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

Afri-Can Marine Minerals Corporation

January 31, 2007 10:40 ET

Afri-Can Updates NI 43-101 Report and Estimates Diamond Potential on Block J in Namibia

MONTREAL, QUEBEC--(CCNMatthews - Jan. 31, 2007) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA)(FRANKFURT:AJF) is pleased to announce that Delmar Geoservices Ltd. has updated all data and reports from the exploration programs carried out prior to the geophysical survey that commenced in October 2006 on Block J in Namibia. The technical report entitled "Phase 2 Sampling in Feature 8, EPL 2499, Offshore, Republic of Namibia" dated 1st May, 2006 was prepared in accordance with the provisions of National Instrument 43-101, and is available on the SEDAR website at www.sedar.com. The report details the sampling programme carried out in October 2002, and summarizes the sampling and geophysical survey programs carried out in 2000 and 2001.

Key points from Delmar Geoservices Ltd. report are:

- Phase 1 Sampling Program: some 337 samples of 2.16 sq. m. each, recovered 23 diamonds totalling 4.65 carats, the largest stone being 0.64 carats. All of the diamonds recovered were of gem quality.

- Of the 15 geological features that were tested, 6 were proved to be diamondiferous. Feature 6 is a well-defined aeolian / fluvial depositional area and Feature 8 hosts extensive, well developed gravels within the mineralized zone.

- Phase 2 Sampling Program on Feature 8: some 25 samples of 10 sq. m. each, recovered 84 diamonds totalling 11.04 carats, the largest stone being 0.49 carats. All of the diamonds recovered were of gem quality.

- 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.

- However, it has been shown historically that the device used for the Phase 1 sampling 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.

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 Delmar Geoservices Ltd. report and is the designated Qualified Person. Mr. Foster has 43 years of postgraduate experience in exploration geology and specifically in marine diamonds. His experience includes marine geophysics, marine exploration and sampling, resource sampling and estimation and resource management. He is registered as a Professional Natural Scientist with the South African Council for Natural Scientific Professions (SACNASP) and thus meets all the requirements of a Qualified Person in terms of NI 43-101. Delmar Geoservices Ltd. has given its approval to the reference to the Delmar Geoservices Ltd. report and information derived therefrom in this announcement in the form and context in which it appears.

To see diamonds recovered in the sampling phases discussed in the Delmar report, please visit: http://www.afri-can.com/Diamonds.htm

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 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: 123,038,589

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)
    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