Afferro Mining Increase of Indicated and Inferred Resources at Nkout; Shrs Up 3%

By Midnight Trader,  July 04, 2012, 08:09:27 AM EDT

Afferro Mining Inc. (AFF.V), the exploration and development company focused on iron ore in Cameroon, announced a fourth National Instrument 43-101 compliant Mineral Resource Estimate for the Nkout iron ore project.

Highlights:

- A 25% increase in the total Indicated resources to 1.19 Billion tonnes at a grade of 32.9% iron.

- A 27% increase in the total Inferred resources to 1.33 Bt at a grade of 30.3% iron.

- High grade cap, comprising all material above a mineralised cut-off of 50% Fe, totalling 25.1 Mt, with a grade of 57.7% iron in the Indicated category.

- Promotion of 16.7 million tonnes, representing 87% of the potential direct shipping ore to the Indicated category with a grade of 60.5% iron.

- Promotion of 8.4 Mt, representing 49% of the high grade saprolite to the Indicated category, with a grade of 52.0% iron.

- 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%.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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