AfriOre Limited

AfriOre Limited

March 01, 2005 15:23 ET

Afriore Intersects Multiple Zones Of High Grade Platinum Group Metal Mineralization At the Akanani Project, South Africa




MARCH 1, 2005 - 15:23 ET

Afriore Intersects Multiple Zones Of High Grade
Platinum Group Metal Mineralization At the Akanani
Project, South Africa

BRIDGETOWN, BARBADOS--(CCNMatthews - March 1, 2005) - AfriOre Limited
(TSX:AFO) ("AfriOre") is very pleased to announce that it has
intersected major, wide zones of high grade platinum group metal ("PGM")
mineralization within the Platreef in ZF1, the first drill hole it has
completed on the Akanani Platinum Project in the Northern Limb of the
Bushveld Complex. ZF1 is part of an initial 13,000 metre drilling
program being conducted by AfriOre in the project area.

The results of drill hole ZF1 are as follows:

Depth Interval 3PGM+Au(a)
(metres) (metres) (g/t)

1,013.71-1,070.00 56.29 4.11
1,013.71-1,017.72 4.01 6.33
1,026.66-1,030.00 3.34 5.20
1,053.00-1,068.00 15.00 8.16
1,055.00 - 1,062.00 7.00 11.62

1,093.31-1,099.85 6.54 19.83

1,111.72-1,122.40 10.68 5.22
1117.00-1122.40 5.40 7.07

(a) 3PGM means Platinum + Palladium + Rhodium. Au means Gold.

Mean grades stated above are weighted using mass factors (intercept
width x specific gravity).

The reported widths are uncorrected for the dip of the Platreef, which
is approximately 45 degrees to the west in the ZF1 area. True widths, which may
vary from the reported widths, will be determined when sufficient
drilling has been carried out to allow detailed modelling of the

Drill hole ZF1 was collared vertically in the southeastern part of the
Akanani project area, some 800 metres from Anglo Platinum's Zwartfontein
South open pit (refer to diagram in AfriOre's press release February 24,
2005). ZF1 penetrated the Bushveld Complex Main Zone-type hangingwall
stratigraphy comprising norites and minor anorthosites before
intersecting the Platreef unit (refer to AfriOre's press release
February 24, 2005) at 1,014 metres and terminating in footwall granofels
rocks at a depth of 1,289 metres. The Platreef unit in ZF1 comprises
pyroxenitic and feldspathic pyroxenitic rocks containing varying
concentrations of disseminated sulphides and associated PGM and base
metal mineralization.

Drilling in the project area is being conducted by Rosond (Pty) Limited,
a major South African drilling company with extensive experience in
drilling the Platreef. The Platreef intersection zone was drilled in BQ
(46mm diameter) core size and half-core samples, varying in length from
47 to 108 centimetres, were cut by means of a diamond blade saw.
Geological logging, sampling and core handling procedures to ensure the
integrity of samples of the Platreef unit in ZF1 were carried out under
the supervision of Mr. Jonathan Woolfe (MSc Geology, Pr.Sci.Nat.), an
independent consultant to AfriOre. Samples were prepared at Set Point
sample preparation facility in Mokopane and assayed for platinum,
palladium, rhodium and gold by Set Point Technology laboratories (ISO
17025 accredited and independent of AfriOre) in Johannesburg. Fire
assays were carried out using Pb collection/ICP. SG determinations were
carried out using a gas picnometer. QA/QC procedures included the
submission by AfriOre of systematic duplicates, blanks and standard
samples within the sample batches submitted to Set Point. Results from
these control samples confirm the consistency of the ZF1 assays. More
detailed statistical analysis of comparative assay results will be
carried out as the drilling program progresses and a sufficient sample
population becomes available.

In addition, pulverized sample duplicates were submitted to SGS
Lakefield Research Africa laboratories in Johannesburg (also ISO 17025
accredited and independent of AfriOre) for referee assays, and these
results also indicate acceptable consistency of PGM grades. Assay
results for the nickel, copper and individual platinum group metals and
gold in the mineralized zones will be reported in the next week.

Four drill rigs are currently operating over a strike distance of five
kilometres on the Akanani project, which extends along strike for some
nine kilometres, immediately down dip of the Platreef outcrop on Anglo
Platinum's Zwartfontein and Overysel project areas. Anooraq's Drenthe
project is immediately to the northeast of the Akanani project area.
AfriOre's drilling program will also test the northern part of the
project area, in an area where Anglo Platinum previously intersected
very significant PGM grades in multiple, wide zones of Platreef
mineralization in drill hole MO1 (refer to AfriOre's press release
November 18, 2004). AfriOre intends commissioning additional drilling
rigs to accelerate the project.

AfriOre has the right, pursuant to an option agreement, to earn up to a
74% interest in the 4,095 hectare Akanani project area, some 25
kilometres to the north of the town of Mokopane (refer to press release
November 11, 2004).

Mike van Aswegen, President and CEO of AfriOre, comments: "We are
delighted to have intersected such a well mineralized part of the
Platreef in our first drill hole on the project. We are well aware that
the project is within the higher grade section of the Platreef and that
the widths and PGM grades in the Platreef may be variable, but these
results exceed our expectations. To have intersected such high grades
over such extensive widths is very gratifying. We certainly intend to
expand our operations on this project."

Mike van Aswegen (BSc (Eng) Mining Geology, Pr.Sci.Nat.) is the
qualified person overseeing the exploration programs.

About AfriOre

AfriOre is engaged in the acquisition, exploration and development of
gold and platinum exploration properties in Africa. It has gold
exploration properties in South Africa, Mali, Namibia and Kenya and a
PGM property in South Africa and is currently acquiring additional PGM

The Company has 32,472,596 share outstanding and cash and receivables of
CAD$ 6.2 million.

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


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