Afferro Mining Inc. focused on iron ore in Cameroon, is announced the maiden National Instrument 43-101 (NI 43-101) compliant Mineral Resource for the Ntem iron ore project (Ntem). these results are a total Indicated Mineral Resource of 39.1 million tonnes (Mt) at a grade of 34.0% iron (Fe). A total Inferred Mineral Resource of 76.4 Mt at a grade of 34.2% Fe. Positive pilot-scale metallurgical testwork indicates a saleable and high grade product. The maiden Mineral Resource Estimate has been managed and prepared by Howard Baker of SRK Consulting (UK) Ltd. (SRK) in accordance with the provisions of NI 43-101. Mr. Baker is an independent Qualified Person as defined by NI 43-101 and its companion policy 43-101CP. The Mineral Resource Estimate for the Nkout deposit was constrained within lithological and grade based solids and within a Lerchs-Grossman optimised pit shell defined by the following assumptions; metal price of USD 1.4/dmtu; slope angles of 16º and 41º in the oxide and fresh material; a mining recovery of 95.0%; a mining dilution of 5.0%; a base case mining cost of USD 1.60/t and an incremental mine operating costs of USD 0.05/t/10 metres ("m") below the 70 m reference RL and USD 0.05/t/10 m above the 70 m reference RL; process operating costs of USD 4.20/t crushed oxide and USD 5.50/t crushed BIF ore; Oxide processing recovery of 60%; BIF processing recovery of 88% and G&A costs of USD 0.78/t and USD 0.96/t crushed oxide and BIF ore. Mineral Resources for the Ntem deposit have been classified according to the CIM Standards on Mineral Resources and Reserves: Definitions and Guidelines (December 2005) by Howard Baker (MAusIMM(CP)), an independent Qualified Person as defined in NI 43-101. The Company recently completed a 7,400 m core drill programme on the Ntem (Fe08) property in south west Cameroon. The drilling confirmed the occurrence of a northeast-southwest trending magnetite bearing Itabirite that was discovered after the completion of regional grab sampling and aerial and ground magnetic surveys within the Ntem exploration permit area that is 100% owned by Afferro. The drill programmed that has been completed was designed to target the magnetite Itabirite and overlying oxidized cap material with 56 inclined drill holes intercepting on average a 40 m thick Itabirite unit.

Afferro Mining Inc. announced metallurgy results for its iron ore project at Ntem, located in south west Cameroon. Highlights:- High grade concentrate ranging between 68.5% and 65.2% iron obtained from a grind size of 75µm to 150µm (P80), respectively. Excellent mass recovery and iron recovery of 46.7% and 81.6% at 150µm, respectively. Results obtained from pilot-scale tests (Low Intensity Magnetic Separation, 'LIMS') of composite 15kg samples. Testing designed to accurately reflect large-scale processing. Marketable product with low deleterious elements. Davis Tube Recovery tests on 125 samples show that an average 81.7% of iron is present as magnetite phase. LIMS test work: The magnetite banded iron formation samples had an average head grade of 37.3% iron, representative of the deposit at the Fe08 target at Ntem. The samples were all 15kg composite samples taken from core from four holes across the deposit. The LIMS testwork was completed at the SGS laboratory in Perth, Australia. The results are highly encouraging and are consistent with DTR and Davis Tube Wash testing. The results show that at a coarse grind size of a P80 of 150µm a high grade concentrate of 65.2% iron is attained at high recovery rates with mass recovery of 46.7% and iron recovery of 81.6%. The product also has very low deleterious materials, with only 0.24% alumina and 0.01% phosphorous present. The silica content ranges from 4.25% to 8.55% at grind sizes of 75µm to 150µm respectively. DTR test work:- The magnetite BIF samples had an average head grade of approximately 36% iron, with 125 composite samples being selected for DTR test work. Assay pulps from the fresh magnetite were used to produce 8m down-hole length composite samples. The DTR test work was completed at the SGS laboratory in Perth, Australia. The results are highly encouraging with a very high grade concentrate averaging 70.9% Fe, 0.08% Al2O3, 1.42% SiO2 and 0.002% P attained at an average mass recovery of 41.8%, at a grind size P80 of less than 45µm. The DTR results show that on average 81.7% of the Fe within the BIF relates to a magnetite mineral phase. As the DTR tests were conducted on samples from across the deposit, they add confidence to the results of the more specific LIMS data. DTW test work work was carried out on the same composite sample as used for the LIMS test work and was used to identify at which grind sizes the LIMS test work should be carried out. The testing was completed at the ALS laboratory in Perth, Australia.

Afferro Mining Inc. provided an update on progress for the Ntem Iron Ore Project. Completion of Phase 2 drilling comprising 23 diamond drill holes totalling 4,288 million. Phase II drilling commenced at the Fe08 Project in fourth quarter of 2012 and was completed as planned on 26 February 2013. 23 diamond drill holes and 4,288 million were completed using three Afferro drill rigs. Assays have been returned for seven of these holes. In combination with the earlier reconnaissance drilling the company has now completed 57 holes and 7,489 million of drilling. The primary objective of Phase II was to provide sufficient geological confidence and data for an MRE. SRK has been commissioned and the MRE is expected end of second quarter of 2013. Secondary objectives of Phase II were to test for depth continuity and potential strike extensions to the west. Iron mineralisation at Fe08 is contained within two laterally extensive, shallow dipping predominantly near surface fresh magnetite horizons separated by faulting or limits of a potential mafic intrusion. The mineralisation contains areas of localised thickening associated with fold hinges. The mineralisation identified is currently constrained within a magnetic high.