Afferro Mining Inc. Potential Offer Update

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LONDON, UK, Jan. 14, 2013 /CNW/ - Further to the announcement of 31 December 2012, the Board of Afferro Mining Inc. ("Afferro", TSX-V & AIM: AFF) confirms that the period of exclusivity that Afferro had entered into with a potential offeror has now expired. Discussions with this party are continuing however following the expiry of the exclusivity period Afferro is now in a position to commence formal discussions with other parties who have expressed an interest in making an offer for the entire issued and to be issued share capital of Afferro.

Whilst the Company has received approaches from a number of interested parties, there can be no certainty that a formal offer will be forthcoming.

Shareholders are not presently advised or required to take any action. Further updates will be made as appropriate and as required under applicable laws and regulations.

About Afferro Mining Inc.

Afferro is an established exploration and development company listed on the TSX-V (AFF) and AIM (AFF). Afferro's portfolio includes the 100% owned Nkout, Ntem and Akonolinga iron ore projects. It also holds a 70% interest in the Ngoa project, an exploration target bordering Nkout. Nkout comprises a National Instrument 43-101 ("NI 43-101") compliant Indicated Mineral Resource Estimate of 1.19Bt at 32.9% Fe and an Inferred Mineral Resource Estimate of 1.33Bt at 30.3% Fe.

Qualified Person

Howard Baker (MAusIMM(CP)) has 18 years' experiences in the mining industry and 10 years' experience in the exploration, definition and mining of iron ore mineral resources.  Mr Baker is a full-time employee of SRK Consulting (UK) Ltd., an independent consultancy, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a Qualified Person in accordance with NI 43-101 and a Competent Person as defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies.  Howard Baker consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

Forward-looking Statements

This announcement includes certain forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. Such forward looking statements are subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including delays in obtaining or failure to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

SOURCE: Afferro Mining Inc.