AfriOre Reports Financial Results

    AfriOre reports financial results for the three months ended May 31, 2006

    TSX/AIM:AFO

    ROAD TOWN, TORTOLA, British Virgin Islands, July 14 /CNW/ - AfriOre
Limited ("AfriOre" or "the Company") (TSX/AIM:AFO), the minerals exploration
company, reported a loss for the three month period ended May 31, 2006 of
($1,002,131) or ($0.02) per share (basic and diluted), as compared to a loss
of ($355,025) or ($0.01) per share (basic and diluted) for the three month
period ended May 31, 2005.
    The loss for the three month period is partly attributable to an increase
in the rate of exploration expenditure and to the foreign exchange losses
incurred due to the weakening of the South African Rand during the period.
AfriOre's operating costs are denominated in Rands, particularly in the case
of the Akanani Platinum Project ("Akanani" or the "Project"), which is where
most of the expenditure has been incurred. The foreign exchange losses cannot
be capitalized.
    Capitalized exploration costs amount to $12,661,343, with exploration
costs for the three month period totaling $1,878,086 (Akanani: $1,719,425)
compared to $1,231,828 (Akanani: $826,479) 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.
    Consolidated Interim Financial Statements for the three months ending May
31, 2006 and May 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.)



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