3rd Quarter Results

    AfriOre reports finanical results for the three and six months ended August
31, 2006

     ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS, Oct. 10 /CNW/ - AfriOre
Limited ("AfriOre" or "the Company") (TSX/AIM:AFO), the minerals exploration
company, reported a loss for the three month period ended August 31, 2006 of
$5,120,490 or $0.10 per share - basic and diluted (2005: $1,235,173 or $0.03
per share - basic and diluted), and a loss for the six month period ended
August 31, 2006 of $6,122,621 or $0.14 per share - basic and diluted (2005:
$1,590,198 or $0.05 per share - basic and diluted).
     Capitalized exploration costs amount to $14,836,621, with exploration
costs for the six months period totaling $4,053,364, including $3,683,958 for
Akanani where there was a significant increase in exploration expenditure,
compared to ($139,219) (Akanani $1,478,086) after an adjustment to exploration
expenditure due to the acquisition by Wits Basin Precious Minerals Inc. of a
35% equity stake in the South African FSC project for the same period in 2005.
The increase in expenditure at Akanani followed the continuing receipt of
positive results from the intensive exploration program on the Project.
     In addition, the substantial weakening of the South African Rand was
responsible for AfriOre having to report a foreign exchange loss of $2,116,269
for the six months ended August 31, 2006 compared to $503,699 for the six
months ended August 31, 2005.
     The loss for the six month period is also attributable to Stock Based
Compensation expense of $3,685,000 resulting from revaluing of 2,500,000
warrants per the Black-Scholes method, which were issued in terms of an
agreement between AfriOre and the original Black Economic Empowerment
Shareholders of Akanani Mining (Pty) Limited which became effective on the
successful conversion of the old order prospecting rights to new order
prospecting rights. This agreement entitles the holders of these warrants to
purchase one common share in the capital of AfriOre at an exercise price of
$4.00 expiring on May 31, 2008.
     Consolidated Interim Financial Statements for the three and six months
ended August 31, 2006 and August 31, 2005, along with Management's Discussion
and Analysis, have been filed on SEDAR and are available at www.sedar.com.
     AfriOre continues to concentrate on its platinum group metals ("PGM") and
gold projects and to engage in the acquisition, exploration and development of
resource properties in Africa and elsewhere, in particular PGM and gold
projects.
     AfriOre is listed in Standard & Poor's Corporation Records SEC 12g 3-2(b)
exemption 82-4514.
For further 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: [phone] x 227, Email:
fchilde(at)taucapital.com
(AFO. AFO)



END