Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

November 21, 2013 09:39 ET

Afri-Can Marine Announces Appointment to Board of Directors

MONTREAL, QUEBEC--(Marketwired - Nov. 21, 2013) - Afri-Can Marine Minerals Corporation ("Afri-Can" or "Corporation") (TSX VENTURE:AFA) announces the appointment of Mr. Andre Thibault to the Board of Directors of the Corporation.

Mr. Thibault is a Chartered Accountant with over 40 years of experience with international accounting firms. He was a founding Partner of Thibault Marchand, and a Partner and Managing Partner of Thibault Marchand Peat Marwick. From 1991 to 2004, he was a Partner at PricewaterhouseCoopers LLC where he managed the mining clients department. Mr. Thibault holds a Bachelor of Commerce degree from the University of Montreal and has served on several professional committees and boards of directors.

Mr. Thibault will Chair the Audit Committee of Afri-Can. The appointment of Mr. Thibault to Afri-Can's Board of Directors is conditional upon the approval of the TSX Venture Exchange.

Diamond Projects Development

Afri-Can announced a National Instrument 43-101 compliant resource estimate for the Namibian offshore marine diamond Mining Lease ("ML") 111 totalling 868,000 carats on October 1st, 2013. The report estimates that 413,000 carats are in the indicated category and 453,000 carats are an inferred resource. A portion of the indicated resource, some 255,000 carats grading at 0.30 carats per square metre, will be the focus of a trial mining program.

Afri-Can's technical team is well advanced with the preparation of a Prefeasibility Study and a Preliminary Economic Assessment on ML 111. The Prefeasibility Study will serve as the mining management plan. Afri-Can is in advanced discussions with its contractor in order to charter vessels that would allow the resumption of mining in targeted areas and fill-in sampling in other targeted areas on ML 111 and EPL 3403. Afri-Can's immediate goal is to focus on ML 111's existing resources in order to resume diamond production in the shortest time frame possible.

Richard Foster, B.Sc. (Hons. Geology), Pr. Sci. Nat., is the Qualified Person who has reviewed this press release and is responsible for the technical part of this press release, and is the designated Qualified Person under the terms of National Instrument 43-101.

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.

Shares outstanding: 91,527,864

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

  • Pierre Leveille, President & CEO;
    Bernard J. Tourillon, Executive V.P. and CFO
    (514) 846-2133
    TOLL FREE North America: 1 (866) 206-7475
    (514) 372-0066 (FAX)