January 5, 2012

TSX-V: AFF

AIM: AFF

AFFERRO MINING INC.

("Afferro" or the "Company")

Posting of circular

Further to the announcement of 28 December 2011, Afferro is pleased to announce that it has published a circular, incorporating a notice of general meeting, regarding the proposed sale of its 38.5 per cent. interest in the Putu iron ore project in Liberia to Lybica Holdings B.V., an affiliate of ZAO Severstal Resources, (the "Transaction"). A copy of the document may be obtained via www.sedar.com and on the Company's corporate website www.afferro-mining.com.

The anticipated timetable of principal events relating to the Transaction is as follows:

Latest time for receipt of Form of Instruction for Depositary Interest holders for the Special Meeting

26 January 2012 at 11.00 a.m. GMT

Latest time for receipt of Form of Proxy for Shareholders for the Special Meeting

27 January 2012 at 11.00 a.m. EST

Afferro Special Meeting

31 January 2012 at 11.00 a.m. GMT

Closing of Transaction

By 28 February 2012

Afferro Mining Inc.

Luis da Silva / Jeremy Cave

Tel: +44 (0) 20 7257 2930

Evolution Securities Limited

Nominated Adviser: Neil Elliot / George Price

Corporate Broker: Chris Sim

Tel: +44 (0) 20 7071 4300

RBC Capital Markets
Joint Broker: Martin Eales / Richard Hughes

Tel: +44 (0) 20 7653 4000

Pelham Bell Pottinger

Nick Lambert / James MacFarlane

Tel: +44 (0) 20 7861 3232

About Afferro Mining Inc.

Afferro Mining is an established exploration and development company listed on the TSX-V (AFF) and London's AIM (AFF). Afferro Mining's portfolio includes the Nkout iron ore project, which has an estimated Indicated Mineral Resource of 944.4 million tonnes grading 32.7% Fe, 45.6% SiO2 and 2.3% Al2O3 and 0.05% P and an Inferred Mineral Resource of 1,054 million tonnes grading 31.6% Fe, 45.2% SiO2 and 3.9% Al2O3 and 0.05% P, and surrounding iron targets in Cameroon, which is subject to a resource expansion drilling programme targeting 4Bt. Afferro Mining also has a 38.5% interest in the Putu iron ore project in Liberia (the "Putu Project"), which has an estimated Inferred Mineral Resource of 185 Mt of oxide material with a grade of 37.8% Fe, 17 Mt of haematite itabirite at 48.25% Fe, and 2,173 Mt of magnetite itabirite at 33.7% Fe. The Putu Project is subject to a resource expansion drilling programme and is moving through pre-feasibility managed by joint venture partner Severstal Resources (the mining division of London and Moscow listed OAO Severstal). In September 2010, Putu was granted a 25 year renewable Mineral Development Agreement by the Government of Liberia. As announced on 28 December 2011, Afferro has entered into a sale and purchase agreement with Lybica Holdings B.V., an affiliate of Severstal Resources to sell its 38.5% interest in Putu for a minimum total consideration of $115 million.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Latest time for receipt of Form of Instruction for Depositary Interest holders for the Special Meeting

26 January 2012 at 11.00 a.m. GMT

Latest time for receipt of Form of Proxy for Shareholders for the Special Meeting

27 January 2012 at 11.00 a.m. EST

Afferro Special Meeting

31 January 2012 at 11.00 a.m. GMT

Closing of Transaction

By 28 February 2012

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