AFO Afriore

RNS Number:2179Y
AfriOre Limited
10 February 2006


AIM:AFO
10 February 2006


                    AFRIORE LIMITED COMPLETES FINANCING

Road Town, Tortola, British Virgin Islands (February 10, 2006) - AfriOre Limited
("AfriOre") (TSX/AIM: AFO)  announces that the bought deal private placement
(previously announced on January 24th, 2006) has closed.  Westwind Partners Inc.
and Canaccord Capital Corporation (as Co-Lead Underwriters) and Blackmont
Capital Inc., and TD Securities Inc. (collectively, the "Underwriters")
exercised their option to purchase an additional 570,000 common shares,
resulting in AfriOre issuing 6,220,000 common shares at C$3.55 each, generating
gross proceeds of C$22,081,000.

As a result of the placement, 6,220,000 common shares will be admitted to
trading on AIM of the London Stock Exchange on 10 February  2006, following
which there will be a total of 50,161,821 common shares in issue.

In connection with the private placement, the Underwriters received an aggregate
of 373,200 compensation options, each compensation option entitling the holder
thereof to acquire one common share of AfriOre at an exercise price of C$3.64
per share at any time until February 9, 2007.

The net proceeds from the private placement will be used to fund advancement of
AfriOre's mineral projects, as well as for general corporate purposes.

For further information, please contact:

AfriOre Limited                          Charles Stanley & Co
Alan Friedman                            Dugald Carlean
T: +1 416 361 9636                       T: +44(0) 20 7953 2485
E: friedman@taucapital.com               Parkgreen Communications
www.afriore.com                          Justine Howarth
                                         +44 (0) 20 7493 3713

About AfriOre

AfriOre is listed on the Toronto Stock Exchange and London's Alternative
Investment Market and is engaged in the acquisition, exploration and development
of gold and platinum exploration properties in Africa. It has gold explorations
properties in South Africa, Namibia and Kenya and the Akakani platinum group
metals properties in South Africa.

AfriOre is listed in Standard & Poor's Corporation Records and furnishes
information to the SEC pursuant to Rule 12g 3-2(b) under the Securities Exchange
Act of 1934.






                      This information is provided by RNS
            The company news service from the London Stock Exchange
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