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Afriore Limited (AFO)

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Tuesday 23 May, 2006

Afriore Limited

Drilling Report


    AfriOre Akanani Platinum Project Update

 

    TSX/AIM:AFO

 

    ROAD TOWN, Tortola, British Virgin Islands, May 23 /CNW/ - AfriOre

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

results of technical studies and the details of the proposed work program at

the Akanani Platinum Project ("Akanani") on the Northern Limb of South

Africa's Bushveld Complex. The proposed program follows the announcement of

results in a news release dated May 11, 2006 of an initial inferred mineral

resource estimate for the Southern Priority Area ("SPA") 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 PGMs (4E).

 

    Proposed Drilling Program

 

    The proposed technical program includes drilling with a complement of 11

drill rigs, which are currently in operation on site, throughout the remainder

of the year, to complete a 35 hole drilling program (59,000 metres).

    In the SPA the objective will be to delineate an indicated resource block

within the area of the existing inferred mineral resource. This drilling

includes:

 

    -  Eight rigs currently drilling on a 350 metre spaced grid; a further

       five holes remain to be drilled. Initial results have been reported

       for drill holes ZF18, ZF19, ZF20, ZF21 and ZF27. The results of the

       balance of the holes will be reported as they become available.

 

    -  One rig currently drilling a deflection in hole ZF2 for mineral

       resource estimation purposes and a further four of the above mentioned

       eight rigs are drilling deflections on existing 350 metre spaced

       holes. It is intended to drill deflections on a further 10 holes in

       the SPA. Select deflections will provide material for metallurgical

       test work.

 

    It is expected that results from these programs will be reported at

regular intervals though to August 2006.

 

    To view map of the Akanani Platinum Project please visit:

http://files.newswire.ca/495/Map_May_23_AFO.jpg.

 

    In the Central Area ("CA") a drilling program aimed at establishing an

inferred mineral resource will be undertaken over 3 km of strike and will

include drilling on an initial 500 metre spaced grid. The drilling will be in

the area surrounding existing AfriOre hole MO3 and historic hole MO1 (the

results of which have been reported previously and which had mineralized

intercepts of 23.86 metres at 6.22 g/t PGM (4E) and 39.46 metres at 4.78 PGM

(4E), respectively). A minimum of seven holes are intended to be drilled in

the CA to augment the five existing holes. This work has commenced with the 

re-drilling of deflections in historic hole MO1, which lies along the current

property boundary and was originally drilled in 1980 by Anglo Platinum Limited

("Anglo Platinum"). Following a recent agreement pertaining to this hole, the

deflections are being drilled in collaboration with Anglo Platinum, such that

Anglo Platinum and AfriOre will each receive the core from one deflection from

this hole, with the drilling operation being managed by AfriOre and analytical

results of both deflections shared by the two companies. Drill hole MO8 has

also commenced drilling in the CA.

    It is expected that results from this work will be reported periodically

between July and November, 2006.

    In the Northern Area ("NA"), which constitutes the northern 2.4 km of

strike of the total of 9 km of Platreef Strike on Akanani, a total of six

drill holes are planned at 500 metre spacing. This area has not been drilled

previously and it is anticipated that results will be reported between

September and December, 2006.

    In addition, a series of three step-out holes will be drilled in a

regional line, some 2.5 km west of the eastern boundary of the property and

beyond the current mineral resource blocks, to determine the regional

structure and mineralization in the Platreef. It is anticipated that results

of this drilling will be reported between September, 2006 and February, 2007.

 

    Geological Mapping

 

    AfriOre has now completed a program of geological mapping which includes

photogeological mapping, satellite imagery interpretation and 1:10,000 scale

surface mapping. Results have been integrated with aeromagnetic data acquired

in the past year and confirm a regular Bushveld lithological succession for

the area. The mapping also confirms the extent of faulting and dyke

intrusions, as indicated by the aeromagnetic data. Furthermore it identified

areas of variable and shallower dips in the Platreef hangingwall rocks at

surface, which are possibly related to structural features that result in

local changes of dip in the Platreef as has been drilled in the SPA.

 

    Controls to Mineralization

 

    Work conducted by AfriOre geologists and a consulting petrologist has

enabled the Platreef pyroxenite to be subdivided into 4 distinct units,

classified as the "P1" to "P4" (see news release of May 11, 2006). The four

units are distinguishable principally on the basis of mineralogy, but also

have differing geophysical and geochemical signatures. The P2, and to a lesser

extent P1 unit, are the most significant with respect to platinum group metal

("PGM") and base metal mineralization. The P1 unit, at the base of the

Platreef, is between 115-315 metres thick and consists of pyroxenite, which is

commonly altered and contains inclusions of country rock. In a number of the

drill holes in the SPA, the P1 unit has extensive, and locally high grade,

mineralised intercepts but was not included in the initial inferred mineral

resource estimate reported on May 11, 2006.

