Drilling Report

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

     TSX/AIM:AFO

     ROAD TOWN, TORTOLA, British Virgin Islands, Nov. 23 /CNW/ - AfriOre
Limited ("AfriOre" or the "Company") (TSX/AIM: AFO) is pleased to report
results for the P2 Unit from a further four drill holes at the Akanani
Platinum Project ("Akanani" or the "Project"), located on the Northern Limb of
South Africa's Bushveld Complex. Results for holes ZF37, ZF38, ZF39 and ZF40
support the continuity of wide and high-grade mineralization for the P2 Unit
of the Platreef within the Southern Priority Area ("SPA") at Akanani.
Highlights for these holes include:

      
     -   16.72 metres of 4.66 g/t 3PGM+Au(x) and 0.27% Ni(xx), including
         6.89 metres of 6.24 g/t 3PGM+Au and 0.32% Ni in drill hole ZF37

     -   14.18 metres of 4.63 g/t 3PGM+Au(x) and 0.22% Ni(xx), including
         6.00 metres of 7.61 g/t 3PGM+Au and 0.27% Ni in drill hole ZF38

     -   44.54 metres of 4.41 g/t 3PGM+Au, and 0.39% Ni(xx), including
         20.33 metres of 5.26 g/t 3PGM+Au and 0.48% Ni in drill hole ZF39

     -   27.07 metres of 3.52 g/t 3PGM+Au(x) and 0.21% Ni(xx), including
         17.98 metres of 4.12 g/t 3PGM+Au and 0.26% Ni in drill hole ZF40

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

     The four drill holes reported herein were collared vertically and are
part of a group of 150 metre-spaced holes drilled in a select portion of the
SPA to obtain detailed geological and geostatistical information (see
accompanying map for detail). This data will be used to facilitate mineral
resource definition.
     A summary of analytical results from the P2 Unit in drill holes ZF37,
ZF38, ZF39 and ZF40 is presented in Table 1. All four drill holes traversed
the Main Zone gabbro-norites before intersecting pyroxenites of the Platreef
unit (from 983.69 to 1,184.31 metres in ZF37; from 1,035.96 to 1,275.35 metres
in ZF38; from 971.71 to 1,210.39 metres in ZF39; from 971.25 to
1,153.15 metres in ZF40). Drill holes ZF37, ZF38 and ZF40 were terminated in
granofels footwall rocks at depths of 1,202.62, 1,292.61, and 1,188.79 metres,
respectively. Drill hole ZF39 terminated in a chill zone with fragments of
granofels at 1,219.46 metres.
     The assay results for these drill holes further indicate that an area of
robust PGM mineralization exists in the SPA. These drill holes also returned
high nickel and copper values, consistent with the results from the previously
reported intersections of the P2 Unit.
     Ten drill rigs are currently operating on the Project, primarily within
the Central and Northern Exploration Areas. The objective of this work is to
define a mineral resource over the northern 5.2 kilometres of the total of
9 kilometre strike length of the Platreef at Akanani.

 
     Table 1. Analytical results for drill holes ZF37, ZF38, ZF39 and ZF40
     -------------------------------------------------------------------------
     ZF37
     -------------------------------------------------------------------------
     Starting  Inter-
     Depth    section  3PGM+Au     Pt      Pd      Rh      Au      Ni      Cu
     (metres) (metres)   (g/t)   (g/t)   (g/t)   (g/t)   (g/t)     (%)     (%)
     -------------------------------------------------------------------------
       998.04   16.72    4.66    1.93    2.25    0.19    0.29    0.27    0.13
     -------------------------------------------------------------------------
     Incl.
     -------------------------------------------------------------------------
     1,002.01    6.89    6.24    2.69    2.83    0.26    0.46    0.32    0.18
     -------------------------------------------------------------------------

     -------------------------------------------------------------------------
     ZF38
     -------------------------------------------------------------------------
     Starting  Inter-
     Depth    section  3PGM+Au     Pt      Pd      Rh      Au      Ni      Cu
     (metres) (metres)   (g/t)   (g/t)   (g/t)   (g/t)   (g/t)     (%)     (%)
     -------------------------------------------------------------------------
     1,055.61   14.18    4.63    2.21    1.92    0.18    0.32    0.22    0.15
     -------------------------------------------------------------------------
     Incl.
     -------------------------------------------------------------------------
     1,055.61    6.00    7.61    3.93    2.87    0.30    0.51    0.27    0.19
     -------------------------------------------------------------------------

     -------------------------------------------------------------------------
     ZF39
     -------------------------------------------------------------------------
     Starting  Inter-
     Depth    section  3PGM+Au     Pt      Pd      Rh      Au      Ni      Cu
     (metres) (metres)   (g/t)   (g/t)   (g/t)   (g/t)   (g/t)     (%)     (%)
     -------------------------------------------------------------------------
       987.29   44.54    4.41    1.70    2.26    0.16    0.29    0.39    0.22
     -------------------------------------------------------------------------
     Incl.
     -------------------------------------------------------------------------
       987.29   20.33    5.26    2.03    2.66    0.19    0.38    0.48    0.28
     -------------------------------------------------------------------------
         &
     -------------------------------------------------------------------------
     1,019.95    5.26    5.26    2.07    2.72    0.19    0.28    0.39    0.21
     -------------------------------------------------------------------------

     -------------------------------------------------------------------------
     ZF40
     -------------------------------------------------------------------------
     Starting  Inter-
     Depth    section  3PGM+Au     Pt      Pd      Rh      Au      Ni      Cu
     (metres) (metres)   (g/t)   (g/t)   (g/t)   (g/t)   (g/t)     (%)     (%)
     -------------------------------------------------------------------------
     1,047.94   27.07    3.52    1.42    1.73    0.11    0.26    0.21    0.11
     -------------------------------------------------------------------------
     Incl.
     -------------------------------------------------------------------------
     1,047.94   17.98    4.12    1.65    2.01    0.12    0.34    0.26    0.14
     -------------------------------------------------------------------------
     Incl.
     -------------------------------------------------------------------------
     1,047.94    3.12    5.85    2.50    2.63    0.16    0.56    0.33    0.17
     -------------------------------------------------------------------------
     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.
 

     Quality Assurance, Quality Control and Qualified Persons

     Drill holes ZF37, ZF38, ZF39, and ZF40 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.),
consultant to AfriOre. Samples were prepared at Set Point Technology
laboratories ("Set Point") sample preparation facility in Mokopane, South
Africa and analyzed for Pt, Pd, Rh, Au, Ni, Cu and cobalt ("Co") by Set Point
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. 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 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. Mr. Lombard is responsible for the technical material in this release
and has verified the data disclosed in this release, including the sampling,
analytical and test data underlying the drill results.
     Additional information with respect to Akanani is contained in a
technical report dated November 2, 2006 and entitled "AfriOre Limited: Akanani
Platinum Project, Limpopo Province, South Africa, Project No. J910", a copy of
which has been filed on SEDAR and may be accessed at www.sedar.com.

     http://files.newswire.ca/510/AkananiProjectAfriOre.doc

     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. 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$ 23.5M. The Company has
51,281,827 shares outstanding and 56,725,902 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 mineral resources, potential mineralization, 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, 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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