Drilling Report

    AfriOre Announces Significant Increase in Mineral Resource for Akanani
Platinum Project

    TSX/AIM:AFO

    ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS, Sept. 19 /CNW/ - AfriOre
Limited ("AfriOre" or the "Company") is pleased to announce the results of a
second, independent mineral resource estimate for the Akanani Platinum Project
("Akanani" or the "Project"), in South Africa's Bushveld Complex. The updated
mineral resource estimate totals 249.1 million tonnes ("Mt") at a grade of 4.2
grams of platinum, palladium, rhodium plus gold per tonne (collectively "g/t
3PGM+Au"), plus 0.24% nickel ("Ni") and 0.14% copper ("Cu") in the inferred
category, which equates to 33.7 million ounces of 3PGM+Au. This represents a
27% increase in the quantity of 3PGM+Au ounces from the initial mineral
resource estimate announced by the Company in a news release dated May 11,
2006.
    This updated mineral resource estimate was prepared by Snowden Mining
Industry Consultants ("Snowden"), an international minerals consultancy group,
independent of AfriOre, and is for the P2 mineralized unit in the Southern
Priority Area ("SPA") of the Project. The P2 unit is the well-developed, upper
mineralized zone within the Platreef, and in the updated mineral resource area
the P2 unit dips to the west at between 15 degrees and 25 degrees in the south
of the area, increasing to approximately 45 degrees in the northwest of the
area. The updated mineral resource extends from approximately 800 metres depth
along the eastern project boundary to a selected depth of 2,000 metres in the
west.
    The estimated average true thickness of the P2 unit in the updated
mineral resource area is 19.0 metres. This represents a 12% increase in the
estimated average true thickness of the P2 unit from the initial mineral
resource estimate. In addition to 3PGM+Au, Ni and Cu are included in the
resource estimate. A grade and tonnage summary for all six metals considered
is presented in Table 1.


    Table 1: Updated Inferred Mineral Resource, P2 unit
    (2.0 g/t 3PGM+Au footwall assay threshold)(1)

    -------------------------------------------------------------------------
                                                      Grade
      Tonnes     3PGM+Au  ---------------------------------------------------
    (millions)    (g/t)     Pt       Pd       Rh       Au       Ni       Cu
                           (g/t)    (g/t)    (g/t)    (g/t)     (%)      (%)
    -------------------------------------------------------------------------
      249.1        4.2      1.8      2.0      0.2      0.2      0.24     0.14
    -------------------------------------------------------------------------
    (1) All tabulated data have been rounded to one decimal place for tonnage
        and 3PGM+Au grades and two decimal places for base metal grades; the
        tonnage presented above includes a 10% discount for interpreted
        geological losses including those from dykes, veins, faults and minor
        alteration; effective date: September 12, 2006; Pd equals palladium,
        Pt equals platinum, Rh equals rhodium, Au equals gold.
   

    Warren Newfield, President and CEO of AfriOre, states "We are very
pleased to announce this significant increase in the mineral resource for
Akanani, which comes just over four months since the announcement of the
initial mineral resource. These results further confirm that the P2 unit in
the SPA holds excellent potential to support a large, long-life underground
platinum mine with significant base metal credits. Our geological team is
currently completing infill drilling in the SPA, with the objective of
converting inferred resources to the indicated category, and has commenced
additional drilling in the Central and Northern Areas to establish further
mineral resources."
    The updated mineral resource estimate is based on the results of 33
diamond drill holes within a 381 hectare ("ha") area within the P2 unit in the
SPA. This area extends for 3.8 kilometres along strike and up to 2.2
kilometres down dip. The P2 unit is persistently developed in all drill holes
within the resource area, with good to excellent grades of 3PGM+Au
mineralization. Drill holes are distributed on a nominal 500 x 500 metre
spaced grid and an infill nominal 350 x 350 metre grid. The 33 drill holes
used in the current mineral resource estimate represent nearly twice the
number of drill holes which were used in the initial mineral resource
estimate. The increased number of drill holes has resulted in an improved
understanding of the distribution, nature and controls of mineralization in
the SPA.
    The mineral resource estimate presented herein excludes extensive 3PGM+Au
mineralization developed within the lower, P1 unit in the SPA, as further
exploration is required to improve confidence in correlation of P1 unit
mineralized zones intercepted in drill holes for mineral resource estimation
purposes. This current mineral resource estimate also excludes all
mineralization which has been intersected in the P1 and P2 units in the
remaining 5.2 kilometres of strike of the Platreef within the Central and
Northern Areas of the Project.
    Ten rigs have been deployed in the SPA in recent months. The objective of
this work has been in part to build a detailed database of geological and
geostatistical information to support conversion of inferred mineral resources
to the indicated category for inclusion in the pre-feasibility study scheduled
for completion in early 2007. Currently there are four drill rigs operating on
a detailed (150 metre) grid in the SPA. Rigs previously assigned to this
detailed grid continue to be deployed to the Central and Northern Areas as
they become available. Six rigs are currently operating within the Central and
Northern Areas, with an aim to intercept the Platreef unit in a widely spaced
grid and to delineate any inferred mineral resources within the remaining
5.2 kilometres of Platreef strike in these areas.

