Afri-Can Marine Minerals Corporation

TSX VENTURE : AFA


Afri-Can Marine Minerals Corporation

December 03, 2012 10:29 ET

Afri-Can Starts Sampling Program on EPL 3403 Marine Diamond Concession

MONTREAL, QUEBEC--(Marketwire - Dec. 3, 2012) - Afri-Can Marine Minerals Corporation's ("Afri-Can") (TSX VENTURE:AFA) announces that its sampling program on Exclusive Prospecting Licence ("EPL") 3403 marine diamond concession in Namibia began on December 2nd, 2012. The program will last for at least 14 days and a minimum of 250 samples of 5 square metres each will be extracted.

The complete sampling plans a total of 553 samples to be extracted in two distinct programs. The report is available on our web site at: www.afri-can.com.

The priorities of the first program plans a minimum of 250 samples are to begin delineation of the diamond potential and inferred resources in targeted areas of the diamondiferous features already identified in the southern portion of EPL 3403. The program will also include some exploratory samples in new target areas delineated by the recent geophysical survey.

Sampling priorities target the following areas (see map attached):

  • Area 1: a minimum of 75 samples is planned starting at the Crater going eastwards in to the Basin region. Area 1 covers approximately 2.81 square kilometres and is largely covered by the "Crater" region. Previous sampling programs recovered 26 diamonds with an average size of 0.56 carat per stone. Several diamonds have been extracted in a tight grid showing potential concentration, and Area 1 represents good potential for the development of a mineral resource.

  • Area 2: a minimum of 100 samples is planned for Area 2, which covers approximately 6.91 square kilometres. It contains five newly-outlined sampling regions, including part of a channel approximately 8 kilometres in length and forming a deeper depression in the central portion of Area 2. Previous sampling programs recovered 29 diamonds with an average size of 0.49 carat per stone. Several diamonds have been extracted in a tight grid showing potential concentration. The five sampling regions covering Area 2 represent good potential for the development of a mineral resource.

  • Target 1: a minimum of 75 samples is planned for the region named "Ridges" which covers approximately 18 square kilometres along the eastern boundary of the concession. The region shows a series of bedrock ridges that are typical of diamond enrichment zones in the vicinity of EPL 3403 and elsewhere along the Namibian coast. This region represents strong potential for successful exploratory sampling.

The mv DP The Explorer has been chartered for the program. It is an efficient, dedicated sampling vessel, which can sample down to a depth of 250 metres of water and extract up to 21 samples per day. The sample size is 5 square metres, and the sampling tool can work through up to 8 metres below the seabed in its configuration set for EPL 3403.

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. He 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.

A map is available at the following address: http://media3.marketwire.com/docs/AFA_EPL3403_fig.pdf.

Shares outstanding: 83,277,864

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
    TOLL FREE North America: 1 (866) 206-7475
    (514) 372-0066 (FAX)
    info@afri-can.com
    www.afri-can.com