Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

October 09, 2008 11:08 ET

Afri-Can Marine Minerals Reports on Conversion of Diamond Sampling Vessel

MONTREAL, QUEBEC--(Marketwire - Oct. 9, 2008) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA)(FRANKFURT:AJF) reports that International Mining and Dredging Holding Ltd. (IMDH) has advised that the conversion of the contracted sampling vessel MV DP The Explorer is well advanced and approaching completion. The vessel recently completed a sea test of the mechanical systems, and has returned to dry dock for normal adjustments prior to sailing to Cape Town, South Africa. Therefore, IMDH has advised Afri-Can that the vessel will leave the JSML Shipyard in Singapore by mid-November.

Once conversion is complete, MV DP The Explorer will sail from Singapore to Cape Town, South Africa, where the sampling tool and the mineral processing plant are ready to be installed. Afri-Can presently expects sampling on Block J to commence approximately two months after DP The Explorer's arrival in Cape Town. Afri-Can will provide investors with a detailed time schedule following the vessel's departure from the shipyard in Singapore. The aim of the complete surveying and sampling program is to delineate diamond resources on Block J in compliance with National Instrument 43-101.

"We are happy to see that the vessel conversion is nearly completed and we are confident that despite the delays, we have followed the right path in chartering this vessel as it will provide the best means to meet our goal of delineating a world class diamond resource," commented Pierre Leveille, President and CEO. "Very few alternative vessels are available and certainly none match the specifications of this vessel. This will ensure that our sample results will be of very high quality and reliability."

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.

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: 146,667,644

The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release.

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)