Drilling Report

    AfriOre Announces Further Well-Mineralized Drill Intersections for the Akanani
Platinum Project

    ROAD TOWN, Tortola, British Virgin Islands, Aug. 23 /CNW/ - AfriOre
Limited ("AfriOre" or "the Company") (TSX/AIM: AFO) is pleased to announce
results for the P2 Unit for a further two drill holes 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 received for the P2 Unit for drill holes ZF23 and ZF32
continue to support the excellent platinum group metal ("PGM"), gold ("Au"),
nickel ("Ni") and copper ("Cu") mineralization results reported to date at
Akanani. The P2 Unit is the well-developed and persistent upper mineralized
zone in the Platreef.

    Highlights from these holes include:

    -  21.79 metres of 4.27 g/t 3PGM + Au(x) in ZF23

    -  13.80 metres of 4.09 g/t 3PGM + Au(x), including 6.14 metres of
       5.95 g/t 3PGM + Au(x) in ZF32

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

    Both drill 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 drill holes is as follows:

    -------------------------------------------------------------------------
    Drill Hole ZF23
    -------------------------------------------------------------------------
    Starting Depth    Drill    3PGM    Pt     Pd     Rh     Au    Ni    Cu
         (m)        indicated  + Au  (g/t)  (g/t)  (g/t)  (g/t)   (%)   (%)
                    width (m)  (g/t)
    -------------------------------------------------------------------------
       1,812.25       21.79    4.27   1.45  2.45   0.13   0.24   0.23   0.13
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Drill Hole ZF32
    -------------------------------------------------------------------------
    Starting Depth    Drill    3PGM    Pt     Pd     Rh     Au    Ni    Cu
         (m)        indicated  + Au  (g/t)  (g/t)  (g/t)  (g/t)   (%)   (%)
                    width (m)  (g/t)
    -------------------------------------------------------------------------
       1,201.77       13.80    4.09   1.66  2.06   0.15   0.22   0.19   0.12
    -------------------------------------------------------------------------
       Incl.
    -------------------------------------------------------------------------
       1,201.77        6.14    5.95   2.46  2.95   0.22   0.32   0.24   0.16
    -------------------------------------------------------------------------

    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.
    Calculation of true widths will be carried out when further modeling is
    carried out for ore resource estimation of the mineralized zones.

    Drill hole ZF23 is an in-fill hole within the nominal 500 metre spaced
SPA grid, and is situated down dip of drill hole ZF17 and southeast of drill
hole ZF20, on the western limit of drilling in the SPA. ZF23 traversed the
Main Zone gabbro-norites before intersecting the hanging wall of the Platreef
unit at 1,800.87 metres. The drill hole was completed at a down-the-hole depth
of 1,943.99 metres in granofels footwall.
    Drill hole ZF32 is an in-fill hole within the nominal 350 m spaced SPA
grid. This hole was collared central to drill holes ZF4, ZF8, ZF14 and ZF17,
which form part of the initial 500 m spaced grid. ZF32 traversed the Main Zone
gabbro-norites before intersecting Platreef unit pyroxenites from 1,177.17 to
1,301.26 metres. This hole was completed at a down-the-hole depth of 1,349.19
metres in granofels footwall.
    The results for these holes exceed AfriOre's initial minimum exploration
target of 4 g/t 3PGM + Au over widths of five metres or greater and 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 inferred 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. A revised, independent mineral
resource estimate for the Project is expected to be completed in September,
2006.

    Quality Assurance, Quality Control and Qualified Persons
    Drill holes ZF23 and ZF32 were drilled in BQ size core (36mm diametre);
half-core samples for assay were cut by means of a diamond blade saw.
Half-core samples were taken at average one metre intervals, with a range
extending from 0.4 to 1.5 metres based on geology and mineralization. Average
sample weight for a one metre half core sample is approximately 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.
    Exploration at Akanani is being conducted under the supervision of Mr.
Henri Lombard (B.Sc. Hons.), a registered Professional Natural Scientist
("Pr.Sci.Nat.") with the South African Council for Natural Scientific
Professions ("SACNASP") and Exploration Manager at Akanani. Mr. Lombard is the
Company's Qualified Person for Akanani, as defined under National Instrument
43-101, is responsible for the technical material in this release, excluding
the mineral resource estimate, and has verified the data disclosed in this
release, including the sampling, analytical and test data underlying the drill
results. 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 Pr.Sci.Nat. with SACNASP and an employee of Snowden
Mining Industry Consultants.

    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.
    AfriOre has a treasury of approximately CDN$ 22.8M. The Company has
51,066,380 shares outstanding and 57,098,402 shares fully diluted.

    To view a map of the Akanani Project Area, please click on
    http://files.newswire.ca/510/akanani_210806.jpg

    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 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 referred to 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: For additional 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: [e-mail]/
(AFO)



END