Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

November 10, 2010 09:42 ET

Afri-Can Marine Minerals Completes Qualifying Report on EPL 3403 Marine Diamond Concession in Namibia

MONTREAL, QUEBEC--(Marketwire - Nov. 10, 2010) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) announces that it has completed a qualifying report compliant with National Instrument 43-101 covering the acquisition of EPL 3403 marine diamond concession in Namibia. The report entitled EXCLUSIVE PROSPECTING LICENCE 3403 OFFSHORE, REPUBLIC OF NAMIBIA, QUALIFYING REPORT by Mr. Richard Foster is available at www.afri-can.com and on SEDAR. Details of the acquisition can be found in Afri-Can's press release dated October 12, 2010, which is available at www.afri-can.com.

About EPL 3403:

EPL 3403 covers about 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. ML 47 is currently producing in excess of 1,100,000 carats per year. EPL 3403 is contiguous with ML 128(C), and is close to ML 43 and ML 44. Namdeb recently announced that it will spend US$ 175 million to increase the diamond resources in ML 43 by 68 million carats. Thus EPL 3403 is well positioned relative to surrounding properties. (Map 1 attached shows the location of EPL 3403).

NI 43-101 Report Highlights:

Previous work on EPL 3403 comprised geophysics, vibracoring and sampling, and was conducted mainly by International Mining and Dredging Holding Ltd. ("IMDH").

Some 31 diamonds were recovered during previous sampling. These diamonds and a encouraging geological setting enable the report to conclude that EPL 3403, large parts of which remain un-sampled, is favourable for both the influx of diamonds and for concentration thereof.

Two large geological features have been identified on EPL 3403. The south-eastern feature, where the sampling pattern was focused, is proven to carry diamonds and covers 16 square kilometres. The north-western feature covers 160 square kilometres and is characterised by thin sediment and outcropping Eocene rocks and has not yet been sampled. Vibracores in that valley generally indicate sparse development of gravel. Notably, early vibracores in the areas that became the Atlantic One deposits showed similar characteristics. This large valley lies directly in the path of diamond movement north-westwards along the coast during the period of low sea level. These characteristics are similar to major diamond deposits adjacent to EPL 3403. Map 2 attached shows the location of the target areas within EPL 3403 as well as the mineralized areas which are already known.

Previous reconnaissance sampling comprised the extraction of 199 samples of 5 square metres of which 14 samples recovered 23 stones ranging between 0.07 and 2.69 carats. The average diamond size was 0.39 carats, which matches the regional average. The four largest stones weighed 0.80, 1.19, 1.20 and 2.69 carats. Multiple stones were found in 5 samples, one of which contained 6 stones. In one area in the south, 8 positive samples had an average size of 0.80 carats per stone, which is comparable to results from Namdeb's ML 47.

The qualifying report concludes that the topography of the Pre-Quaternary surface may be classified into broad features, and the potential for diamond deposition and concentration has been assessed in each category. Two priority targets measuring about 16 and 160 square kilometres respectively have been identified for further development. The work to date indicates that the EPL has definite potential for development of diamond resources and that the larger target has the potential to contain a major diamond deposit.

Mr. Foster recommends a detailed geophysical survey and a systematic sampling campaign in the known mineralized area in order to develop inferred resources. He also recommends a reconnaissance sampling program on several long lines crossing the broad valley in the north-west area to test its diamond potential. This first phase should be followed by a systematic sampling campaign to initiate the development of inferred resources.

Mr. Pierre Léveillé, President and CEO of Afri-Can, stated that, "The qualifying report confirms EPL 3403 as a base for a strong development potential. It sits in the middle of the most productive marine diamond field in the world, and is another quality asset to add to Block J. Besides adding serious value for our shareholders, acquisition of the EPL solidifies our strategic alliance with IMDH with its proven track record in the marine sampling and mining industry."

About Block J

Afri-Can has finalized design of its work program for furthering development of Block J. The program will comprise 257 samples of 5 square metres each. The sampling program will be focused on the extension of the high grade strip in Feature 8, and the connection between Features 6 and 8 to define the diamondiferous potential of the extension and to extend the Inferred Resources.

Furthermore, the program will include 100,000 square metres of trial mining within the high grade strip in Feature 8.

Details and schedule of the program will be disclosed upon completion of the program design for EPL 3403 and of the agreement between Afri-Can and IMDH concerning the chartering of the vessels for conducting the program.

Mr. 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. 

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.

Statements of potential quantity and grade are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the targets being delineated as mineral resources.

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.

To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/AFA_MAPS_10NOV10.pdf

Shares outstanding: 192,917,484

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
    514-372-0066 (FAX)
    info@afri-can.com
    www.afri-can.com
    or
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-846-2133
    514-372-0066 (FAX)