0.0 |59.5 |59.5 |47.4|0.04|1.9 |27.7|
|        |Centre|     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                               including#|18.5 |21.5 | 3.0 |56.5|0.02|0.9 |16.2|
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|        |Nkout |     |     |     |        |        |     | 0.0 |12.5 |12.5 |55.3|0.07|6.8 |7.0 |
|NKHC141 |Centre| 180 | -80 | 749 |285,996 | 254397 |84.5 |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |19.5 |84.5 |65.0 |45.2|0.04|0.8 |29.9|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                                         | 7.0 |12.5 | 5.5 |58.6|0.05|2.4 |9.7 |
|                                                         |_____|_____|_____|____|____|____|____|
|                                               including#|19.5 |27.5 | 8.0 |56.9|0.05|0.6 |16.0|
|                                                         |_____|_____|_____|____|____|____|____|
|                                                         |33.5 |36.5 | 3.0 |55.1|0.06|0.4 |19.2|
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|NKHC142 |Nkout | 180 | -80 | 704 |285,855 |254,294 |39.4 | 0.0 |39.4 |39.4 |42.2|0.05|3.0 |33.4|
|        |Centre|     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|        |Nkout |     |     |     |        |        |     | 0.0 |29.0 |29.0 |48.1|0.07|4.2 |21.9|
|NKHC143 |Centre| 180 | -80 | 723 |285,906 |254,305 |65.0 |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |35.0 |65.0 |30.0 |34.7|0.05|3.2 |43.2|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                               including#| 4.0 | 8.0 | 4.0 |55.4|0.1 |5.8 |7.1 |
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|NKHC144 |Nkout | 180 | -80 | 737 |285,954 |254,302 |55.9 | 0.0 |55.9 |55.9 |49.8|0.04|2.0 |20.8|
|        |Centre|     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                               including#| 0.0 |23.0 |23.0 |58.6|0.05|2.8 |8.3 |
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|NKHC145 |Nkout | 180 | -80 | 739 |285,906 |254,397 |56.0 | 0.0 |52.0 |52.0 |42.8|0.05|3.0 |32.7|
|        |Centre|     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                               including#| 5.0 | 8.0 | 3.0 |57.8|0.1 |1.7 |12.0|
|_________________________________________________________|_____|_____|_____|____|____|____|____|
|        |Nkout |     |     |     |        |        |     | 0.0 |45.5 |45.5 |47.9|0.06|1.7 |26.7|
|NKHC146 |Centre| 180 | -80 | 706 |286,047 |254,195 |64.5 |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |54.5 |64.5 |10.0 |38.7|0.04|0.4 |42.7|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKHC147 |Nkout | 180 | -80 | 707 |286,005 |254,196 |71.0 | 0.0 |71.0 |71.0 |45.6|0.05|0.6 |30.5|
|        |Centre|     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKHC155 |Nkout | 180 | -80 | 755 |285,842 |253,892 |93.1 | 0.0 |93.1 |93.1 |40.6|0.08|5.6 |29.7|
|        |Centre|     |     |     |        |        |     |     |     |     |    |    |    |    |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|                                                                                               |
|_______________________________________________________________________________________________|
|NKDE001 |   D8 |   0 | -90 | 658 |287,048 |246,143 |59.5 | 3.0 | 5.5 | 2.5 |30.9|0.07|3.6 |35.8|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     | 0.0 |10.0 |10.0 |37.3|0.03|2.6 |42.2|
|        |      |     |     |     |        |        |     |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |24.0 |28.0 | 4.0 |37.1|0.05|0.6 |44.2|
|NKDE002 |   D8 | 180 | -80 | 714 |286,803 |246,259 |56.5 |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |30.0 |43.0 |13.0 |33.8|0.04|3.2 |45.6|
|        |      |     |     |     |        |        |     |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |46.5 |56.5 |10.0 |37.5|0.03|1.1 |41.9|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|        |   D8 |     |     |     |        |        |     | 0.0 | 8.3 | 8.3 |49.9|0.05|6.6 |15.7|
|NKDE004 |______| 180 | -80 | 805 |286,450 |246,654 |48.4 |_____|_____|_____|____|____|____|____|
|        |   D8 |     |     |     |        |        |     |13.6 |49.4 |35.8 |38.9|0.04|1.5 |40.3|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|        |   D8 |     |     |     |        |        |     |12.8 |14.8 | 2.0 |31.0|0.05|0.8 |52.0|
