Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

July 08, 2010 09:44 ET

Afri-Can Marine: Teck Completes a Drilling Program on the Haib Copper Project in Namibia

MONTREAL, QUEBEC--(Marketwire - July 8, 2010) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) has been informed by Teck Namibia Limited, a wholly owned subsidiary of Teck Resources Limited ("Teck"), that it has recently completed a 5,000 meters drilling program on the Haib Copper project in Namibia.

During the past year, Teck conducted a reconnaissance program with the goal of indentifying new alteration zones that could host higher copper grades and increase the average grades of the project. An IP program identified 3 new alteration zones in the vicinity of the main deposit. Teck recently completed an initial 5,000 metres of drilling on these new zones. The results will be disclosed to Afri-Can and Deep South as soon as the laboratory analyses are completed.

The Haib Copper exploration license is located in the Karas region of southern Namibia, 8 km from the Orange River and the South African border. Haib is a copper-molybdenum deposit hosted within a quartz-feldspar porphyry. Afri-Can has filed a National Instrument 43-101 compliant technical report in October 2004, entitled "The Haib Copper Porphyry Project, Namibia" which is available on Afri-Can's website at www.afri-can.com.

Teck Namibia Limited through an option and joint venture agreement with Afri-Can's partner Deep South Mining (Pty) Ltd, has the option to acquire a 70% indirect beneficial interest in Haib by incurring exploration expenditures totalling US$ 2 million and incurring optional non-cumulative cash payments to Deep South totalling US $ 700,000 over 4 years. (please see July 2nd, 2008 press release at www.afri-can.com). Afri-Can, shall retain 50% of the residual interest of Deep South in the project.

Mr. Vivian Suart-Williams is responsible for the technical part concerning the Haib Copper project of this press release and is the designated Qualified Person under the terms of 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.

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.

Shares outstanding: 177,887,484

"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

  • 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