Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

March 28, 2011 10:11 ET

Afri-Can Begins Sampling Program and Closes Private Placement

MONTRÉAL, QUÉBEC--(Marketwire - March 28, 2011) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) announces that its diamond sampling program on the EPL 3403 Marine Diamond Concession in Namibia started on March 25th, 2011. The aims of the program are to start delineating the diamond potential of the Southern portion of EPL 3403, and to prove diamond presence and find areas of diamond concentration in the Northern region. The program will last between 25 days and 30 days.

The program is designed to extract a minimum of 250 samples of 5 square meters each. A minimum of 185 samples will be taken in the Southern area, within which 5 separate targets have been delineated (see map 2 atached). The Southern targets cover an area of about 23 square kilometres. A minimum of 65 samples will be extracted in the Northern region, which has been divided into 3 targets covering about 350 square kilometres.

EPL 3403 covers approximately 800 square kilometres and is adjacent to the north of the Atlantic One Mining Lease ("ML") 47 (owned by Namdeb Diamond Corporation (Pty) Limited, a 50:50 partnership between the Government of the Republic of Namibia and De Beers Centenary AG), which is the largest marine diamond deposit in the world (see map 1 atached). ML 47 is curently producing in excess of 1,100,000 carats per year.

Furthermore, Afri-Can has closed a non-brokered private placement for an amount of $2,085,825 with the sale of 29,797,500 units ("Unit") at a subscription price of $0.07 per Unit. Each Unit consists of one (1) common share and one-half (1/2) common share purchase warant ("Warant") of Afri-Can. Each full Warant entitles the holder thereof, during a period of 24 months from the date of closing of the placement, to purchase one (1) common share of Afri- Can at an exercise price of $0.11 per common share. Each share issued pursuant to the placement will have a mandatory four (4) month holding period from the date of closing of the placement. In connection with the placement, Afri-Can will pay Crowthorn Capital Corporation a finder's fee of $73,360 and 1,048,000 broker warants, Jennings Capital a finder's fee of $56,977 and 813,960 broker warants, and Loeb Aron & Co. Trust a finder's fee of $3,360 and 48,000 broker warants. The broker warants have the same terms and conditions as the Warant described above.

About Afri-Can Marine Minerals Corporation

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 prospective teritories.

This press release contains certain "forward-looking statements," as identified in the Afri-Can's periodic filings 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 difer materially from those anticipated in such statements. Neither the 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.

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Contact Information

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille
    President & CEO
    514-372-0066 (FAX)
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-372-0066 (FAX)
    TOLL FREE North America: 1 (866) 206-7475 /