Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

May 10, 2011 10:38 ET

Afri-Can Marine Sampling Recovers Large Diamonds From EPL 3403 in Namibia

MONTRÉAL, QUÉBEC--(Marketwire - May 10, 2011) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) today summarized the results of its successful sampling program completed on April 19th, 2011 in the Exclusive Prospecting Licence ("EPL") 3403 marine diamond concession in Namibia (see Map 1 attached). The first stage sampling program discovered three depositional features in the southern region and recovered 84 diamonds. The 4 largest diamonds weighed 1.60, 1.30, 1.15 and 1.15 carats and 15 diamonds, or 18% of the total, each weighed over 0.5 carats. Significantly, the largest diamond weighing 1.60 carat was recovered with 2 other diamonds weighing respectively 0.55 and 0.10 carats, indicating potential concentration of large diamonds. The average size of the diamonds is similar to those found on concessions nearby and the high quality of the diamonds is typical to those found off the coast of Namibia. The successful sampling program confirms the potential and validates the planned acquisition of EPL 3403.

The sampling program begins the evaluation of diamond potential of the Southern portion of EPL 3403 and the investigation of diamond presence and areas of possible diamond concentration in the Northern Region. During the program 350 sample sites were occupied, producing 341 acceptable samples of 5 square metres each. All the diamonds were recovered in the Southern Region where 3 depositional areas and at least one prospective area for future development have been clearly identified (see Maps 1 and 2 attached). 304 samples were extracted in the Southern Region of which 45 contained diamonds. 18 (40%) of the diamond-positive samples contained more than one diamond and one sample yielded 7 diamonds. 37 samples were collected in the Northern Region, where 11 samples showed the presence of terrigenous gravels that were brought to the ocean at the same time as the diamonds.

Results are summarized as follows:


Southern Region:
Number of
Diamonds
Aggregate
Weight
(carats)
Average
Diamond Weight
(carats)
Area 1: 1910.670.56
Area 2: 186.680.37
Area 3: 454.370.10
Prospect:20.900.45

The combination of Afri-Can's results with the 33 diamonds previously extracted from the same areas by International Mining and Dredging Holding Ltd. ("IMDH") and by De Beers Marine, for a total of 117 diamonds, of which 28 have been extracted in the indicated depositional areas. Total results are as follows:


Southern Region:
Number of
Diamonds
Aggregate
Weight
(carats)
Average
Diamond Weight
(carats)
Area 1: 2614.490.56
Area 2: 2914.250.49
Area 3: 555.790.11
Prospect:20.900.45

The 5 diamonds extracted outside the designated depositional areas havean average weight of 0.29 carats per stone and one stone weighed 1.04 carats, indicating potential for the delineation of additional depositional areas.

The diamonds have been weighed on land in the presence of an official of the Ministry of Mines and Energy of Namibia.

All data and geological logs from the samples are being analyzed in order to define the potential boundaries of the proved mineralized and potentially mineralized areas. This will probably lead to the evaluation of the potential of some defined areas.

Afri-Can is presently planning the next exploration phase, which will include a geophysical survey to start as soon as possible. The goals are to start delineating inferred resources in the Southern Region, to define the boundaries and extensions of the known mineralized areas and to investigate other potentially mineralized areas which appear similar to those already discovered. The Northern Region will also be the object of further exploration and the program will be designed once analysis of the data and geological logs is completed.

Pierre Léveillé, President and CEO of Afri-Can, stated that, "The results of this first sampling phase have exceeded our expectations. Our diamonds' size is in line with attractive regional average diamond sizes and we have found at least 3 deposits. In addition, the diamond market is very robust and has seen an increase of 30% in rough diamond prices in 2010. Namdeb increased production by 58% to almost 1.5 million carats last year at a selling price over US$500 per carat. We expect the diamond market will remain robust for many years as demand surpasses supply and new diamond mining projects are few. We feel that we are sitting on a strong project in a very solid industry."

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.

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), which is the largest marine diamond deposit in the world (see Map 1 attached). ML 47 is currently producing in excess of 1,500,000 carats per year. Afri-Can has an option to earn 100% of EPL 3403 by incurring exploration expenditures of US$5.5 million and the issuance of 65 million Afri-Can common shares to Thyme Investments (PTY) Ltd. (the current owners of EPL 3403). The first sampling program, completed at a cost of about US$2 million, enables Afri-Can to earn 20% of the shares of Thyme by issuing 20% of the 65 million shares.

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.

Maps of EPL 3403 in Namibia are available on Marketwire's website at the following address: http://media3.marketwire.com/docs/afa_EPL_maps.pdf.

Shares outstanding: 222,714,984

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

  • Pierre Leveille, President & CEO
    Bernard J. Tourillon, Executive V.P. and CFO
    (514) 846-2133
    (514) 372-0066 (FAX)
    TOLL FREE North America: 1 (866) 206-7475
    info@afri-can.com / www.afri-can.com