Afri-Can Marine Minerals Corporation
FRANKFURT : AJF
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

January 24, 2008 12:33 ET

Afri-Can Marine: Feature 19 Report Suggests Virtually Continuous Target Strip From Feature 8 to Southern Boundary of Block J

MONTREAL, QUEBEC--(Marketwire - Jan. 24, 2008) - Afri-Can Marine Minerals Corporation ("Afri-Can")(TSX VENTURE:AFA)(FRANKFURT:AJF) is pleased to announce that it has completed the fourth and final progress report covering the analysis and interpretation of the geophysical survey and vibracoring data gathered in November 2006 on the Block J marine diamond concession in Namibia. The report is entitled "The Geology of Feature 19 and Proposed Phase 3 Sampling Grid (Round 1)" and is available on our website at www.afri-can.com and on the SEDAR website at www.sedar.com. The geological history of Feature 19 has been established in considerable detail as a result of work done in 2006, supported by earlier work. Previous conclusions regarding the potential diamond content of Feature 19 and of Block J are supported and strengthened by the recent results.

- A comprehensive NI 43-101 report, which is summarized at the end of this press release and published in 2006 based on earlier Phase 1 and Phase 2 sampling, concluded that there is potential for up to 1,600,000 carats in a narrow strip extending north and south from the large ancient river system running across the centre of Block J at Feature 8 to the lease boundaries (see Map 2 attached). The work on Feature 17 proved that the strip extends as far as the southern boundary of Block J (see Afri-Can press release of November 20th, 2007), and the information from Feature 19 strengthens the contention that the strip is virtually continuous. The length of such a deposit would be about 45 kilometres and its area about 11.5 square kilometres.

- The Valley Fill sediments occupying the small drainage valleys in Feature 19 are a target because their age has been determined, and they are now known to post-date the arrival of diamonds at the west coast of southern Africa. Phase 1 sampling in Feature 19 recovered three diamonds from sediments that were probably derived from the Valley Fill formations. The primary target of Feature 19 and its valley targets together amount to about 1.4 square kilometres.

- A programme comprising 99 samples for the first round has been designed to evaluate the known deposits and to test the potentially diamondiferous areas. A second round of sampling will follow-up on the results of the first round.

- The equipment that will be used for the forthcoming sampling programme will be more powerful than that previously used, will be able to sample harder formations, and will take a larger sample. Phase 3 quantitative large-bore sampling will establish Inferred Diamond Resources in Feature 19 in compliance with National Instrument 43-101.

"We are pleased with the progress of the work and look forward to the successful completion of the resource delineation program," commented , President and CEO of Afri-Can. "Feature 19 hosts many distinctive geological features and the most recent interpretation of data considerably improves our understanding of the area and confirms its significant diamond potential. The four progress reports will now be compiled into a comprehensive report on Block J in compliance with National Instrument 43-101."

It is proposed that a first round of Phase 3 sampling will concentrate on the primary and valley target areas of Feature 19 (see Map 19 attached), with the aim of establishing an Inferred Diamond Resource in compliance with NI 43-101. The lines of samples will be 200 metres apart in the primary target and 100 metres apart in the valleys. Samples will be at 100 metre intervals along each line, amounting to 99 samples of 10 square metres each. It is anticipated that this programme will take about 16 days to complete and is scheduled to begin as soon as the conversion and commissioning of the vessel "DP Sampler", presently in progress in Singapore, has been completed.

Afri-Can is currently working on the final schedule of the program with the contractor and it is estimated that the complete sampling program will be completed by the end of June 2008. Investors will be kept fully informed of our progress.

The potential diamond content described above is estimated in the technical report entitled: "Phase 2 Sampling in Feature 8, EPL 2499, Offshore, Republic of Namibia" (see www.afri-can.com or www.sedar.com), as reported in Afri-Can's press release of January 31st, 2007. The report, which complies with NI 43-101, concludes that:

- Feature 8 contains mineralized valley lag-gravels adjacent to the outcrop of the basal Tertiary sediments. The report interprets that the outcrop of the diamondiferous basal Tertiary sediments, and their associated lag gravel deposits, extends the whole north-south length of the property, but they have not been adequately sampled. In this case, assuming a deposit width for the lag gravels of 250 metres, the potential deposit area is about 11.5 square kilometres on Block J. Applying the average recovered grade of all the samples (0.053 carats per sq. m.) in this geological environment suggests a total potential diamond content of about 600,000 carats.

- It has been shown historically that the device used for the Phase 1 sampling, however, has regularly understated the grades and diamond content of deposits. In addition, it is documented that the device used for the Phase 2 program was unable to penetrate and adequately sample the diamondiferous sediments lying deeper in the geological column. Therefore it is expected that modern, more accurate sampling technology will indicate higher grades than those shown by the Phase 1 and Phase 2 sampling. To simulate this, applying the average recovered grade of the best 20% of the samples (0.146 carats per sq. m.) suggests a potential diamond content of 1,600,000 carats. These figures only apply to the lag-gravels adjacent to the outcrop of the basal Tertiary sediments. There is further potential on Block J in the other geological environments described in the report. (As a result of the detailed geophysics and vibracoring work in 2006, the former lag-gravels are now identified as the Terrestrial-Colluvial Formation).
Statements of potential quantity are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Mr. Richard W. Foster is responsible for the progress report "The Geology of Feature 19 and Proposed Phase 3 Sampling Grid (Round 1)" and is the designated Qualified Person under the terms of National Instrument 43-101. Mr. Foster has given approval to the reference to the report and information derived therefrom in this announcement in the form and context in which it appears.

Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major mineral properties in Namibia. Afri-Can's large and prospective license holdings, together with its growth strategy, place it as the partner of choice for Namibian Empowerment Groups.

This press release contains certain "forward-looking statements," as identified in Afri-Can's periodic fillings with Canadian Securities Regulators that involve a number of risks and uncertainties. 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.

Maps are available at the following address: http://www.ccnmatthews.com/docs/mappa.pdf

Shares outstanding: 145,558,390

The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille, President & CEO
    514-846-2133
    514-846-1435 (FAX)
    info@afri-can.com
    or
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon, Executive V.P. and CFO
    514-846-2133
    514-846-1435 (FAX)
    info@afri-can.com
    www.afri-can.com