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

Afri-Can Marine Minerals Corporation

February 03, 2010 08:45 ET

Afri-Can Revises and Increases Target Areas for Diamond Sampling on Block J in Namibia

MONTREAL, QUEBEC--(Marketwire - Feb. 3, 2010) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA)(FRANKFURT:AJF) announces that following the acquisition of data from a regional geophysical survey carried out in 2007 by International Mining and Dredging Holding Ltd ("IMDH"), Afri-Can's geological team, in conjunction with its consultant Zstar Mineral Resource Consultants ("Zstar"), have revised and increased the surface of the target areas for the marine diamond sampling program. The total potential target area for evaluation sampling in Block J now stands at 41.7 square kilometres, as opposed to 27.6 square kilometres in the NI 43-101 report of April 2007. The sampling targets for 2010 have been increased to 19.6 square kilometres from 15.5 square kilometres. Afri-Can holds a 70% interest in Block J through a joint venture agreement with the licensee, Woduna Mining Holdings (Pty) Ltd.

Detailed information is contained in the Report "EPL 2499 (Block J) TARGET AREAS FOR EVALUATION SAMPLING as at JANUARY 2010" which can be viewed on our web site at: www.afri-can.com. The Report reviews all work done subsequent to May 2006 in order to document the principal developments of the geological models, and to define clearly the target areas for sampling.

Following appointment as independent consultants, Zstar carried out a review of the proposed evaluation sampling program. Zstar's principal recommendation was that the deposits should be grouped into clearly defined geologically homogenous zones, and an estimation of the resource would be carried out separately for each zone. In this manner the geostatistical parameters of each zone would be more clearly defined so that confidence in the total resource estimate will be increased.

As a result of Zstar's recommendation, Afri-Can grouped the Basal Miocene unit (BM unit) and the Terrestrial-Colluvial formation (TC formation) into one zone (the "BM-TC zone") as it will not be practically possible to identify these formations during sampling operations and to split the samples, especially where the TC formation lies directly on the BM unit. It was also decided to extend the BM-TC and Last Transitional Sequence gravel (LTS gravel) zones in the eastern part of Feature 8 slightly beyond the extent of the 2006 detailed geophysical surveys, in order to provide clear geological boundaries. The geological zones are shown in Maps 1 & 2.

Map 1 is available at the following address: http://media3.marketwire.com/docs/Afri-Can_map_1_0203.pdf

Map 2 is available at the following address: http://media3.marketwire.com/docs/Afri-Can_map_2_0203.pdf

Target Sediment areas (km²)

  Feature 6 Feature 8 Feature 17 Feature 19 OTHER TOTAL
LTS gravel 6.6 0.9 2.6 0.6 4.9 15.5
TC formation 0 2.8 0.9 2.2 15.2 21.1
BM unit 0 1.6 0.4 0.8 2.3 5.1
All 6.6 5.3 3.9 3.6 22.4 41.7

Geological Zone areas (km²)

  Feature 6 Feature 8 Feature 17 Feature 19 OTHER TOTAL
LTS gravel zone 6.5 0.7 2.5 0.6 0 10.3
BM-TC zone 0 4.9 1.4 3.0 0 9.3
All 6.5 5.6 3.9 3.6 0 19.6

The 2010 sampling program to be undertaken 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 preparation for the 2010 sampling program is currently underway and progressing very well. The exact date of sampling commencement will be decided as soon as the logistics and preparations are nearing completion and will be communicated to shareholders forthwith. 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.

Mr. Richard W. Foster (SACNASP), Resource Development Manager of the Corporation and a qualified person as defined by National Instrument 43-101 has supervised the preparation of the information of this news release.

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.

Investors are invited to visit the Afri-Can Marine Minerals IR Hub at http://agoracom.com/ir/Afri-Can where 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 AFA@agoracom.com 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.

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: 165,670,067

Contact Information

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille
    President & CEO
    514-846-2133
    514-846-1435 (FAX)
    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