Drilling Report - AfriOre Report

    AfriOre NI 43-101 Report on Akanani Platinum Project

 

    Initial Mineral Resource Estimate Filed on SEDAR

    TSX/AIM:AFO

 

    ROAD TOWN, Tortola, British Virgin Islands, May 30 /CNW/ - AfriOre

Limited ("AfriOre" or the "Company") (TSX/AIM:AFO) is pleased to announce that

further to its May 11, 2006 press release, a National Instrument 43-101  

("NI 43-101") technical report has been filed on SEDAR for the Company's

Akanani Platinum Project in South Africa's Bushveld Complex. The report

presents an initial inferred mineral resource estimate of 183.0 Mt at a grade

of 4.5 g/t PGM (platinum, palladium, rhodium plus gold (collectively "PGM

(4E)"), which equates to 26.4 million ounces of PGM (4E) and 0.24% nickel and

0.14% copper over an estimated true width of 16.6 m.

    The report, entitled "AfriOre Limited: Akanani Platinum Project, Limpopo

Province, South Africa, Project No. J883" and dated May 29, 2006, was written

by Mr. J.C. Witley (Pr.Sci.Nat.) of Snowden Mining Industry Consultants

("Snowden"). Mr. Witley is registered as a Professional Natural Scientist with

the South African Council for Natural Scientific Professions (SACNASP) and is

a Qualified Person within the meaning of NI 43-101. Snowden is an

international minerals consultancy group, independent of AfriOre.

 

    About AfriOre Limited

 

    AfriOre is a TSX- and AIM-listed company focused on its 74%-owned, 4,095

ha Akanani Platinum Project, located on the northern limb of South Africa's

Bushveld Complex. AfriOre's Exploration and Management Team has extensive

experience in platinum projects in South Africa, where the Company maintains

aggressive exploration and acquisition programs. AfriOre's Management has a

successful history of creating shareholder value through the exploration and

advancement of projects.

    AfriOre has a treasury of approximately CDN$ 24.6M. The Company has

50,440,869 shares outstanding and 54,598,402 shares fully diluted. For

additional information on AfriOre and its projects visit the Company's website

at www.afriore.com

 

    Forward Looking Statements

    This press release contains certain "forward-looking statements". All

statements, other than statements of historical fact, that address activities,

events or developments that the Company believes, expects or anticipates will

or may occur in the future (including, without limitation, statements

regarding the Company's plans with respect to the exploration and development

of the Akanani Platinum Project) are forward-looking statements. These forward-

looking statements reflect the current expectations or beliefs of the Company

based on information currently available to the Company. Forward-looking

statements are subject to a number of risks and uncertainties that may cause

the actual results of the Company to differ materially from those discussed in

the forward-looking statements, and even if such actual results are realized

or substantially realized, there can be no assurance that they will have the

expected consequences to, or effects on the Company. Factors that could cause

actual results or events to differ materially from current expectations

include, among other things, changes in PGM prices, changes in equity markets,

political risks arising from operating in Africa, changes to regulations

affecting the Company's activities, uncertainties relating to the availability

and costs of financing needed in the future, the uncertainties involved in

interpreting drilling results and other ecological data, and the other risks

involved in the mineral exploration and development industry. Any forward-

looking statement speaks only as of the date on which it is made and, except

as may be required by applicable securities laws, the Company disclaims any

intent or obligation to update any forward-looking statement, whether as a

result of new information, future events or results or otherwise. Although the

Company believes that the assumptions inherent in the forward-looking

statements are reasonable, forward-looking statements are not guarantees of

future performance and accordingly undue reliance should not be put on such

statements due to the inherent uncertainty therein. The inferred mineral

resource figures disclosed in this press release are estimates and no

assurances can be given that the indicated levels of minerals will be

produced. Such estimates are expressions of judgment based on knowledge,

mining experience, analysis of drilling results and industry practices. Valid

estimates made at a given time may significantly change when new information

becomes available. While the Company believes that the resource estimate

included in this press release is well established, by their nature resource

estimates are imprecise and depend, to a certain extent, upon statistical

inferences which may ultimately prove unreliable. Mineral resources are not

mineral reserves and do not have demonstrated economic viability. Measured and

indicated mineral resources are sufficiently well defined to allow geological

and grade continuity to be reasonably assumed and permit the application of

technical and economic parameters in assessing the economic viability of the

resource. Inferred mineral resources are estimated on limited information not

sufficient to verify geological and grade continuity or to allow technical and

economic parameters to be applied. Inferred mineral resources are too

speculative geologically to have economic considerations applied to them to

enable them to be categorized as mineral reserves. There is no certainty that

mineral resources can be upgraded to mineral reserves through continued

exploration.

 

    For further information: Fiona Childe, Ph.D., P.Geo., VP Corporate

Communications, Tau Capital Corp., Tel: (416) 361-9636 x 227,

Email:fchilde(at)taucapital.com

    (AFO.)

 

 

 

 



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