Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

July 20, 2011 10:27 ET

Afri-Can Marine Announces Geophysical Survey and Sampling on EPL 3403 in Namibia

MONTREAL, QUEBEC--(Marketwire - July 20, 2011) - Following the results of its successful preliminary sampling program completed on April 19, 2011, in the Exclusive Prospecting Licence ("EPL") 3403 marine diamond concession in Namibia (see Map 1 attached: http://file.marketwire.com/release/afamap1.pdf), Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) today announced its plans to conduct an acoustic and seismic geophysical survey on the southern region of the EPL to be followed by a resource delineation sampling program.

The geophysical survey will cover the three main depositional areas and the prospective area (see Map 2 attached: http://file.marketwire.com/release/afamap2.pdf) delineated by the recent diamond sampling program. The survey will consist of coverage of about 1,000 line-kilometres at 125 metre spacing on the depositional areas that proved to be mineralised. The aim of the surveying program is to define with great detail the areas to be sampled for resource delineation.

Afri-Can is currently in discussion with International Mining and Dredging Holdings Ltd. ("IMDH") to charter the vessel DP Star, which possesses all of the necessary technology for the geophysical survey. Commencement of the survey will be disclosed to investors once vessel availability is confirmed.

Further to the geophysical survey, Afri-Can plans to conduct a resource delineation sampling program on the depositional mineralised areas in the southern region. The details of the program will be completed after analysis of the geophysical survey data.

Subject to the results of the resource delineation sampling program, Afri-can then plans to carry out a trial mining program on the southern region's 3 depositional areas. Trial mining is envisaged to start in early 2012.

Richard W. Foster 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 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 attached). ML 47 is currently producing in excess of 1,500,000 carats per year. Afri-Can has an option to earn 100% of EPL 3403 by incurring exploration expenditures of US$5.5 million and the issuance of 65 million Afri-Can common shares to Thyme Investments (PTY) Ltd. (the current owners of EPL 3403). The first sampling program, completed at a cost of about US$2 million, enables Afri-Can to earn 20% of the shares of Thyme by issuing 20% of the 65 million shares.

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: 222,714,984

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
    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