Afri-Can Marine Minerals Corporation
TSX VENTURE : AFA

Afri-Can Marine Minerals Corporation

July 06, 2010 09:59 ET

Afri-Can Marine Updates Its Business Development Plan

MONTRÉAL, QUÉBEC--(Marketwire - July 6, 2010) - Afri-Can Marine Minerals Corporation (TSX VENTURE:AFA) ("Afri-Can") has updated its business development plan. As a result of the successful 1st stage evaluation sampling program on its 70%-owned Block J marine diamond concession in Namibia, Afri-Can now has the foundation to strengthen its development and to achieve its primary goal of developing an economic diamond resource ready for production.

Block J:

The results of the 1st stage evaluation sampling have provided a strong base for future development. The program focused on 37% of the mineralized areas and achieved the first goal, which was to transform a part or all of the previously estimated potential into an inferred resource, and to estimate a new potential on areas that were not part of the previous potential estimation. The attached map shows Block J's potential diamond locations (http://media3.marketwire.com/docs/afaf0706.pdf).

The most important achievement of the program is the discovery of a higher grade strip within Feature 8, which covers at least 1.8 km by 200 m. The geophysical survey data from our previous programs indicate that the strip extends to the north end of Block J, over a distance of about 20 km. Furthermore, there appears to be a broad connection between the northern part of the strip in Feature 8 and Feature 6, where potential concentration of diamonds has been encountered at the end of the first part of the program.

Afri-Can's technical team is currently completing its analysis and interpretation of the results and data from the 1st stage evaluation program. The interpretation will lead to planning of the subsequent 2nd stage evaluation sampling, which will be conducted on parts of Feature 8, the extension of the higher grade strip, and on Feature 6. We are also planning a trial mining phase, to be conducted within the higher grade strip on Feature 8 in order to develop mining blocks and establish ore reserves. Feature 17 will also be considered for the 2nd stage evaluation sampling. Afri-Can is planning to start this second sampling phase as soon as vessel availability is confirmed by our contractor.

Furthermore, the interpretation of the results will lead to a technical report in compliance with National Instrument 43-101. This report will provide updates to the established geological models, and will also include an inferred resource estimation for some parts of Block J and estimates of a new potential diamond content for other areas within the Block. The report is planned to be completed by the end of August 2010.

Further development:

Afri-Can's recent exploration success establishes a solid foundation within Block J, and also proves that the technology provided by International Dredging and Mining Holding Ltd (IMDH) is highly efficient and meets the standards required for large scale exploration. Afri-Can is therefore now evaluating additional concessions with strong development potential. While Block J remains the core asset of the Corporation and its most advanced project, Afri-Can, based on its strong technical team and its strengthening relationship with IMDH, plans to undertake new exploration development projects, in order to add additional value for its shareholders.

The main goal of Afri-Can remains the development of an economic marine diamond resources ready for production.

Mr. Richard W. Foster is responsible for the technical part concerning Block J 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