Afferro unveils maiden resource estimate for Ntem project

Afferro Mining, the AIM-listed exploration and development company focused on iron ore in Cameroon, has unveiled its maiden resource estimate for the Ntem iron ore project.

The company reported a total indicated mineral resource of 39.1m tonnes (Mt) at a grade of 34.0% iron and a total inferred mineral resource of 76.4 Mt at a grade of 34.2% iron. A positive pilot-scale metallurgical testwork additionally indicated a saleable and high grade product, the company said.

The Ntem project is located in southwest Cameroon in a licence area of 245 square kilometres.

Luis da Silva, Chief Executive Officer of Afferro, commented: "The maiden resource marks an important step in the development of Ntem. This resource, which has potential to increase, is of an appropriate size to build a small-scale operation to drive early cash flow for Afferro."

He added: "This would take advantage of Ntem's strategic location, only 80km from the deep-water port under construction south of Kribi, where a shipping berth for a small operation should be available from mid-2014. It is also close to the Kribi gas-fired power station with a projected output of 216MW."

Afferro's share price was up 2.08% to 73.50p at 12:41 on Tuesday.

MF