Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

August 05, 2008 14:21 ET

Afri-Can Marine Minerals Reports on Conversion of Diamond Sampling Vessel

MONTREAL, QUEBEC--(Marketwire - Aug. 5, 2008) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA)(FRANKFURT:AJF) reports that International Mining and Dredging Holding Ltd. (IMDH) has advised that, due to unforeseen supply delays for various components of the sampling system, conversion of the contracted sampling vessel MV DP Sampler is taking longer than previously expected. Based upon the current circumstances, the DP Sampler is now scheduled to leave the JSML Shipyard in Singapore at the end of September instead of the end of June as previously reported. Supplies of parts and equipment for offshore operations such as mining exploration and oil and gas operations are presently unpredictable on a global basis, and problems are not unique to this shipyard or to this vessel. The DP Sampler, to be renamed "The Explorer", is owned and operated by IMDH which means that Afri-Can has only minor overhead costs associated with the delay. The delay will, however, postpone the start of sampling on Afri-Can's Block J diamond concession in Namibia by approximately two months.

The climate in the Block J area is such that there are no "weather window" seasons during which all work must be completed. Work can be done at any period of the year, so a delay in the start of sampling operations will have no long-term consequences. Following the completion of initial sampling in 2008, further sampling and geophysics work in 2009 will be required to test other geological features. Since this work has not yet been programmed, a two month delay in commencement will have no adverse effect on the overall progress of the project.

Once conversion is complete, MV DP The Explorer will sail from Singapore to Cape Town, South Africa, where additional equipment and the mineral processing plant are ready to be installed. Afri-Can presently expects sampling on Block J to commence approximately two months after DP The Explorer's arrival in Cape Town. Afri-Can will provide investors with a detailed time schedule following the vessel's departure from the shipyard in Singapore. The aim of the complete surveying and sampling program is to delineate diamond resources on Block J in compliance with National Instrument 43-101.

"Very few alternative vessels are available and certainly none match the specifications of this vessel," replied Pierre Leveille, President and CEO, when asked if the delay would cause Afri-Can to seek other potential vessels and contractors to do the sampling work. "At 105 metres long and 20 metres wide, this vessel is large and stable, and the predicted work-rate of 80% of total time exceeds the performance of other contractors, which is about 75% on average. The sampling equipment will be able to drill 12 metres through not only loose sand and gravel, but also through packed boulders and semi-cemented rock. This will result in accessing deeper diamondiferous formations which otherwise could not be reached by more traditional sampling systems. Additionally, all geological and operational parameters will be automatically recorded for each sample, and each sample hole will be cased to prevent contamination by collapse of the side walls. This ensures that the results will be of very high quality and reliability. There is no other vessel that meets these specifications" he said.

Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major mineral properties in Namibia. Afri-Can's creative and scientific approach targets large marine diamond deposits in unexplored prospective territories.

This press release contains certain "forward-looking statements," as identified in the 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.

Shares outstanding: 146,367,644

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
    514-846-1435 (FAX)
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-846-1435 (FAX)