Drilling Report

    AfriOre Announces Further Mineralized Drill Intersections for the Akanani
Platinum Project

    TSX/AIM:AFO

    ROAD TOWN, TORTOLA, British Virgin Islands, July 19 /CNW/ - AfriOre
Limited ("AfriOre" or "the Company") (TSX/AIM:AFO) is pleased to announce
results for four additional drill holes for the P2 unit in the Southern
Priority Area ("SPA") on the Company's 74%-owned Akanani Platinum Project
("Akanani" or the "Project"), located on the Northern Limb of South Africa's
Bushveld Complex.
    Assay results have been received for the P2 unit for drill holes ZF24,
ZF25, ZF29, and ZF30, and report good to excellent platinum group metal
("PGM"), gold ("Au"), nickel ("Ni") and copper ("Cu") mineralization. The P2
unit is the well-developed upper mineralized zone in the Platreef. Highlights
from these holes include:

   
    -   30.84 m of 4.33 g/t 3PGM + Au(x) and 0.42% Ni,
        including 6.75 m of 6.53 g/t 3PGM + Au and 0.47% Ni in ZF24

    -   31.13 m of 4.13 g/t 3PGM + Au and 0.23% Ni
        including 4.18 m of 9.20 g/t 3PGM + Au and 0.33% Ni in ZF25

    -   5.03 m of 4.01 g/t 3PGM + Au and 0.31% Ni in ZF29

    ((x)g/t 3PGM + Au (equal sign) grams of platinum, palladium, rhodium
        plus gold per tonne)
  

    The positive results for drill holes ZF24, ZF25 and ZF29 all exceed
AfriOre's initial minimum exploration target of 4 g/t 3PGM + Au over drilled
widths of 5 m or greater. The high grades and impressive widths of
mineralization reported herein, combined with the ubiquitous development of
the P2 unit, continue to indicate the potential for the SPA to host a large
resource of PGMs and Au, with associated Ni and Cu. In a news release dated
May 11, 2006, AfriOre reported an initial mineral resource estimate for the
SPA of 183.0 million tonnes ("Mt") at a grade of 4.5 g/t 3PGM + Au, which
equates to 26.4 million ounces of 3PGM plus Au, as well as 0.24% Ni and 
0.14% Cu over an estimated average true thickness of 16.6 m.
    All four holes reported in this release were collared vertically in the
SPA and their collar positions are shown in the attached diagram. A summary of
analytical results from the P2 unit in the four drill holes is as follows:

   
    -------------------------------------------------------------------------
    Drill Hole ZF24
    -------------------------------------------------------------------------
    Starting     Drill       3PGM     Pt      Pd     Rh     Au    Ni     Cu
     Depth     indicated     + Au    (g/t)   (g/t)  (g/t)  (g/t)  (%)    (%)
      (m)        width       (g/t)
                  (m)
    -------------------------------------------------------------------------
    1,014.20      30.84       4.33    1.54    2.40   0.15   0.24  0.42   0.21
    -------------------------------------------------------------------------
    Incl.
    -------------------------------------------------------------------------
    1,014.20       6.75       6.53    2.14    3.81   0.27   0.31  0.47   0.22
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Drill Hole ZF25
    -------------------------------------------------------------------------
    Starting     Drill       3PGM     Pt      Pd     Rh     Au    Ni     Cu
     Depth     indicated     + Au    (g/t)   (g/t)  (g/t)  (g/t)  (%)    (%)
      (m)        width       (g/t)
                  (m)
    -------------------------------------------------------------------------
    1,253.87      31.13       4.13    1.91    1.81   0.15   0.26  0.23   0.12
    -------------------------------------------------------------------------
    Incl.
    -------------------------------------------------------------------------
    1,259.82       4.18       9.20    4.26    4.04   0.32   0.58  0.33   0.16
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Drill Hole ZF29
    -------------------------------------------------------------------------
    Starting     Drill       3PGM     Pt      Pd     Rh     Au    Ni     Cu
     Depth     indicated     + Au    (g/t)   (g/t)  (g/t)  (g/t)  (%)    (%)
      (m)        width       (g/t)
                  (m)
    -------------------------------------------------------------------------
    1,145.65       5.03       4.01    1.71    1.90   0.16   0.24  0.31   0.21
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    Drill Hole ZF30
    -------------------------------------------------------------------------
    Starting     Drill       3PGM     Pt      Pd     Rh     Au    Ni     Cu
     Depth     indicated     + Au    (g/t)   (g/t)  (g/t)  (g/t)  (%)    (%)
      (m)        width       (g/t)
                  (m)
    -------------------------------------------------------------------------
    1,688.57       6.41       2.75    1.13    1.38   0.08   0.16  0.17   0.10
    -------------------------------------------------------------------------
   

