Affinor Resources Inc.
TSX VENTURE : AFI

Affinor Resources Inc.

January 11, 2007 12:48 ET

Affinor Resources Inc: Acquisition of a Diamondiferous Property in Congo

LAVAL, CANADA--(CCNMatthews - Jan. 11, 2007) - Affinor Resources Inc (TSX VENTURE:AFI) is pleased to announce that it has acquired diamondiferous production licences in the Democratic Republic of Congo ("DRC", "Congo").

Affinor Resources Inc. has acquired the interests of Gemco Trading Inc. in 6 of their diamondiferous licences held through a joint venture. The 5 Small Mine Mining Licences and the Exploration Permit cover a total of 65 Km2. As payment for a 70 % interest in each of these production licences, Affinor Resources will pay a total of $425,000 USD and will issue 3,000,000 treasury shares to Gemco Trading Inc. The payments will be scaled in time until start of production.

These production licences are located in the Tshikapa region, in the Western Kasai province, 400km from the rich kimberlite deposit operated by the MIBA (Miniere de Bakwanga) which produces close to 8 millions of the 30 millions carats exported yearly. The Longtshimo rivers runs through 4 licences on a 4,8 km stretch whereas the Lubembe river runs through the two other licences at the confluence of the Tshiumbo river. The Longtshimo river is the largest and longest river to run through the whole region and has its source in Angola. The licences are within the well known kimberlitic couloir where 2 of the 10 largest diamonds of gem quality have been discovered.

Following these acquisitions, the corporation has requested from RSW Inc of Montreal, duly represented by M. Marc-Antoine Beaupre, geologist and qualified person, to validate prior results and write the 43-101 technical report on permit 312 that will be produced within the next few days. Mr Beaupre has read and approved this press release.

The main objective of Mr Beaupre' s mission was to establish the presence of diamonds on the production licences through the compilation of traditional activities and placer sampling. Four pits were excavated in the flats and terrasses from one of the production licences and a sample on the Longtshimo through a dredge. Overall, on permits 312 and 1496, 58 diamonds were retrieved for a total weight of 6.05 carats with 34.0% of gem quality on average, with a total sampled volume of 17,775 m3 for an average grade of 0.41 carat/m3. A concentration of 0.71 Carats / m3 of gravel from the river was obtained of which 44% is of gem quality for a sampled volume of 3,5 m3.

"We are very pleased by these results since dredging is economically viable from an average concentration of 0.60 Cts / m3. Moreover, intense activity by artisan miners confirm the presence of diamonds at several sites on our production licences. Results are very encouraging when you take into account the relatively small amount of gravel processed and the difficulties arising from the rain season and the higher level of water. " comments Daniel Barrette, interim president of the Corporation.

The Corporation plans to thouroughly explore its production licences and start dredging the river as soon as possible. The Corporation also plans on using aerial photography and satellite imaging to locate older river beds and seismic refraction to confirm the presence of potentially diamondiferous gravel.

Accompanying minerals such as ilmenites, limonites and possible altered diopsides were also retrieved and sent to for laboratory exam in Canada to confirm their chromiferous nature. These results will give clues as to the location of the primary source. Several hypotheses exist on the origins of those diamonds on the Tshikapa Region and geologists have differing opinions on these theories. Some believe that the alluvial deposits of the Tshikapa come from kimberlites located in Angola whereas others believe that there is a source in the Tshikapa Region. Mr Barrette further comments: " Through our work we hope to reach the ultimate goal of finding a diamondiferous kimberlite ".

In addition, the Corporation announces the resignation of Mr Gilles Provost as President due to a very busy professionnal agenda. He will however remain as director of the Board. Mr Daniel Barrette adds: " The Corporation is very grateful to Mr Provost for his commitment to the affairs of the Company. As director of the Board I will from now and until the next General Meeting of the Shareholders act as president and chief executive officer". Mr Barrette has pertinent experience in business and mining exploration in the Democratic Republic of Congo which represents a clear advantage for the Corporation.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information presented in this release.

Contact Information

  • Affinor Resources Inc
    Daniel Barrette
    Interim President
    450-622-6626
    450-622-8292 (FAX)