Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

May 17, 2012 10:10 ET

Afri-Can Completes Geophysical Survey on EPL 3403 Marine Diamond Concession

MONTRÉAL, QUÉBEC--(Marketwire - May 17, 2012) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) completed its geophysical survey on Exclusive Prospecting Licence ("EPL") 3403 marine diamond concession in Namibia on May 14th, 2012.

The geophysical survey has covered 1,251 line-kilometres over an area of 90 square kilometres in the south end of EPL 3403. The survey has included Depositional Areas 1, 2 and 3 already delineated by previous sampling programs (see attached Maps 1 and 2: http://media3.marketwire.com/docs/afri0517.pdf).

The survey data were consistently of very high resolution and quality and will enable Afri-Can to develop cross-section maps and three-dimensional models of the Depositional Areas. The geology, morphology and stratigraphy of the south end of EPL 3403 will be analysed in preparation for the second sampling phase. The goal of the geophysical survey and second sampling phase is to start delineating resources on Depositional Areas 1 and 2 in anticipation of trial mining.

Interpretation and analysis of the geophysical survey data are expected to take about one month, and results will be disclosed when available.

Mr. Leonard Gardner (SACNASP) is responsible for the technical part of this press release and is the designated Qualified Person under the terms of National Instrument 43-101.

EPL 3403 covers approximately 800 square kilometres and is adjacent to and contiguous with 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. ML 47 currently produces in excess of 1,100,000 carats per year.

About Afri-Can Marine Minerals Corporation

Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major 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. 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.

Shares outstanding: 238,524,984

Contact Information

  • Pierre Leveille
    President & CEO
    (514) 846-2133
    TOLL FREE North America: 1 (866) 206-7475
    (514) 372-0066 (FAX)

    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