Afferro Mining Inc : Director Holdings

18 January 2013

AFFERRO MINING INC.

Director Holdings

The Board of Afferro Mining Inc. ("Afferro", TSX-V & AIM: AFF) announces that 462,500 stock options held by directors and senior employees expired on January 17, 2013 due to the company being in a close period given its discussions with potential partners.

The directors' holdings following the expiry are:

		Options expired	Total options held	Current shareholding	% of current issued share capital
Luis da Silva	President & CEO	75,000	1,407,500	74,826	0.07
Dave Evans	Director	250,000	662,500	277,722	0.26
David Netherway	Chairman	-	1,305,123	137,928	0.13
Guy Pas	Director	93,750	700,000	6,128,413	5.84
Ousmane Kane	Director	-	100,000	-	-

For further information please contact one of the following:

Afferro Mining Inc.

Luis da Silva / Jeremy Cave

Tel: [phone]

Website: www.afferro-mining.com

Investec

Nominated Adviser: Neil Elliot

Corporate Broker: Chris Sim

Tel: [phone]

RBC Capital Markets

Joint Broker: Martin Eales / Richard Hughes

Tel: [phone]

Pelham Bell Pottinger

Daniel Thöle / James MacFarlane

Tel: [phone]

About Afferro Mining Inc.

Afferro is an established exploration and development company listed on the TSX-V (AFF) and AIM (AFF). Afferro's portfolio includes the 100% owned Nkout, Ntem and Akonolinga iron ore projects. It also holds a 70% interest in the Ngoa project, an exploration target bordering Nkout. Nkout comprises a National Instrument 43-101 ("NI 43-101") compliant Indicated Mineral Resource Estimate of 1.19Bt at 32.9% Fe and an Inferred Mineral Resource Estimate of 1.33Bt at 30.3% Fe.

Qualified Person

Howard Baker (MAusIMM(CP)) has 18 years' experiences in the mining industry and 10 years' experience in the exploration, definition and mining of iron ore mineral resources. Mr Baker is a full-time employee of SRK Consulting (UK) Ltd., an independent consultancy, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a Qualified Person in accordance with NI 43-101 and a Competent Person as defined in the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Howard Baker consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

Forward-looking Statements

This announcement includes certain forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. Such forward looking statements are subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including delays in obtaining or failure to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.