AfriOre Limited

AfriOre Limited

February 24, 2005 12:32 ET

AfriOre Intersects Platreef Zone in First Drillhole on Akanani Platinum Project, South Africa


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: AFRIORE LIMITED

TSX SYMBOL: AFO

FEBRUARY 24, 2005 - 12:32 ET

AfriOre Intersects Platreef Zone in First Drillhole on
Akanani Platinum Project, South Africa

BRIDGETOWN, BARBADOS--(CCNMatthews - Feb. 24, 2005) - AfriOre Limited
(TSX:AFO)

Drilling update at Akanani Platinum Project and FSC Gold Project

AKANANI PLATINUM PROJECT

AfriOre Limited (TSX:AFO) ("AfriOre") is pleased to report that
drillhole ZF1, on the Akanani Platinum Project in South Africa's
Bushveld Complex, has completed drilling and has successfully
intersected and drilled through the Platreef zone and into footwall
rocks. The Platreef zone in the area commonly hosts multiple zones of
platinum group metal, copper and nickel mineralization, and is being
mined up dip of ZF1, on the adjacent Anglo Platinum mine. Samples from
the drillhole have been submitted to analytical laboratories and initial
assay results are anticipated imminently.

Four drill rigs are currently operating over a strike distance of five
kilometres within the nine kilometre long project area, as part of the
initial 13,000 metre drilling program. Despite the recent short term
delay as a result of limited rig mobility during the current rainy
season, and the need to deepen certain of the drillholes, the revised
schedule anticipates that the results of the other holes currently being
drilled will be received during March, April and May.

To view the "AKANANI MINERAL HOLDINGS AND DRILL HOLES", please click the
following link:
http://www2.ccnmatthews.com/database/fax/2000/afo0224.jpg

FSC GOLD PROJECT

At the FSC Witwatersrand-type gold project, drilling in Drillhole 48 has
progressed to a depth of 1867 metres. Management is very encouraged, as
the drillhole has intersected identical stratigraphy and structure in
the cover rocks as those occurring in the area of the main Witwatersrand
basin.

The drillhole is located some 25 kilometres from the nearest of the
holes which were drilled previously by other exploration companies.
Those holes intersected unmineralized lower Witwatersrand stratigraphy
in an area where upper Witwatersrand stratigraphy is not preserved. The
geophysical interpretation for the prospecting area on which Drillhole
48 was sited indicates the possible presence of a more complete
succession of upper Witwatersrand stratigraphy, which hosts the
mineralized gold reefs in the main Witwatersrand basin.

At present, the hole is experiencing difficult drilling conditions
within a zone close to its base and the operations are now focused on
rectifying the situation prior to continuation of drilling. Expert
drilling consultants have been engaged and have indicated to management
that the issue should be resolved shortly. Once resolved, drilling will
continue with the aim of intersecting any gold mineralization that may
be developed within the Witwatersrand stratigraphy. Results received
from this drillhole warrant further drilling on the project.

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

About AfriOre

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

The company has 32,472,596 shares outstanding

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.

-30-

Contact Information