AfriOre Reports Third Quarter Earnings.

BRIDGETOWN, Barbados -- AfriOre Limited (TSX:AFO) reported a profit for the quarter ended November 30, 2004 of $2,028,649 or $0.06 per share (basic and diluted) as compared to a loss of $675,662 or $0.02 per share (basic and diluted ) for the quarter ended November 2003.

AfriOre concluded the disposal of its entire coal portfolio during the quarter ended November 2004 for gross proceeds of $7,050,000. The purchaser is a South African consortium comprising Black Economic Empowerment companies and financed by a mining investment fund, The New Africa Mining Fund Nominees (Pty) Limited.

Capitalized exploration for the quarter was $36,426 compared to $419,362 in 2003. This reduction in exploration is mainly due to the disposal of its South African Somkele Project with the sale of the coal portfolio. However, field exploration activities continue on gold projects in Mali, Kenya, Namibia and South Africa, as well as the introduction of a new platinum project, Akanani, in the South African Bushveld Complex, in the last month of the quarter. AfriOre is engaged in the acquisition, exploration and development of gold and platinum 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. 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)