Friday, July 21, 2006

AfriOre Reports Financial Results

A British Virgin Islands-based company specializing in the acquiring resource properties and exploration and development of platinum and gold projects in Africa received bullish estimates for its Akanani Platinum Project discussed in the blog on June 13, 2006.

A BVI-based AfriOre Limited (AFO.TO) reported a loss of of 1 002 131 USD for the 3-month period that ended on May 31, 2006. To compare, it reported a loss of 355 025 USD for the 3-month period that ended on May 31, 2005.

The loss for the 3-month period can be explained by an increase in exploration expenditure and the foreign exchange losses that occurred because of the weakening of the South African Rand during the above-mentioned period. However, the increase in expenditure at Akanani brought positive results from the intensive exploration program on the Akanani Platinum Project.

Consolidated Interim Financial Statements for the 3-month periods and Management’s Discussion and Analysis have been filed on SEDAR.

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