|        |______|     |     |     |        |        |     |_____|_____|_____|____|____|____|____|
|NKDE005 |   D8 | 180 | -80 | 746 |286,193 |246,853 |50.3 |20.8 |22.8 | 2.0 |35.4|0.04|1.2 |45.6|
|        |______|     |     |     |        |        |     |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |33.8 |40.3 | 6.5 |26.3|0.06|1.6 |58.6|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE006 |   D8 | 180 | -80 | 760 |286,736 |246,548 |36.0 | 0.0 | 4.0 | 4.0 |41.3|0.06|12.8|19.0|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE010 |   D8 | 180 | -80 | 751 |286,650 |246,446 |44.8 | 0.0 |44.5 |44.5 |37.8|0.04|0.7 |42.6|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE011 |   D8 | 180 | -80 | 691 |286,750 |246,202 |56.3 | 6.1 |14.4 | 8.3 |43.8|0.09|8.2 |22.2|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     | 0.0 |13.8 |13.8 |42.8|0.07|4.9 |39.4|
|NKDE012 |   D8 | 180 | -80 | 721 |286,598 |246,404 |53.1 |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |41.5 |50.3 | 8.8 |39.1|0.04|0.4 |42.0|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE013 |   D8 | 180 | -80 | 703 |286,540 |246,367 |57.8 | 5.3 | 8.3 | 3.0 |42.3|0.06|11.1|21.4|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE014 |   D8 | 180 | -80 | 805 |286,499 |246,699 |65.3 | 0.0 |10.5 |10.5 |50.5|0.11|11.5|8.2 |
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE015 |   D8 | 180 | -80 | 785 |286,546 |246,753 |47.8 | 0.0 | 6.0 | 6.0 |35.6|0.17|20.9|13.8|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE018 |   D8 | 180 | -80 | 770 |286,698 |246,503 |38.7 | 0.0 |10.3 |10.3 |41.0|0.05|4.5 |32.5|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE019 |   D8 | 180 | -80 | 691 |285,954 |246,853 |55.4 | 4.0 | 8.0 | 4.0 |43.6|0.09|5.4 |27.5|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     | 0.0 | 8.1 | 8.1 |37.6|0.03|4.2 |40.6|
|NKDE021 |   D8 | 180 | -80 | 721 |286,835 |246,295 |42.9 |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |14.0 |38.0 |24.0 |35.5|0.04|2.8 |43.7|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE023 |   D8 | 180 | -80 | 707 |286,108 |246,750 |62.8 | 3.0 |33.5 |30.5 |37.7|0.06|2.2 |41.7|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE024 |   D8 | 180 | -80 | 780 |286,402 |246,601 |55.6 | 0.0 | 8.9 | 8.9 |39.7|0.06|5.9 |32.4|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE025 |   D8 |   0 | -90 | 754 |286,358 |246,556 |33.2 | 2.0 | 4.0 | 2.0 |38.0|0.17|14.0|21.4|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     | 4.0 |39.9 |35.9 |38.9|0.04|1.0 |40.9|
|NKDE026 |   D8 | 180 | -80 | 747 |286,159 |246,804 |67.6 |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |46.5 |60.5 |14.0 |33.4|0.05|2.3 |45.7|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE027 |   D8 | 180 | -80 | 739 |286,783 |246,605 |51.8 | 3.0 | 5.3 | 2.3 |35.3|0.06|17.0|20.7|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     | 0.0 |10.5 |10.5 |39.4|0.04|1.6 |40.6|
|        |      |     |     |     |        |        |     |_____|_____|_____|____|____|____|____|
|NKDE028 |   D8 |   0 | -90 | 716 |286,015 |246,896 |60.9 |17.0 |25.0 | 8.0 |37.7|0.05|1.5 |43.6|
|        |      |     |     |     |        |        |     |_____|_____|_____|____|____|____|____|
|        |      |     |     |     |        |        |     |31.0 |50.5 |19.5 |37.8|0.05|1.0 |41.9|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE030 |   D8 | 180 | -80 | 662 |286,992 |246,104 |57.1 | 6.7 | 8.6 | 1.9 |38.1|0.05|9.9 |28.8|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE031 |   D8 | 180 | -80 | 707 |286,104 |247,000 |43.3 | 4.0 |10.0 | 6.0 |49.2|0.08|7.2 |16.0|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE034 |   D8 | 180 | -80 | 700 |286,150 |247,035 |50.7 | 6.0 | 8.0 | 2.0 |39.3|0.06|11.7|21.4|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE035 |   D8 | 180 | -80 | 733 |286,241 |246,895 |56.8 | 0.0 | 7.3 | 7.3 |50.3|0.11|5.4 |17.2|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE036 |   D8 | 180 | -80 | 671 |286,648 |246,105 |47.3 | 8.3 |11.3 | 3.0 |35.8|0.08|5.7 |38.1|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|
|NKDE038 |   D8 | 180 | -80 | 685 |286,052 |246,704 |63.5 | 6.3 | 9.5 | 3.2 |41.1|0.09|8.8 |24.4|
|________|______|_____|_____|_____|________|________|_____|_____|_____|_____|____|____|____|____|

