Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

August 27, 2009 09:53 ET

Afri-Can Marine Minerals: Diamond Sampling Vessel Departs Cape Town

MONTREAL, QUEBEC--(Marketwire - Aug. 27, 2009) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) has been informed by International Mining and Dredging Holding Ltd. (IMDH) that the contracted diamond sampling vessel MV DP The Explorer has left Cape Town, South Africa, for the port of Walvis Bay in Namibia. IMDH will then conduct deep sea testing in the vicinity of Walvis Bay in order to calibrate the new onboard sampling equipment, treatment plant and Dynamic Positioning system (DP II) for optimal efficiency. IMDH will also conduct crew training and a test sampling program to ensure all systems are functioning properly before commencing the sampling program on Afri-Can's Block J offshore diamond concession in Namibia.

A detailed schedule for the sampling program on Block J will be established once IMDH confirms that the vessel and its sampling system are functioning at optimal efficiency. A complete schedule of operation will be communicated to our shareholders in due course.

Our technical team is currently finalizing the details of the sampling program in collaboration with IMDH. Preparations include incorporation of Afri-Can's data base into the positioning system of the vessel, establishment of quality controls and security procedures, and detailed sample locations.

"We are pleased with the high level of collaboration between our technical team and IMDH, and look forward to a successful sampling program. It is encouraging that recent prices for marine diamonds from Namibia have held above US $200 per carat, indicating that our segment has been less affected by economic problems than the general market for rough diamonds," said Pierre Leveille, Afri-Can's President & CEO.

The sampling program in Block J will cover four geological features and will comprise a total of 332 samples. Of these, 237 are sited within previously delineated targets covering 18.96 square kilometres. The remaining 95 samples are designed to test geological formations that are thought to be potentially diamond bearing, but have not yet been proved as such. Details of the program are contained in the report titled "EPL 2499 (Block J) PHASE 3 SAMPLING, 2009" which can be viewed in the Investors/Technical Reports section of our web site at www.afri-can.com. The aim of the complete surveying and sampling program is to delineate diamond resources on Afri-Can's Block J marine diamond concession in Namibia in compliance with National Instrument 43-101.

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 unexplored prospective territories.

Neither 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.

This press release contains certain "forward-looking statements," as identified in the Afri-Can's periodic fillings 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: 158,176,394

Contact Information

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille
    President & CEO
    514-846-2133
    514-846-1435 (FAX)
    or
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-846-2133
    514-846-1435 (FAX)
    info@afri-can.com
    www.afri-can.com