AfriOre Concludes An Option Agreement To Acquire An Interest In The Akanani Platinum Project In South Africa's Bushveld Complex.

BRIDGETOWN, Barbados -- AfriOre Limited (TSX:AFO) ("AfriOre") is pleased to announce that it has entered into an option agreement, exercisable within six months, to acquire up to a 74% interest in the rights to the farms Moordkopje 813LR and Zwartfontein 814LR, in the Akanani Platinum Group Metals ("PGM") Project (the "Project"). The Project is located 25 kilometres north of the town of Mokopane (formerly Potgietersrus) in the Bushveld Complex in South Africa.

The Project, which covers an area of 4,095 hectares (10,119 acres) is underlain by the Platreef, a PGM-rich pyroxenite member of the Bushveld Complex, and is contiguous with, and west of, Anglo Platinum's Potgietersrus Platinum Mines' mining licence.

AfriOre, by exercise of the option, will have the right to acquire up to 74% of Akanani Mining (Pty) Ltd. ("Akanani"), the holder of the prospecting permit, subject to compliance with the Minerals and Petroleum Resources Development Act. Akanani is a Black Economic Empowerment ("BEE") entity, and holds the prospecting rights in respect of the Project area.

In order to fully exercise its rights under the terms of the option agreement, AfriOre will issue 1,500,000 common shares as well as make cash payments, staggered over a period of at least 36 months in the aggregate amount of Rand 12 million (approximately Cdn $2.4 million). AfriOre will also provide funding on loan to Akanani for the exploration up to and including the preparation and completion of a pre-feasibility study, up to a maximum of Rand 14 million (approximately Cdn $2.8 million). Funding required in excess thereof, up to preparation and completion of a bankable feasibility study, shall be contributed by the shareholders in proportion to their then respective shareholdings.

The Project area is underlain by the Platreef, the PGM bearing unit at Anglo Platinum's adjacent Potgietersrus platinum mine. It is also the focus of exploration attention on the Platreef projects operated by Anooraq Resources Corporation and African Minerals Ltd. Although relatively limited exploration has been undertaken on the Project area, there is considerable regional exploration and geological data available. The eastern boundary of the property, which extends for some nine kilometres of strike on the Platreef, is contiguous with Anglo Platinum's mining licence area. The southeastern corner of the Project area is less than 1,000 metres from Anglo Platinum's Zwartfontein South open pit and 1,500 metres from their main open pit on Sandsloot. The Project, therefore, represents a partially drill-tested down dip extension of the mineralization, which is being mined at present and in which the Sandsloot open pit is reported to be exploiting a 27 metre wide zone at 3.99g/t (4 PGM's).

The Platreef commonly has multiple zones of PGM mineralization, of which individual zones of economic interest are up to 30 metres wide. In the Project area the Platreef dips at 35 to 45 degrees to the west southwest and is estimated to extend from a depth of some 600 metres below surface on the southeastern boundary of the Project area, increasing in depth to the western boundary of the Project area. AfriOre intends to focus its initial exploration on the eastern shallower sector, at depths of between 600 and 1,500 metres, a zone which is up to 6,000 metres in length in a strike direction and is up to 1,500 metres wide in a down dip direction.

AfriOre is currently undertaking a comprehensive technical evaluation of data relating to the Project.

AfriOre's President and CEO, Mike van Aswegen, comments, "The acquisition of an option on this Project is a very exciting development for AfriOre, as the Project complements the Company's existing southern African gold projects. We are well aware of the excellent PGM potential of this part of the Platreef and it is very positive to have an extensive exploration target, where the mineralization is anticipated to be developed within the range of depths that are currently being mined on the western limb of the Bushveld Complex."

Mike van Aswegen is the qualified person overseeing the Exploration programs.

AfriOre is engaged in the acquisition, exploration and development of gold and platinum exploration properties in Africa.

AfriOre is listed in Standard & Poor's Corporation Records SEC 12g 3-2(b) exemption 82-4514.

This document may contain or refer to forward looking information based on current expectations. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.

NOTE: A map is available on CCNMatthews' website at: http://www2.cdn-news.com/database/fax/2000/AFOMap1.pdf

AfriOre Limited (TSX:AFO)