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Affero Mining (TSX;AFF) - Progress Review and Half yearly Results
•The company announced progress on their iron ore projects in line with their guidance to the market
•The company intends toextend 81,000 m of drilling at the jointly owned (Severstal) Putuproject in Liberia by Q4 2011 and progress towards a pre-feasibilitystudy (PFS) by Q1 2012 – this project which is ahead of the 100% ownedNkout project in the Cameroon has currently 1.1 bn tonnes of containedresource (3.24 bt at 34.3% iron)
•At the Nkout project theyintend to increase the magnetite BIF resource (currently 810 mtcontained), identify potential DSO material and complete the logisticsand infrastructure scoping study by Q4 2011
•Once they have a logistics study in place, they will commence a preliminary economic assessment on the project
•The company continue to pursue their discussions with strategic investors with access to financing and infrastructure expertise.
•Over the 6 months to 30June, the company spent $16.2m in exploration and following their fundraising have a stated cash balance of $27.9m.
Conclusion: The company has demonstrated that they have tonnage atboth their projects and now need to demonstrate the feasibility of bothprojects. The study on logistics and infrastructure will be useful inthis process. Success in securing an offtake agreement will also help tounderpin the projects.