BANANKORO - MALI

AfriOre, listed on Toronto and AIM, has a market capitalisation of Can$52.6 million or US$43.4 million at present. But that is now. And it is raising more capital. Mineweb reports the company is currently conducting a private placement of up to Can$4.5 million at Can$1.5 per unit, each unit consisting of one common share of AfriOre and one half of a common purchase warrant exercisable at Can$1.85 up to 24 months after closing (which is expected towards the end of this week, on or around 25 August).

Released further results from an additional five drill holes. Drill holes BA23 and BA24 were sited to establish the down plunge continuity of the Bagama F4 high- grade zone. Results include BA24 at 2.54m grading 6.74g/t Au including 1.42m grading 12.00 g/t Au. These holes were drilled to the southwest of BA12 and have extended the length of the plunging, higher- grade zone below the saprolite from approximately 100 m to 200 m. The zone remains open at depth to the southwest and will be tested by further diamond drilling. Drilling has been suspended because of the rain and will resume in the dry season at the end of November.

Afriore has released further results from an additional five drill holes from the Banankoro gold exploration project in Mali. Holes BA23 and BA24 were sited to establish the down plunge continuity of the Bagama F4 high- grade zone. Results include Hole BA24 at 2.54m grading 6.74g/t Au including 1.42m grading 12.00 g/t Au. These holes were drilled to the southwest of Hole BA12 and have extended the length of the plunging, higher- grade zone below the saprolite from approximately 100 m to 200 m. The zone remains open at depth to the southwest and will be tested by further diamond drilling. Drilling has been suspended because of the rain and will resume in the dry season at the end of November.