Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

January 31, 2013 09:46 ET

Afri-Can Marine Sampling Confirms the Potential and Validates the Planned Acquisition of EPL 3403 in Namibia

MONTRÉAL, QUÉBEC--(Marketwire - Jan. 31, 2013) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) today summarized the results of the first phase of its sampling program completed on December 16th, 2012, on the Exclusive Prospecting Licence ("EPL") 3403 marine diamond concession in Namibia (see Map 1 attached). The program successfully extracted 222 samples of 5 square metres each and recovered 17 diamonds weighing between 0.05 and 0.75 carats for a total weight of 4.55 carats.

The sampling program has greatly increased our understanding of the geology in certain regions. It also confirms the potential and validates the planned acquisition of EPL 3403, which warrants a second sampling phase and the start of planning for trial mining on certain areas.

Results are summarized as follows:

  1. West Bank region (within Area 2): 149 samples, 16 diamonds were recovered from the West Bank region during the 2012 program. Combined with results from the first sampling program in 2011, recoveries currently stand at 34 diamonds with an average weight of 0.30 carat per stone. One diamond was recovered from the Plateau region on the western edge of the West Bank region. Significantly, the sampling demonstrates that the gravels sampled in this area are very typical of diamondiferous deposits and the region is extensively mineralized with diamonds recovered over a distance of 5km in the West Bank region. Further detailed grid sampling will indicate the extent and grade of this mineralization. The West Bank region will be the focus of detailed drilling in the upcoming sampling phase and, eventually, of a trial mining program.

  2. Crater region (covering Area 1): 22 samples, no diamonds were recovered during this phase although previous sampling has proven that the area is well mineralized. This phase shows that the deposit is discontinuous and a denser drilling grid is required to intersect the mineralization effectively. A detailed grid sampling (25m by 25m spacing) is required to define the size and grade of the potential resource. The Crater region will be the object of the detailed drilling in the next sampling phase and, eventually, of a trial mining program.

  3. The Ridges region: 11 samples with no diamonds recovered. The area has been sampled at a reconnaissance level only. Further detailed sampling is required to prove mineralization and concentration.

  4. East Bank and Side Channel regions: 40 samples were extracted and 1 diamond weighing 0.15 carat was recovered from the Side Channel region.

The following table shows the total samples and diamond recoveries from all the programs carried out by Afri-Can, International Mining and Dredging Holding Ltd. and De Beers Marine in EPL 3403 South:

No Region Area*
Total Samples Positive Samples Total
1 Ridges 17.8 86 3 4 0.59
2 South Channel 8.3 43 8 29 3.15
3 East Channel 3.8 43 10 24 2.31
4 Side Channel 3.7 50 3 4 1.70
5 East Bank 3.5 65 3 4 3.67
6 Central Channel 1.9 32 1 1 1.15
7 North Channel 3.9 14 2 2 0.50
8 West Bank 7.4 268 28 34 10.13
9 Plateau 7.8 16 2 2 0.55
10 Basin 3.3 52 3 3 1.00
11 Crater 4.5 254 20 25 13.74
12 Horseshoe 4.5 2 0 0 0
TOTAL 70.4 925 83 132 38.49
Note: The area coverage of some regions differs from that given in the Sampling Program Report (De Decker, 2012) and there also is an additional region. This forms part of the on going evaluation of 3403S and further refinements are possible. It is important to note that eventual resource estimations shall be done by specific deposits and not for individual regions outlined or for the overall areas combined together.

The average diamond size is similar to that found on concessions nearby, and the high quality of the diamonds is typical of those found off the coast of Namibia.

All data and geological logs from the current and previous sampling programmes are currently being analyzed in order to refine and complete the planning of the second sampling phase that is expected to comprise about 300 samples. The second sampling phase will start once the vessel Mv DP The Explorer becomes available.

Pierre Léveillé, President and CEO of Afri-Can, stated that, "The results of the first phase of this sampling program are satisfying and lead to resource development as well as eventual trial mining on targeted areas. We feel that we are sitting on a strong project in a very solid industry."

Bob De Decker (M.Sc., Pr.Sci. Nat.) is the author of the geophysical survey analysis report and 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. ML 47 is the largest marine diamond deposit in the world and is currently producing in excess of 1,100,000 carats per year.

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.

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Contact Information

  • Pierre Leveille
    President & CEO
    (514) 846-2133
    TOLL FREE North America: 1 (866) 206-7475
    (514) 372-0066 (FAX)

    Bernard J. Tourillon
    Executive V.P. and CFO
    (514) 846-2133
    TOLL FREE North America: 1 (866) 206-7475
    (514) 372-0066 (FAX)