Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

April 21, 2008 10:21 ET

Afri-Can Announces New NI 43-101 Report & Revises Estimation of Diamond Potential on Block J in Namibia

MONTREAL, QUEBEC--(Marketwire - April 21, 2008) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA)(FRANKFURT:AJF) announces that Delmar Geoservices Ltd. has completed its interpretation and analysis of the Phase 2 geophysical and vibracore sampling programme, in a technical report entitled "The Geological History of EPL 2499 ("Block J"), Offshore, Republic of Namibia, with special reference to diamond mineralisation." The report is prepared in accordance with the provisions of National Instrument 43-101, and is available on the SEDAR website at Block J is an Exclusive Prospecting Licence, issued by the Ministry of Mines and Energy of the Government of the Republic of Namibia, in which Afri-Can holds a 70% interest and is the operator. Block J is not subject to any royalties, back-in rights, payments or other agreements or encumbrances. Maps are available at the following addresses:

Delmar Geoservices Ltd.'s technical report is based on the high resolution geophysical survey and vibracore sampling programme carried out in October and November 2006, and recommends a quantitative sampling programme to develop mineral resources on Block J. Key points from Delmar Geoservices Ltd. report are:

- Geophysics and vibracoring work in 2006 and subsequent interpretation and analysis of the results have much improved understanding of the geological history of Block J. This has allowed much greater confidence in targeting particular sediment formations.

- It is now known that, since early Tertiary times, a major drainage system ran off the continent into Block J. This provided a conduit for diamonds, released from Tertiary formations at higher levels, down into Block J during times of low sea level.

- During the last glacial maximum lowering of sea level, the older sediments were eroded and the Terrestrial Colluvial ("TC") formation was deposited. Where the TC formation occurs adjacent to earlier diamondiferous outcrops, such as the Miocene Basal Unit, the former contains many diamonds.

- During the rise in sea level from the last glacial maximum at about -127 metres (below current sea level), there were standstill, of at least 900 years each, at -123 metres, -112 metres, and -105 metres in the Block J area. During those times, diamonds would have been in transport along the coast and were concentrated in places where conditions were favourable. Extensive gravel deposits occur in Block J dating from those times.

- Map 14 shows the current sampling targets in Block J. The outcrop of the Miocene basal Unit, and the TC formation adjacent to it, form an almost continuous ribbon across the property from north to south. Earlier sampling has shown that these formations contain diamonds and together they therefore form a major target for quantitative sampling.

- The total area of the mapped and interpolated outcrops of the Miocene Basal Unit and the TC formation is approximately 12.3 square kilometres, slightly more than the original estimate of approximately 11.5 square kilometres (see technical report entitled "Phase 2 Sampling in Feature 8, EPL 2499, Offshore, Republic of Namibia", reported in Afri-Can's press release of January 31st, 2007, which estimated potential mineral content at between 0.6 million and 1.6 million carats). The average grade of the samples within the target zone was 0.053 carats per square metre, and the average of the best 20% (used to compensate for inadequate sampler performance) was 0.146 carats per square metre. Applying these figures to the total area of the TC formation target zone suggests a potential mineral content between 0.7 and 1.8 million carats.

- The remaining targets on Block J cannot be assessed at the moment because of inadequate sampling. They are mainly beach deposits from the stillstands of the last rise in sea level in Features 6, 8, 19, and 17, but TC formation and Valley Fill material also occurs in some of those Features. Phase 1 sampling showed that they contain diamonds. Their total area is about 15.3 square kilometres.

A quantitative sampling programme will be conducted in 2008. The MV DP Sampler is chartered under Afri-Can's agreement with International Mining Dredging and Holding Limited to carry out the work. Conversion and retro-fitting of the vessel, presently in the JSML Shipyard in Singapore, is nearing completion. The first round of bulk sampling will mainly focus on Features 6, 8 and 17 and will comprise a 200 metres x 200 metres square grid, with up to 400 samples of 10 square metres each. The 2008 programme is aimed at establishing an Inferred Diamond Resource in compliance with National Instrument 43-101, in some of the target areas.

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.

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.

The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release. 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.

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Contact Information

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille
    President & CEO
    514-846-1435 (FAX)
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-846-1435 (FAX)