Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

May 19, 2009 13:06 ET

Afri-Can Marine Minerals: Progress on Diamond Sampling Vessel

MONTREAL, QUEBEC--(Marketwire - May 19, 2009) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) has been informed by International Mining and Dredging Holding Ltd. (IMDH) that the equipment installation work on the contracted diamond sampling vessel MV DP The Explorer is near completion. IMDH expects that the work will be finished in early June 2009. Following completion of equipment installation, the vessel's Dynamic Positioning system class 2, will be tested in the vicinity of the Port of Cape Town. It is estimated that the vessel will sail from Cape Town to the Port of Walvis Bay in Namibia by the end of June. IMDH will then conduct deep sea testing of the equipment in the area of Walvis Bay and carry out a test sampling program for about one month before commencing the sampling program on Afri-Can's Block J. The sampling equipment, treatment plant as well as the Dynamic Positioning system (DP II) are brand new equipment and need extensive testing in order to be calibrated for the most highest efficiency.

The Block J sampling program is expected to be conducted during the third quarter of 2009, as previously disclosed in our most recent Quarterly Financial Statements issued on April 29, 2009. The date of commencement of the sampling program on Block J will be established at the end of the test sampling period.

The sampling program in Block J will cover four geological Features and comprises 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:

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.

Private Placement and Issue of Options

Afri-Can announces that it has closed a non-brokered private placement, originally filed on April 11th 2009, in the amount of CND $ 149,600 for the sale of 1,360,000 units ('Unit') at a subscription price of $0.11 per Unit. Each Unit consists of one (1) common share and one-half (1/2) common share purchase warrant of the Company ("Warrant"). Each full Warrant entitles the holder thereof, during a period of 24 months from the date of closing of the placement, to purchase one (1) common share at an exercise price of $0.15 per common share. Each share issued pursuant to the placement has a mandatory four (4) month holding period from the date of closing of the placement.

Afri-Can's Board of Directors has granted 450,000 options to Paradox Public Relations Inc. The options are exercisable at $ 0.14 for a period of 12 months commencing on the date of this press release. The options are vested quarterly over a period of 12 months. The options are conditional upon approval by Regulatory Authorities.

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: 156,746,394

Contact Information

  • Afri-Can Marine Minerals Corporation
    Pierre Leveille
    President & CEO
    514-846-1435 (FAX)
    Afri-Can Marine Minerals Corporation
    Bernard J. Tourillon
    Executive V.P. and CFO
    514-846-1435 (FAX)