Drilling Report

    AfriOre Reports Wide, Well-Mineralized Drill Intersections for the Akanani
Platinum Project

    TSX/AIM:AFO

    ROAD TOWN, TORTOLA, British Virgin Islands, Sept. 12 /CNW/ - AfriOre
Limited ("AfriOre") (TSX/AIM: AFO) is pleased to report results for the P2
unit from a further three drill holes in the Southern Priority Area ("SPA") at
the Akanani Platinum Project ("Akanani" or the "Project"), located on the
Northern Limb of South Africa's Bushveld Complex. Results for holes ZF31, ZF33
and ZF35 include some of the widest and highest-grade intercepts received to
date for the P2 unit at Akanani. Highlights for these holes include:
    -   18.77 metres of 8.47 g/t 3PGM+Au(x) and 0.38% Ni(xx), including
        10.71 metres of 10.83 g/t 3PGM+Au and 0.38% Ni for the P2 unit in
        ZF31
    -   55.01 metres of 3.98 g/t 3PGM+Au, including 35.01 metres of 4.51 g/t
        3PGM+Au for the P2 unit in ZF33
    -   36.23 metres of 5.70 g/t 3PGM+Au, including 15.67 metres of 8.30 g/t
        3PGM+Au and 0.42% Ni for the P2 unit in ZF35; when the underlying P1
        unit mineralization is added the hole yields 64.50 metres of 5.75 g/t
        3PGM+Au for the combined P1 and P2 units
        ((x) g/t 3PGM + Au (equal sign) grams of platinum, palladium, rhodium
        plus gold per tonne; (xx) Ni (equal sign) nickel)
   
    Drill holes ZF31, ZF33 and ZF35 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 these drill holes is presented in
Table 1.
    Drill hole ZF31 is located on the 350 metre SPA in-fill grid, central to
drill holes ZF3, ZF4, ZF14 and ZF16. This drill hole traversed Main Zone
gabbro-norites before intersecting the pyroxenites of the Platreef unit from
1237.24 to 1,412.47 metres. The drill hole was completed at a down-the-hole
depth of 1,459.17 metres in footwall rocks.
    Drill hole ZF33 is also located on the 350 metre SPA in-fill grid, on the
western margin of the SPA and outside of the initial mineral resource area.
This drill hole, central to drill holes ZF17, ZF18, ZF22 and ZF23, traversed
Main Zone gabbro-norites before intersecting the pyroxenites of the Platreef
unit from 1,422.29 to 1,571.56 metres. Mineralization in this drill hole
continues above the Platreef into the hangingwall for a distance of
approximately 1.80 metres. The drill hole was completed at a down-the-hole
depth of 1,573.83 metres, close to footwall rocks.
    Drill hole ZF35 is located on the eastern margin of the SPA,
approximately mid-way between ZF6 and ZF2 and immediately up-dip of ZF27. This
drill hole forms part of an array of closely-spaced drill holes (150 metre
spacing), the purpose of which is discussed below. Drill hole ZF35 traversed
Main Zone gabbro-norites before intersecting pyroxenites of the Platreef unit
from 984.63 to 1,195.41 metres. The drill hole was completed at a
down-the-hole depth of 1,195.41 metres in granofels footwall. This is a
particularly well-mineralized drill hole, with continuous mineralization
extending from the P2 unit into the P1 unit. The down-the-hole width for the
combined P1 and P2 units is 64.50 metres at a grade of 5.75 g/t 3PGM+Au.
 