    The P2 unit (termed the "upper mineralized zone" in news releases prior

to May 11, 2006) is a regular, mostly unaltered pyroxenite, up to 55 metres

wide, which has PGM mineralization throughout much of its thickness and has

been intersected in drilling throughout the Akanani project area. The unit has

a recognizable hanging wall contact and has enhanced grades near the upper

contact (now referred to as the "Upper P2 unit" or "UP2 unit", and referred to

as the "high grade zone" in news releases prior to May 11, 2006). The inferred

mineral resource reported on May 11, 2006 was for the P2 unit only.

    The P3 and P4 units are thin and discontinuous units composed of

pyroxenite and mela-norite, locally developed between the hangingwall contact

of the P2 unit and the overlying gabbro norites.

 

    Mineral Resource Estimates

 

    Following completion of the initial inferred mineral resource estimate,

which is based on 17 drill intercepts in the P2 unit within the SPA to a depth

of 1,700 metres, work has commenced on defining further mineral resources in

the SPA. This will incorporate a further 13 drill holes in the area, and

resources will be estimated to a maximum depth of 2,000 metres and will

include holes which are being drilled at a 350 metres spacing, down from the

original 500 metre spacing. The results of these mineral resource estimates

are expected to be available by the third quarter of 2006.

 

    Preliminary Engineering Studies

 

    Preliminary mining and metallurgical studies are currently nearing

completion and the results of these studies are expected to be released by 

mid-June, 2006.

 

    Pre-Feasibility Study

 

    In February, 2006, a contract for a Pre-Feasibility Study ("PFS") was

awarded to SRK Consulting, an international engineering firm independent of

AfriOre. The PFS is scheduled to be completed by early 2007.

 

    Quality Assurance / Quality Control

 

    Exploration at Akanani is being conducted under the supervision of    

Mr. Mike van Aswegen, COO of AfriOre and the Company's Qualified Person, as

defined under National Instrument 43-101 ("NI 43-101"). Mr. Van Aswegen is

responsible for the technical material in this release.

    Drill holes are drilled in BQ core size (36mm diameter) and half-core

samples are cut by means of a diamond blade saw. Geological logging, sampling

and core handling procedures are carried out under the supervision of Ms.

Liana Spies (M.Sc. Geology, Pr.Sci.Nat.) and Mr. Henri Lombard (B.Sc. (Hons)

Geology, Pr.Sci.Nat.), independent consultants to AfriOre. Samples are

prepared at Set Point Technology's sample preparation facility in Mokopane and

analyzed for platinum, palladium, rhodium, gold, nickel, copper and cobalt by

Set Point Technology laboratories in Johannesburg (ISO 17025 accredited and

independent of AfriOre). Pt, Pd and Au fire assays are carried out using lead

collection/ICP, Rh fire assays use palladium collection/ICP; nickel, copper

and cobalt analyses are conducted using aqua regia digestion/ICP and reflect

acid-soluble metal content. Specific gravity is determined using a gas

picnometer. Quality Assurance / Quality Control ("QA/QC") procedures include

the submission by AfriOre of systematic duplicates, blanks and standard

samples within the sample batches submitted to Set Point Technology. In

addition, selected pulverized sample duplicates were submitted to SGS

Lakefield Research Africa laboratories in Johannesburg (ISO 17025 accredited

and independent of AfriOre) for referee analyses. The results from these

control samples indicate acceptable consistency of the Set Point Technology

analyses.

 

    About AfriOre

 

    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. In a news release dated 11 May 2006, the Company announced

an initial inferred mineral resource estimate for the Southern Priority Area

("SPA") 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

PGMs (4E). A technical report on this mineral resource estimate is currently

being prepared and will be filed on SEDAR. A technical report dated April 2005

and entitled "A Report to NI 43-101 Standards on the Akanani Platinum Group

Metals Property, Limpopo Province, South Africa, Prepared for AfriOre Limited"

can be obtained from SEDAR at www.sedar.com.

    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 is well-funded, with a treasury of approximately CDN$ 24.8M. The

Company has 50,352,920 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 or contact:

 

    Fiona Childe, Ph.D., P.Geo.

    VP Corporate Communications, Tau Capital Corp.

    Tel: (416) 361-9636 x 227

    Email:fchilde@taucapital.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 Akanani) 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@taucapital.com

    (AFO)