Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

March 16, 2011 10:14 ET

Afri-Can Charters Sampling Vessel and Receives 43-101 Approval

MONTRÉAL, QUÉBEC--(Marketwire - March 16, 2011) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) announces that it has signed a charter agreement for mv DP The Explorer with International Mining and Dredging Holding Ltd. ("IMDH") to carry out a diamond-sampling program on the EPL 3403 Marine Diamond Concession in Namibia. The aims of the program are to start delineating the diamond potential of the Southern features of EPL 3403, and to prove diamond presence and find areas of diamond concentration in the Northern features. The program is expected to start by the end of March 2011 and will last between 25 and 30 days. Details of the program will be disclosed in a separate press release.

The vessel mv DP The Explorer is a highly efficient, dedicated sampling vessel, which can sample down to depth of 200 metres and can extract up to 21 samples per day. The sample size is 5 square metres, and the sampling tool can work through up to 12 metres of overburden.

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 attached map). ML 47 is currently producing in excess of 1,100,000 carats per year.

On another matter, Afri-Can has received approval from the TSX Venture Exchange for the National Instrument 43-101 compliant qualifying report submitted by VP3 Geological Services (Pty) Ltd of South Africa. The report can be viewed on SEDAR at www.sedar.com or on our web site at: www.afri-can.com.

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 territories.

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 differ materially from those anticipated in such statements.

A map is available at the following address: http://media3.marketwire.com/docs/Afri_Can_map_0316.pdf

Shares outstanding: 207,960,484

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.

Contact Information

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille
    President & CEO
    514-846-2133 / TOLL FREE North America: 1-866-206-7475
    514-372-0066 (FAX)
    or
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-846-2133 / TOLL FREE North America: 1-866-206-7475
    514-372-0066 (FAX)
    info@afri-can.com
    www.afri-can.com