    Table 1. Analytical results for drill holes ZF31, ZF33, and ZF35
    -------------------------------------------------------------------------
    ZF31
    -------------------------------------------------------------------------
    Starting  Inter-
    Depth    section  3PGM+Au     Pt      Pd      Rh      Au      Ni      Cu
    (metres) (metres)   (g/t)   (g/t)   (g/t)   (g/t)   (g/t)     (%)     (%)
    -------------------------------------------------------------------------
    1,305.94   18.77    8.47    3.22    4.54    0.34    0.37    0.38    0.17
    -------------------------------------------------------------------------
    Including
    -------------------------------------------------------------------------
    1,314.00   10.71   10.83    4.03    5.96    0.42    0.42    0.38    0.18
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    ZF33
    -------------------------------------------------------------------------
    Starting  Inter-
    Depth    section  3PGM+Au     Pt      Pd      Rh      Au      Ni      Cu
    (metres) (metres)   (g/t)   (g/t)   (g/t)   (g/t)   (g/t)     (%)     (%)
    -------------------------------------------------------------------------
    1,420.49   55.01    3.98    1.63    1.96    0.14    0.25    0.19    0.11
    -------------------------------------------------------------------------
    Including
    -------------------------------------------------------------------------
    1,420.49    9.06    4.50    1.63    2.47    0.12    0.28    0.26    0.14
    -------------------------------------------------------------------------
    And
    -------------------------------------------------------------------------
    1,440.49   35.01    4.51    1.90    2.16    0.17    0.28    0.20    0.11
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    ZF35
    -------------------------------------------------------------------------
    Starting  Inter-
    Depth    section  3PGM+Au     Pt      Pd      Rh      Au      Ni      Cu
    (metres) (metres)   (g/t)   (g/t)   (g/t)   (g/t)   (g/t)     (%)     (%)
    -------------------------------------------------------------------------
    1,010.37   36.23    5.70    2.39    2.84    0.16    0.31    0.29    0.17
    -------------------------------------------------------------------------
    Including
    -------------------------------------------------------------------------
    1,010.37   15.67    8.30    3.43    4.14    0.24    0.49    0.42    0.24
    -------------------------------------------------------------------------
    And
    -------------------------------------------------------------------------
    1,038.72    7.88    5.31    2.40    2.56    0.15    0.20    0.26    0.15
    -------------------------------------------------------------------------
    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 modelling is
    carried out for ore resource estimation of the mineralized zones.
 
    The results from these drill holes all exceeded the Company's minimum
exploration target of 5 metres width at a grade of at least 4 g/t 3PGM+Au. The
assay results for all these holes are very encouraging and strengthen the
Company's view that an area of very good mineralization exists in the SPA.
These drill holes also have intersections with relatively high nickel and
copper values, in common with the results from the previously reported drill
holes for the P2 unit of the Platreef at Akanani.
    To date, approximately 73,000 metres have been drilled in 49 holes
(including holes in progress) at Akanani, with a 100% success rate in
intersecting PGM, gold, nickel and copper mineralization within the P2 unit of
the Platreef. The majority of the drilling to date has focused on the SPA,
where, in recent months, the initial 500 metre spaced drilling program has
been augmented by the drilling of a 350 metre spaced in-fill grid, as well as
a limited 150 metre spaced drilling program in a selected area of the SPA and
the drilling of deflections in 10 holes. The remaining four holes in this
current, detailed drilling program are nearing completion. These holes are
being drilled for detailed geological and geostatistical information to
facilitate mineral resource definition. The detailed drilling program and
associated geological, geochemical and geophysical studies are adding
confidence to the understanding of the controls and distribution of
mineralization within the SPA.
    Over the past two months, drill rigs have been deployed increasingly to
the Central and Northern Exploration Areas of the Project. Six drill rigs are
currently active in these areas, with the objective of defining a mineral
resource within the northern 5.4 kilometres of the total of 9 kilometre strike
length of the Platreef at Akanani. Prior to the current drilling only five
holes had been completed in these areas, all of which intersected
Platreef-hosted mineralization.
    Sale of Catalyst (Pty) Ltd.
    The Company is pleased to announce the completion of the sale of Catalyst
(Pty) Ltd. ("Catalyst"), which has a 5.46% interest in Akanani Mining (Pty)
Ltd. ("Akanani Mining"), to our Black Economic Empowerment ("BEE") partners,
Akanani Investment Corporation (Pty) Limited, Big 5 Akhona (Pty) Limited, and
Sitangane Women Investment (Pty) Limited, to bring their collective interest
in Akanani Mining to 26%.
    In an AfriOre news release of March 22, 2006, the Company announced the
purchase of Catalyst for South African Rand 32 million (approximately
CDN$ 5.77 million), to be held in trust for purchase by our BEE partners,
under the same terms as Catalyst was purchased by AfriOre.
    Warren Newfield, President and CEO of AfriOre comments "We are pleased to
announce the completion of this transaction and view it as a demonstration of
the confidence that our BEE partners have in the Project".
    Quality Assurance, Quality Control, Qualified Persons & Mineral Resource
    Drill holes ZF31, ZF33, and ZF35 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 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.
    In a news release dated May 11, 2006, AfriOre reported an initial
inferred mineral resource estimate for the SPA at Akanani of 183.0 million
tonnes ("Mt") at a grade of 4.5 g/t 3PGM + Au, which equates to 26.4 million
ounces of 3 PGM+Au, as well as 0.24% Ni and 0.14% Cu over an estimated average
true thickness of 16.6 metres. This initial mineral resource estimate and
other information regarding the Project are 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.
    http://files.newswire.ca/495/afriore0912.jpg
    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$ 25.3M. The Company has
51,026,277 shares outstanding and 57,098,402 shares fully diluted.
    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: 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.)



END