AfriOre Limited

AfriOre Limited

January 10, 2005 13:05 ET

AfriOre Commissions Two Additional Drill Rigs At The Akanani Platinum Project And Drilling Continues At The FSC Gold Project, South Africa


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: AFRIORE LIMITED

TSX SYMBOL: AFO

JANUARY 10, 2005 - 13:05 ET

AfriOre Commissions Two Additional Drill Rigs At The
Akanani Platinum Project And Drilling Continues At The
FSC Gold Project, South Africa

BRIDGETOWN, BARBADOS--(CCNMatthews - Jan. 10, 2005) - AfriOre Limited
(TSX:AFO) ("AfriOre") is pleased to announce that it has commissioned
two additional drill rigs at the Akanani platinum project on the
Bushveld Complex in the Mokopane (formerly Potgietersrus) district,
South Africa. Once the rigs are operational, the Company will have four
rigs drilling on the project. Drilling on ZF 1 and ZF 2, where drilling
will resume shortly using the additional rigs, is aimed at intersecting
a full succession of the Platreef and its hangingwall rocks and drilling
into the footwall rocks. ZF 1 and ZF2 are currently at depths of 1003
metres and 696 metres respectively, and it is anticipated that both of
these drillholes will intersect the Platreef at depths of some 1200
metres. This is similar to the Platreef intersection depth in drillhole
MO1, previously drilled by Anglo Platinum (see press release of 18
November 2004) on the Akanani project area, and within the range of
platinum mining depths elsewhere in South Africa. Drillhole MO 1
intersected a cumulative 57 metres of platinum mineralization (in five
separate zones each with grades exceeding 3.6 g/t 4PGE) within a total
Platreef drilled intersection width of 133 metres. Two new drill sites,
ZF 3 and MO 2, have been positioned along strike and to the north of
initial drillholes ZF 1 and ZF 2 and these new drillholes are currently
drilling at depths of 324 metres and 117 metres respectively.

At the Witwatersrand-type FSC gold project, drilling has resumed on
drillhole BH 48, after the December recess and the drillhole is
currently at a depth of 1868 metres. BH 48 has drilled through the
younger Karoo rocks to a depth of 1644 metres and is currently drilling
in Proterozoic cover rocks which, in the main Witwatersrand basin,
immediately overlie the gold bearing upper part of the Witwatersrand
stratigraphy. Previous drilling by other companies intersected
unmineralized lower Witwatersrand rocks in the area of BH 48. The
geophysical model for the area indicates that there is an opening of a
basin from the area of these Witwatersrand intersections towards BH 48,
where there is an enhanced probability of intersecting gold
mineralization, if the upper part of Witwatersrand stratigraphy is
preserved. Drilling will continue through to the end of January when the
drilling progress will be reassessed.

The Department of Minerals and Energy has advised AfriOre that it has
been granted a prospecting permit over an additional priority area of
some 52,603 hectares (129,980 acres) within the FSC project area.

Mike van Aswegen, President and CEO, is the qualified person overseeing
the exploration programs.

AfriOre is engaged in the acquisition, exploration and development of
gold and platinum exploration properties in Africa.

AfriOre is listed in Standard & Poor's Corporation Records SEC 12g
3-2(b) exemption 82-4514.

This document may contain or refer to forward looking information based
on current expectations. Forward-looking statements are subject to
significant risks and uncertainties, and other factors that could cause
actual results to differ materially from expected results. These
forward-looking statements are made as of the date hereof and we assume
no responsibility to update or revise them to reflect new events or
circumstances.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    AfriOre Limited
    Alan Friedman
    (416) 361-9636
    (416) 361-0330 (FAX)
    Email: friedman@taucapital.com