*results are reported as down-hole lengths with a lower cut-off grade of 30% 
and a maximum internal waste of 5m. Datum WGS84, Zone 33, some minor errors 
occur due to rounding. # reported with a >55% Fe COG

About Afferro Mining Inc.

Afferro is an established exploration and development company listed on the 
TSX-V (AFF) and AIM (AFF). Afferro's portfolio includes the 100% owned Nkout, 
Ntem and Akonolinga iron ore projects. It also holds a 70% interest in the 
Ngoa project, an exploration target bordering Nkout. Nkout comprises a 
National Instrument 43-101 ("NI 43-101") compliant indicated mineral resource 
estimate of 1.19Bt at 32.9% Fe and an inferred mineral resource estimate of 
1.33Bt at 30.3% Fe. Afferro's cash position at the end of Q2, 2012 of US$51 
million, leaves it well placed for the medium-term funding of its projects.

Qualified Person

Howard Baker (MAusIMM(CP)) has 18 years' experience in the mining industry and 
10 years' experience in the exploration, definition and mining of iron ore 
mineral resources. Mr Baker is a full-time employee of SRK Consulting (UK) 
Ltd., an independent consultancy, and has sufficient experience which is 
relevant to the style of mineralisation and type of deposit under 
consideration, and to the type of activity which he is undertaking to qualify 
as a Qualified Person in accordance with NI 43-101 and a Competent Person as 
defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas 
Companies. Howard Baker consents to the inclusion in the announcement of the 
matters based on their information in the form and context in which it appears 
and confirms that this information is accurate and not false or misleading.

Forward-looking Statements

This announcement includes certain forward-looking statements. All statements, 
other than statements of historical fact, included herein are forward-looking 
statements that involve various known and unknown risks and uncertainties as 
well as other factors. Such forward looking statements are subject to a number 
of risks and uncertainties that may cause actual results or events to differ 
materially from current expectations, including delays in obtaining or failure 
to obtain required regulatory approvals. There can be no assurance that such 
statements will prove to be accurate and actual results and future events 
could differ materially from those anticipated in such statements.

Information about the risks and uncertainties of the Company's business is 
provided in its disclosure materials, including its Annual Information Form 
and the MD&A for the 12 months ended 31 December 2011, available under the 
Company's profile on SEDAR at www.sedar.com. Although the Company has 
attempted to identify important factors that could cause actions, events or 
results to differ materially from those described in forward looking 
information, there may be other factors that cause actions, events or results 
not to be as anticipated, estimated or intended. There can be no assurance 
that forward looking information will prove to be accurate, as actual results 
and future events could differ materially from those anticipated in such 
information. Accordingly, readers should not place undue reliance on 
forward-looking information. The forward-looking information contained herein, 
speaks only as of the date hereof (unless stated otherwise) and, except as may 
be required by applicable law, Afferro disclaims any obligation to update or 
modify such forward-looking statements, either as a result of new information, 
future events or for any other reason.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that 
term is defined in the policies of the TSX Venture Exchange) accept 
responsibility for the adequacy or accuracy of this release.





Afferro Mining Inc. Luis da Silva / Jeremy Cave Tel: +44 (0) 20 7010 7681

Investec Nominated Adviser: Neil Elliot Corporate Broker: Chris Sim Tel: +44 
(0) 207 597 5970

RBC Capital Markets Joint Broker: Martin Eales / Richard Hughes Tel: +44 (0) 
20 7653 4000

Pelham Bell Pottinger Daniel Thöle / James MacFarlane Tel: +44 (0) 20 7861 
3232

SOURCE: Afferro Mining Inc.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/November2012/12/c6867.html

CO: Afferro Mining Inc.
NI: MNG FIELD 

-0- Nov/12/2012 12:00 GMT


 
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