Thursday, 6 December 2012

Afferro Mining confirms negotiations with "multiple parties" over strategic investment; shares soar

Afferro Mining (LON:AFF, CVE:AFF) this morning confirmed that it is in negotiations with “multiple parties” that could lead to a strategic investment or takeover.
The short stock market missive followed a 17% spike in the share price in early trade in London. 
“Any proposal would be conditional upon, among other things, due diligence, negotiation of all definitive documentation, receipt of all necessary approvals by the interested party and approval of the Afferro board of directors,” the company added.
The London and Toronto listed mine developer owns the 2.5bn tonne Nkout iron ore project in Cameroon, with almost half of that figure in the higher confidence indicated category.
The overall grade currently stands at 31.5%, although the most recent round of drill points to a portion being of higher grade direct shipping quality.

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