Search Recent News: About Marketwire
Affinor Resources Inc.
TSX VENTURE: AFI
Jul 25, 2007 15:23 ET
Affinor Resources Inc.: Acquisition of 10,204 Mining Squares in the Democratic Republic of Congo
LAVAL, QUEBEC--(Marketwire - July 25, 2007) - Affinor Resources Inc (TSX VENTURE:AFI) ("Affinor", the "Company") announces it has acquired 100% of the rights of Ressources Minieres du Congo SPRL ("REMCO"), a commercial entity as per congolese laws, in 24 Exploration Permits. These 24 permits total 10,204 Mining squares or a surface of approximately 8,888 Km2 (approx: 900,000 Hectares). In order for Affinor to gain a 100% interest in the Permits, the terms of the agreement call for a cash payment of 500,000 USD and the issuance of 3,000,000 treasury shares over a period up to 6 months after approval of the transaction.
The concessions are located in the Oriental Kasai and Oriental provinces of the Democratic Republic of Congo ("DRC") and are, according to James Napier, geologist and qualified person as per Rule 43-101 "favourable zones for the eventual discoveries of potentially rich kimberlite deposits since they are located in the Congolese craton and have revealing kimberlite showings ".
The PENGE EAST permit (400 "mining squares"), is located in Oriental Kasai, Kabinda District, and covers a surface of approximately 348 km2. This permit is contiguous to the permits of BRC Diamonds Inc (BRC - TSX.V), which announced on July 5th 2007 its merger with Diamond Core Resources Limited (DMR - JSE). The permit is also close to the Southern Era (TSX-SDM) and Miniere de Bakwanga (MIBA) permits.
The KATAKO-KOMBE permits (5,600 "mining squares") are also located in Oriental Kasai in the Sankuru District, and total an approximate surface of 4,878km2. James Napier also notes in his report: "The selection of the Katako-Kombe permits is based on the abundance of alluvial artisanal diamonds in the Lukenie, Lomela and Tshuapa rivers that take their source in the arked Unia Lake. The latter represents for us explorers, a kimberlitic or lamproitic field of potential primary deposits".
Up North, in the Oriental Province, Lower Uele District, are located the AKETI permits (4,204 "mining squares") of an approximate surface of 3,662 km2.
"The selection of the Aketi permits in the Oriental province is based on the abundant placer diamond showings that have never been industrially mined in the Aketi River to the South, the Tele River at the center and the Rubi River to the North. The Likati River holds a diamond showing on the "Mineral Deposit" map and flows very near our concession. All the rivers cross our permits from East to West. Geologically, we are on the edge of the Congolese Craton where formations are migmatic granites from the Ganguen Kibalian corresponding to the Katangeze Kibarian more or less 1300 Ma.A that meets with the Katanguian corresponding Lindian (Roan and Kundelungu) more or less 900 Ma, all of which crossed by faults that may contain ultrabasic kimberlitic rocks or lamproitic (dykes and pipes). We have two potential for kimberlitic fields in this area:
- to the north of the town of Bima between the Rivers Api et Uele;
- to the North West of the town of Mangi.
There are also several gold showings in the "Mineral Deposits" map therefore it is possible that we may find an auriferous and primary deposit". Quoting Napier's report.
As described in Bardet's chapter on Congo about the Aketi area: " For the time being, their origin is mysterious (and we will encounter this problem anew in Oubangui, C.A.R in some areas quite close in the north such as N'Zako). Undoubtedly, Aketi is very close to Congo's recovery basin, from which we can presume the hard rock to the south of the basin which could have extended more to the north in the past ?".
"This new acquisition is positioning Affinor as one of the important concession's holders in DRC in terms of surface owned and for the quality of the areas chosen".
The first phase will consist in a general survey of the targeted zones by direct and indirect methods of research (in situ localization, large circuit samplings, lifts, grabs, manual pits, trenches, probes, geophysical methods: to be defined depending on the means). The second phase will be devoted to a detailed reconnaissance and will have to be defined once the results of the preceding phase are known.
This transaction is concluded without intermediary and is subject to regulatory approval.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information presented in this release.
For more information, please contact
Ressources Affinor Inc.
450-622-6626 or 450-622-8292
Click here to see all recent news from this company
Privacy Statement | Terms of Service | Sitemap |© 2007 Marketwire, Incorporated. All rights reserved.
1-800-774-9473 (US) | 1-888-299-0338 (Canada) | +44-20-7562-6550 (UK)