AfriOre Confirms Two High Priority Targets at FSC Following a Re-Interpretation of Drillhole Data; Searching for a New Goldfield.

BRIDGETOWN, Barbados -- AfriOre Limited (TSX:AFO) ("AfriOre") is pleased to announce that the re-interpretation of data from the recently completed Drillhole 47 at the FSC project, has confirmed the position two priority targets within structural blocks, which are defined by geophysical and drilling data.

The recent drilling has proved very successful as a range-finding technique and in refining the structural model. The work has also assisted in identifying the priority targets, which are considered to have the highest potential to intersect Witwatersrand rocks within the FSC basin. AfriOre's management and their Witwatersrand basin consultants are very encouraged by the potential of the drilling targets identified. Drillhole 47 has confirmed the existence of a major Proterozoic basin, with the intersection of Ventersdorp and Transvaal Supergroup cover rocks that play an important role in the preservation of Witwatersrand rocks elsewhere in the known Witwatersrand goldfields. Furthermore, the stratigraphy intersected has significantly increased confidence in the extensive geophysical database, thereby improving the process of selection of priority targets.

Information gained from Drillhole 47 has added to the understanding of structural features, which define the position of the FSC basin margin at the time of deposition of Witwatersrand rocks. In the main Witwatersrand basin, similar structures are closely associated with the goldfields. In particular, certain geological structures are similar to the structures associated with the Welkom goldfield.

AfriOre's re-interpretation of the FSC basin's structural model has been based on available seismic, magnetic, gravity and drilling data. As a result of this re-interpretation, the range-finding program will continue with further drilling and an enhanced probability of intersecting Witwatersrand rocks in the redefined priority areas.

Two drillhole sites have been selected and are located where the potential for the preservation of upper Witwatersrand rocks is considered by management to be the highest. The targets are within structural blocks, which based on geophysical data have potential strike extents of some 30 kilometres and 20 kilometres respectively and in which the depth of the target stratigraphy is estimated to be at depths of between 1,100 and 1,700 metres.

Applications for prospecting permits have been submitted and all measures are being taken to ensure recommencement of drilling by the end of July.

Mr. Mike van Aswegen, President and CEO of AfriOre, is the qualified person overseeing the exploration programs.

AfriOre is engaged in the acquisition, exploration and development of gold exploration properties in Africa and operates a specialized anthracitic coal mining business in South 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. Accordingly, readers should not place undue reliance on forward-looking statements. 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.