Afferro Mining Inc. Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2013
Aug 29 13
Afferro Mining Inc. reported consolidated unaudited earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company reported loss from operations was USD 1,577,764 against USD 1,184,286 a year ago. Loss for the period from continuing operations were USD 1,361,231 or USD 0.01 basic and diluted per share against USD 109,330 a year ago. Loss for the period attributable to shareholders of the company was USD 1,361,231 against income of USD 86,551,216 a year ago. Cash flows used in operating activities was USD 1,223,536 against net cash generated from operating activities of USD 211,529 a year ago. Payments to acquire property, plant and equipment was USD 130,940 against USD 986,765 a year ago.
For the six-month period, the company reported loss from operations was USD 2,638,043 against USD 3,086,158 a year ago. Loss for the period from continuing operations was USD 2,190,674 or USD 0.02 basic and diluted per share against USD 2,006,241 or USD 0.02 basic and diluted per share a year ago. Loss for the period attributable to shareholders of the company was USD 2,190,674 against income of USD 84,564,106 a year ago. Cash flows used in operating activities was USD 2,251,721 against USD 303,419 a year ago. Payments to acquire property, plant and equipment was USD 155,141 against USD 1,512,763 a year ago.
Afferro Mining Inc., Special/Extraordinary Shareholders Meeting, Sep 16, 2013
Aug 15 13
Afferro Mining Inc., Special/Extraordinary Shareholders Meeting, Sep 16, 2013., at 10:30 Pacific Standard Time. Location: Offices of Blake, Cassels & Graydon LLP. Agenda: To consider the previously announced proposed acquisition by International Mining & Infrastructure Corporation Plc of 100% of the issued and outstanding share capital of the company pursuant to a Canadian court approved plan of arrangement.
Afferro Mining Inc. Announces an Updated National Instrument 43-101 (NI 43-101) Compliant Mineral Resource Estimate for the Nkout Iron Ore Project
May 30 13
Afferro Mining Inc. announced an updated National Instrument 43-101 (NI 43-101) compliant Mineral Resource Estimate (MRE5) for the Nkout Iron Ore Project. This Mineral Resource Estimate supersedes that previously announced on 29 June 2012. Highlights: Increase of 156% of the direct shipping ore (DSO) and high-grade saprolite Indicated resource, which now stands at 64.3 million tonnes (Mt) at 54.5% iron (Fe): Previously announced metallurgical test work demonstrates that this grade material can be beneficiated to a premium grade material; 85.7 Mt at 39.1% Fe of oxidised banded iron formation (BIF) resource (Zone 130) re-classified as Indicated resource; Magnetite BIF Indicated resource confirmed at 1.4 Bt Mt at 32.0% Fe; Further MRE before year end targeting an Indicated resource of 225 Mt DSO/saprolite and 1.7 Bt Magnetite BIF. Mineral Resource Estimate: MRE5 has been prepared by SRK Consulting (UK) Ltd. (SRK) in accordance with the provisions of NI 43-101. The definitions of Measured, Indicated and Inferred Mineral Resources, and Mineral Reserves as used in the report, are as defined in the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council. SRK has conducted multiple site visits to the Nkout Project during the course of the extensive drilling campaigns undertaken by Afferro. This included a recent qualified person site visit a detailed structural evaluation and a review of the Quality Assurance/Quality Control (QA/QC) procedures. MRE5 is shown and is based on a metal price of USD 1.4/dry metric tonne unit (dmtu) for magnetite fines which is taken from SRK's internal consensus market forecast data. It should be noted that the results of the optimisation study undertaken to enable the reporting of the Mineral Resource Estimate are insensitive to metal prices down to approximately USD 1.0/dmtu. Nkout is currently wholly owned by Afferro, but subject to the Government of Cameroon having a right to receive a 10% free carried interest in the share capital of the project operating company, and to increase the said 10% interest up to 30% according to mutually agreed conditions. Nkout Resource Potential: SRK recognised that there is potential to increase the Mineral Resource Statement at Nkout through deep drilling that targets material that falls within a Whittle pit shell generated when including the unclassified material. This material, based on a metal price of USD 1.4/dmtu is considered by SRK to be potentially economic, should sufficient exploration data be collected that confirms the geometry and continuation of the mineralisation and that enables a classified resource to be generated. SRK has identified that an additional 500 to 1,000 Mt Fe lies below the Whittle pit shell used for constraining the classified resources. The potential quantity is conceptual in nature as there has been insufficient exploration in these areas. In addition, SRK recognised the potential for further conversion within the Mineral Resource Statement from the Inferred category to Indicated and or Measured Classification. On-going drill programmes and further metallurgical testwork are in progress to this end. MRE5 Drilling: A 3D geological model based on a total of 459 diamond drill holes for 45,680 metres (m) has been used to develop the model used in MRE5. This includes 16,489 iron assays from project inception up to the cut-off date of 12 March 2013. MRE5 includes an additional 197 diamond drill holes or 12,583m of drilling in comparison to MRE4. The additional drilling included a contribution from the magnetic anomaly target drilling zone D8, from the south-west extension of Nkout Centre and expansion of the high grade zone in the west of Nkout East.