    Notes to the above tables:
    Pt, Pd, Rh, Au, Ni and Cu mean platinum, palladium, rhodium, gold, nickel
    and copper respectively.
    3PGM+Au means Pt+Pd+Rh+Au.
    g/t means grams per tonne
    Mean grades are weighted using mass factors (intersection width times
    specific gravity).
    The reported interval widths are uncorrected for the dip of the Platreef.
    Estimation of true widths will be carried out when further modeling is
    conducted for mineral resource estimation of the mineralized zones.
    -------------------------------------------------------------------------

    Drill hole ZF24 is an in-fill hole within the nominal 350 m spaced SPA
grid, and is situated central to holes ZF1, ZF2, ZF9 and ZF11, which formed
part of the initial 500 m spaced grid. ZF24 traversed the Main Zone
gabbro-norites before intersecting the hanging wall of the Platreef unit at
973.63 m. This drill hole was completed at a down-the-hole depth of 1,276.46 m
in granofels footwall.
    Drill hole ZF25 is also an in-fill hole within the 350 m spaced SPA grid.
This hole was collared central to drill holes ZF9, ZF11, ZF19 and ZF 21, which
form part of the initial 500 m spaced grid. ZF25 traversed the Main Zone
gabbro-norites before intersecting Platreef unit pyroxenites from 1,226.56 to
1,490.18 m. This hole was completed at a down-the-hole depth of 1,553.39 m in
granofels footwall.
    Drill hole ZF29 is also an in-fill hole within the 350 m spaced SPA grid.
This hole was collared central to drill holes ZF5, ZF8, ZF17 and ZF18, which
form part of the initial 500 m spaced grid. This hole traversed the Main Zone
gabbro-norites before intersecting Platreef unit pyroxenites from 1,113.61 to
1,392.94 m. The drill hole was completed at a down-the-hole depth of 
1,419.78 m in the granofels footwall.
    Drill hole ZF30 is also an in-fill hole within the 350 m spaced SPA grid.
This hole was collared in the area of drill holes ZF14, ZF16, and ZF20 which
form part of the initial 500 m spaced grid. The drill hole is collared near
the northwestern extent of the SPA and traversed the Main Zone gabbro-norites
before intersecting Platreef unit pyroxenites from 1,688.57 to 1,819.53 m.
This hole was completed at a down-the-hole depth of 1,858.12 m in granofels
footwall. Drill hole ZF30 lies in proximity to holes ZF16 and ZF20, which
display an irregular hanging wall stratigraphy and reduced intersection width
and grades. This is interpreted to be a localized area of poor reef
development.

    Appointment of Investment Advisors

    AfriOre is pleased to announce the awarding of a joint mandate to Absa
Capital, an affiliate of Barclays Capital, and Westwind Partners Inc. to
advise the Company on strategic alternatives regarding the future development
of Akanani.

