Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

March 12, 2010 10:42 ET

Afri-Can Receives Permits to Start Diamond Sampling of Block J in Namibia

MONTREAL, QUEBEC--(Marketwire - March 12, 2010) - Afri-Can Marine Minerals Corporation (TSX VENTURE:AFA)(FRANKFURT:AJF) ("Afri-Can") reports that it has received all necessary permits from Namibian authorities in order to start the marine diamond sampling program. International Mining and Dredging Holding Ltd ("IMDH") is currently completing some repair work and maintenance on the sampling vessel, and Afri-Can and IMDH have agreed to start the sampling program on Block J on or about March 29, 2010.

The sampling program on Block J will cover Features 6, 8, 17 and 19 covering seven Geological Zones and will comprise a total of 332 samples. Of these, 271 are sited within delineated targets covering 19.6 square kilometres. The remaining 61 samples are designed to test geological formations that are thought to be potentially diamond bearing, but have not yet been proved as such. Approximately 22 square kilometres will be examined by future programs of detailed geophysics, vibracoring, and evaluation sampling. The aim of the complete surveying and sampling program is to delineate diamond resources on Afri-Can's Block J marine diamond concession in Namibia in compliance with National Instrument 43-101.

Afri-Can holds a 70% interest in Block J through a joint venture agreement with the licensee, Woduna Mining Holdings (Pty) Ltd.

Investors are invited to visit the Afri-Can Marine Minerals IR Hub at they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

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.

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

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.

Shares outstanding: 176,812,484

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)