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Market: AIM, TSX-V
Sector: General Mining
EPIC: AFF
Latest Price: 1.19  (0,00%)
52-week High: 4.94
52-week Low: 0.61
Market Cap: 123.66M
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Afferro Mining
www.afferro-mining.com

Afferro Mining Inc. is an established TSX and AIM listed iron ore development company with projects in west Africa.

The Company is managed by a team with strong track records in the discovery and development of new commercial deposits.

Full Afferro Mining profile here
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African Aura says Putu iron ore project on track, targets 2 bln tonnes resource

17th Mar 2010, 11:22 am
African Aura says Putu iron ore project on track, targets 2 bln tonnes resource

African Aura Mining (AIM: AAAM, TSX-V: AUR) said its Putu iron ore project was fully on track as the target of at least 1 billion tonnes of NI 43-101 compliant resource has already been achieved, with a “significantly larger” resource anticipated by the company and its joint venture partner Severstal.

The next phase of drilling, which is set to begin in Q2 2010 and cover some 60,000 metres, is currently being guided by data from the ground and airborne geophysical surveys with metallurgical test work undertaken in parallel.

“Preparation of support infrastructure for this drilling programme, including construction of a new exploration camp, establishment of new access roads, and expansion of the project team with largely Liberian professionals, is also well underway. The project remains firmly on track and I look forward to updating shareholders on progress in due course,” said president and chief executive of African Aura Luis da Silva.

The Putu project currently has a resource of 1.08 billion tonnes at 37.6% Fe (iron) defined from 2.6 km (kilometres) of project's 12 km (kilometre) strike. The JV is now targeting an unweathered magnetite itabirite resource of at least 2 billion tonnes, which would be sufficient to support a project capable of producing and bringing to market 20 Mt (million tonnes) of magnetite concentrate annually.

A pre-feasibility study (PFS) is expected to be completed during 2012 with a definitive feasibility study (DFS) expected 18 months thereafter.

The JV has already reached an agreement in principal with the government of Liberia over the key commercial and fiscal terms of the 25 year mineral development agreement. The company said that a recent visit from Liberian President Ellen Johnson Sirleaf to the Putu site is viewed as a “considerable endorsement” of the project and what the JV is seeing to achieve in Liberia.

Severstal Resources is currently investing US$30 million towards completion of a PFS to earn a 61.5% interest in the project. The company holds a 4.72% stake in African Aura.

African Aura’s iron ore division holds a 38.5% interest in Putu and a 100% interest in the Nkout iron ore project and surrounding iron targets in Cameroon. The gold division includes the New Liberty greenstone gold deposit with a current 43-101 Resource of 1.4 Moz (million ounces), which is being advanced through a bankable feasibility study, and the proximal Weaju, Gondoja and Silver Hills projects all in western Liberia. The diamond division is represented by a 32% interest in AIM listed diamond producer Stellar Diamonds (AIM: STEL).

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