    Quality Assurance/Quality Control

    Drill holes ZF24, ZF25, ZF29 and ZF30 were drilled in BQ size core (36mm
diameter); half-core samples for assay were cut by means of a diamond blade
saw. Half-core samples were taken at average 1 m intervals, with a range
extending from 0.4 to 1.5 m based on geology and mineralization. Average
sample weight for a 1 m half core sample is 1.5 kilograms. Geological logging,
sampling and core handling procedures were carried out under the supervision
of Mr. Jeff White (B.Sc. Geology, Pr.Sci.Nat.), independent consultant to
AfriOre. Samples were prepared at Set Point Technology's sample preparation
facility in Mokopane, South Africa and analyzed for Pt, Pd, Rh, Au, Ni, Cu and
cobalt ("Co") by Set Point Technology laboratories in Johannesburg (ISO 17025
accredited and independent of AfriOre). Pt, Pd and Au fire assays were carried
out using lead collection/ICP; Rh fire assays used palladium collection/ICP;
Ni, Cu and Co analyses were carried out using aqua regia digestion/ICP and
reflect acid-soluble metal content. Specific gravity was determined using a
gas picnometer. Quality Assurance/Quality Control procedures included the
submission by AfriOre of systematic duplicates, blanks and standard samples
within the sample batches submitted to Set Point Technology. In addition,
selected pulverized sample duplicates were submitted to SGS Lakefield Research
Africa laboratories in Johannesburg (ISO 17025 accredited and independent of
AfriOre) for referee analyses. Results from these control samples indicate
acceptable consistency of the Set Point Technology analyses.

    About AfriOre Limited

    AfriOre is a TSX- and AIM-listed company focused on its 74%-owned, 
4,095 ha Akanani Platinum Project, located on the Northern Limb of South
Africa's Bushveld Complex. AfriOre's Exploration and Management Team has
extensive experience in platinum projects in South Africa, where the Company
maintains aggressive exploration and acquisition programs. AfriOre's
Management has a successful history of creating shareholder value through the
exploration and advancement of projects.
    Exploration at Akanani is being conducted under the supervision of Mr.
Mike van Aswegen, COO of AfriOre and the Company's Qualified Person, as
defined under National Instrument 43-101. Mr. van Aswegen is responsible for
the technical material in this release, excluding the mineral resource
estimate. The initial mineral resource estimate for the project is included in
an independent technical report entitled "AfriOre Limited: Akanani Platinum
Project, Limpopo Province, South Africa, Project No. J883" and dated May 29,
2006, which has been filed on SEDAR and may be accessed at www.sedar.com. The
technical report was prepared by Mr. Jeremy C. Witley (B.Sc. Hons., Mining
Geology), a registered Professional Natural Scientist with the South African
Council for Natural Scientific Professions (SACNASP) and an employee of
Snowden Mining Industry Consultants.
    AfriOre has a treasury of approximately CDN$ 22.4M. The Company has
50,867,173 shares outstanding and 57,098,402 shares fully diluted.

    To view map of the Akanani Platinum Project please visit:
http://files.newswire.ca/510/Akanani.doc.

    Forward-Looking Statements
    --------------------------
    This press release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or anticipates will
or may occur in the future (including, without limitation, statements
regarding the estimation of mineral resources, potential mineralization and
resources, exploration results and the Company's exploration and development
plans with respect to the Akanani Platinum Project) are forward-looking
statements. These forward-looking statements reflect the current expectations
or beliefs of the Company based on information currently available to the
Company. Forward-looking statements are subject to a number of risks and
uncertainties that may cause the actual results of the Company to differ
materially from those discussed in the forward-looking statements, and even if
such actual results are realized or substantially realized, there can be no
assurance that they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, changes in
commodity prices, changes in equity markets, failure to establish estimated
mineral resources (the inferred mineral resource figures disclosed in this
press release are estimates and no assurance can be given that the indicated
levels of minerals will be produced), political risks arising from operating
in Africa, changes to regulations affecting the Company's activities, delays
in obtaining or failures to obtain required regulatory approvals,
uncertainties relating to the availability and costs of financing needed in
the future, the uncertainties involved in interpreting drilling results and
other ecological data, and the other risks involved in the mineral exploration
and development industry. Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future
events or results or otherwise. Although the Company believes that the
assumptions inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.


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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