AFCAN MINING CORPORATION

AFCAN MINING CORPORATION

March 02, 2005 12:03 ET

AFCAN: Results for the Year Ended December 31, 2004


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: AFCAN MINING CORPORATION

TSX SYMBOL: AFK

MARCH 2, 2005 - 12:03 ET

AFCAN: Results for the Year Ended December 31, 2004

TORONTO, ONTARIO--(CCNMatthews - March 2, 2005) - AFCAN (TSX:AFK) is
pleased to announce its results for the year ended December 31, 2004.



Highlights

- Completion of a diamond drilling programme of over 15,000 meters
- Substantial increase of the resources: Measured and Indicated
resources of 1,026,000 ounces
- Increase in average grade of the Qinlongtan deposit to 8.62 g/t
- Mining licenses granted for the Jinlonggou and Qinlongtan deposits
- Over US$9.1 million raised throughout private placement and
exercise of warrants and options


Detailed financial results, exploration data and press releases relating
to the above are available on our website at www.afcan-mining.com.
Annual report and other material relating to the shareholders meeting
will be sent to shareholders on or before March 31, 2005.

Financial results (note all figures are in U.S. dollars)

The following is a brief summary of Afcan's financial results for the
year ended December 31, 2004. These annual consolidated financial
statements and the accompanying MD&A are available on the Afcan web site
at www.afcan-mining.com as well as on SEDAR at www.sedar.com.

For the year ended December 31, 2004, the net loss amounted to
$1,426,007 ($0.02 per share).

Financing activities generated cash inflow of $9,061,628 following a
non-brokered private placement in November and exercise of warrants and
options over the year.

Investing activities used cash for $5,341,998. Among this, $4,954,465
was invested on the Feasibility Study and the regional exploration
programme on the TJS Project in China. The balance was invested in
property, plant and equipment, intangible assets and deferred charges.
Also, a payment of $20,000 was received from Afcan's joint venture
partner for a six-month option to explore the Nimini Project in Sierra
Leone. The payment was recorded as a disposal of mining assets.

Afcan Mining Corporation is in a strong financial position with cash and
cash equivalent of $10,162,992 as at December 31, 2004 and approximately
$10,000,000 at the date of this press release.



Significant financial data

The table below presents significant financial date for the last two
years:

2004 2003
$ $

Net loss (1,426,007) (306,699)
Net loss per share (0.02) (0.01)
Cash and cash equivalents 10,162,992 6,452,701
Mining assets 11,734,864 6,518,510
Total assets 22,622,795 13,315,157
Shareholders' Equity 18,619,953 10,471,495


AFCAN is a China focused company and owns 85 % of the TJS Project at
Tanjianshan in Qinghai Province, China. A Feasibility Study is being
completed on the Project with construction starting shortly after. There
are an additional 23 anomalies on the licence area of 341 km2 that are
being explored. Afcan is also looking at other opportunities in China.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    AFCAN Mining Corporation
    David G Netherway
    President-CEO
    +1(416) 360-3404
    or
    AFCAN Mining Corporation
    Benoit La Salle
    Chairman
    +1 (514) 744-4408
    info@afcan-mining.com
    http://www.afcan-mining.com
    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.