Afferro Mining Inc. - Encouraging DSO Metallurgy Results From Nkout

Afferro Mining Inc. - Encouraging DSO Metallurgy Results From Nkout 
LONDON, UK, Dec. 17, 2012 /CNW/ - Afferro Mining Inc. ("Afferro", TSX-V & AIM: 
AFF) announces encouraging results from the direct shipping ore ("DSO") bulk 
metallurgical testing conducted on material from the Nkout project. Results 
from the remaining bulk metallurgical testing are on track to be released in 
January 2013. 

    --  Over 5 tonnes of potential DSO material tested from 12
        representative holes across the Nkout deposit
    --  Fines product achieved with a 63.4% iron grade and low
        deleterious materials, using simple attrition scrubbing
    --  Low-cost crushing implied due to the soft, incompetent rock
        with a very low bond work index of 2.6kWhr/t
    --  Simple crushing circuit expected: high throughput and low
        capital cost
    --  Saprolite and magnetite bulk metallurgical testing expected to
        be delivered in January 2013
    --  Scale of testing sufficient to support pre-feasibility study
        ("PFS"), to commence in Q1 2013

Afferro's CEO, Luis da Silva, commented:

"The quality of the DSO we have identified at Nkout further enhances the 
viability of the project and underlines our confidence in its continuing 
development. This progress has been acknowledged by the Government of 
Cameroon, which now classifies Nkout at "Project" level having been promoted 
from "Exploration" level, highlighting its strategic importance to the Country.

"The testwork implies that the first stage of DSO production at Nkout should 
be low-cost, with low capital intensity, yielding a high-grade product of 
63.4% iron with low deleterious materials. This early, low-capex stage of 
production will be examined in the PFS, commencing in Q1 2013. We look forward 
to the remaining metallurgical results, to be released in January 2013."

Summary of DSO Metallurgical Testing and Results

Metallurgical testwork was completed on 12 PQ-size (4.6 inch outside diameter) 
holes taken from across the DSO mineralisation identified at Nkout to date. 
The total weight of these samples was in excess of 5 tonnes. This testwork is 
sufficient to support the PFS, which is expected to commence in Q1 2013.

The physical test work suggests that the Nkout DSO material is relatively fine 
and incompetent. After single-stage crushing, nearly 40% of the DSO material 
was finer than 10mm. Bond impact crushing work index measurements averaged a 
very low 2.6 kWhr/t. This suggests that the energy required for crushing 
should be low, and that the simple crushing circuit should have high 
throughput and low capital cost.

Each sample was subjected to drop-tower testing in order to estimate the 
quantity of lump that could be produced from the Nkout DSO resource. Lump 
production only averaged 10.6%, suggesting that it would not be feasible. 
However, a single fines product from the operation will further simplify the 
process flowsheet and reduce capital costs.

Attrition scrubbing testwork on samples of the fines product suggests that 
this method could benefit the operation. Scrubbing was shown to be able to 
increase the iron grade by approximately 4 percentage points to 63.4%. It also 
reduced the alumina content from 3.5% to just over 2% and reduced silica 
content from 7.6% to 4.3%. Additional planned scrubbing testwork is 
anticipated to further improve the product quality. This testwork would target 
finer crush sizes and also examine the feasibility of scrubbing high-grade 
Saprolite samples to achieve DSO product quality.

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.

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 its MD&A for the 12 months ended 31 December 2011, available under the 
Company's profile on SEDAR at Factors that could cause actual 
results or events to differ materially from current expectations include but 
are not limited to: exploration risks, the grade and recovery of ore which 
is mined varying from estimates; estimates of future production, mine 
development costs, timing of commencement of operations; changes in exchange 
rates; access to capital; fluctuations in commodity prices; and adverse 
political and economic developments in the countries in which we or our 
investments operate. 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) accepts 
responsibility for the adequacy of this release.

Afferro Mining Inc. Luis da Silva / Jeremy Cave Tel: +44 (0) 20 7010 7680

Investec Nominated Adviser: Neil Elliot Corporate Broker: Chris Sim Tel: +44 
(0) 20 7597 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 

SOURCE: Afferro Mining Inc.

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