    Qualified Persons, Quality Control and Methodology
    Exploration at Akanani is being conducted under the supervision of Mr.
Henri Lombard (B.Sc. Hons.), who is a "Qualified Person" as such term is
defined in National Instrument 43-101 ("NI 43-101"). Mr. Lombard is 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 responsible for and has verified the
technical information, including drill core sampling, analytical and test
data, underlying the mineral resource estimate presented herein.
    The mineral resource estimate was prepared by Mr. Jeremy C. Witley (B.Sc.
Hons., Mining Geology), who is a "Qualified Person" as such term is defined in
NI 43-101. Mr. Witley is registered as a Pr.Sci.Nat. with the SACNASP and is
an employee of Snowden. Mr. Witley is responsible for the mineral resource
estimate disclosed in this release. Snowden is not aware of any environmental,
permitting, legal, title, taxation, socio-political, marketing or other issues
that may materially affect the mineral resource estimate disclosed in this
release. Snowden is currently preparing a NI 43-101 compliant technical report
which will be filed on SEDAR within 45 days.
    An independent technical report containing the initial mineral resource
estimate and other information on the Project, including Quality
Control/Quality Assurance procedures and results for drill core samples,
entitled "AfriOre Limited: Akanani Platinum Project, Limpopo Province, South
Africa, Project No. J883", dated May 29, 2006, has been filed on SEDAR and may
be accessed at www.sedar.com.
    Snowden's resource modelling is supported by AfriOre's detailed
geological modelling of the Platreef pyroxenite unit, which is up to 350
metres thick and is further subdivided into four units. From base to top of
the Platreef, these units are the "P1" to "P4". The P1 is developed at the
base of the Platreef and is locally well-mineralized, particularly in parts of
the SPA. The P2 unit directly overlies the P1 unit and is recognized as a
discrete unit comprising coarse-grained feldspathic pyroxenite and bronzitite.
The P2 unit is well-mineralized throughout the areas drilled to date, contains
disseminated sulphides and contains the inferred mineral resource reported
herein. The P3 and P4 are generally weakly mineralized and narrower units
occurring above the P2 unit.
    For the purposes of this estimate, only mineralization between the top
contact of the P2 unit and an assay footwall of 2 g/t 3PGM+Au was included.
This mineralization has an estimated average true thickness of 19.0 metres.
Pt, Pd, Rh, Au, Ni, and Cu, true width, and density were estimated into a two
dimensional block model using inverse distance to the power of two. A minimum
of four composites were required to estimate a block. The block size used for
the model was 200 metres north by 200 metres east, which approximates half the
drillhole spacing. The total mineral resource estimate has been reduced by a
factor of 10%, to account for interpreted geological losses, including those
from dykes, faults, veins and minor alteration. No mining cuts or
metallurgical factors were applied. Mr. Witley conducted several site visits
to the project area and has observed mineralized core being collected from the
drill rigs, reviewed sampling and Quality Assurance and Quality Control
procedures. Snowden has informed the Company that it considers the quality of
the assay data to be adequate for resource estimation to a high level of
confidence.

    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 with funds of approximately CDN$ 25.1M. The
Company has 51,089,721 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/AfriOre_Akanani.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 and the Company's exploration and development plans with respect to
Akanani) 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, political risks arising from operating in Africa, changes to
regulations affecting the Company's activities, delays in obtaining or failure
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.
    The inferred mineral resource figures disclosed in this press release are
estimates and no assurances can be given that the indicated levels of minerals
will be produced. Such estimates are expressions of judgment based on
knowledge, mining experience, analysis of drilling results and industry
practices. Valid estimates made at a given time may significantly change when
new information becomes available. While the Company believes that the
resource estimate disclosed in this press release is well established, by
their nature resource estimates are imprecise and depend, to a certain extent,
upon statistical inferences which may ultimately prove unreliable.
    Mineral resources are not mineral reserves and do not have demonstrated
economic viability. Measured and indicated mineral resources are sufficiently
well defined to allow geological and grade continuity to be reasonably assumed
and permit the application of technical and economic parameters in assessing
the economic viability of the resource. Inferred mineral resources are
estimated on limited information not sufficient to verify geological and grade
continuity or to allow technical and economic parameters to be applied.
Inferred mineral resources are too speculative geologically to have economic
considerations applied to them to enable them to be categorized as mineral
reserves. There is no certainty that mineral resources can be upgraded to
mineral reserves through continued exploration.


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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