AfriOre Reports Second Quarter Earnings.

BRIDGETOWN, Barbados -- AfriOre Limited (TSX:AFO) reported a loss for the quarter ended August 31, 2004 of $242,383 or $0.01 per share (basic and diluted) as compared to a loss of $996,261 or $0.04 per share (basic and diluted) for the quarter ended August 31, 2003. Sales of coal at the 50% owned Springlake Colliery were 149,871 tonnes in the quarter, down from 175,667 tonnes in 2003. Revenues were higher compared to last year due to sales price increases of between 6 and 10%, but were tempered by the negative impact of the strong Rand-US Dollar exchange rate.

Capitalized exploration for the quarter was $885,393 compared to $940,703 in 2003 as AfriOre continues to focus on its field exploration on gold projects in Mali, Kenya, Namibia and the FSC gold project in South Africa.

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.

AfriOre Limited (TSX:AFO)