Afri-Can Marine Minerals Corporation

Afri-Can Marine Minerals Corporation

April 20, 2012 11:30 ET

Afri-Can to Start Geophysical Survey on EPL 3403 Marine Diamond Concession

MONTREAL, QUEBEC--(Marketwire - April 20, 2012) - Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) has reached agreement with International Mining and Dredging Holding Ltd ("IMDH") to start a geophysical survey on Exclusive Prospecting Licence ("EPL") 3403 marine diamond concession in Namibia on or about April 28, 2012.

Afri-Can has chartered the vessel SP Star from IMDH to carry out a geophysical survey that will cover a maximum of 1,400 line-kilometres, which will require about 16 days. The survey will cover 90 square kilometres in the south end of EPL 3403 and will cover Depositional Areas 1, 2 and 3 already delineated by previous sampling programs (see below Maps 1 and 2). The goal of the geophysical survey is to model accurately the geology and delineate the boundaries of the deposits in order to prepare for a second sampling phase. The second sampling phase will allow resources estimation in anticipation of subsequent trial mining.

Afri-Can holds an option to acquire 100% of the shares of Thyme Investments (Pty) Ltd. ("Thyme"), the owner of 100% of EPL 3403. Afri-Can will earn a first 20% in Thyme by issuing 20% of 65 million of its own shares to Thyme and carrying out a geophysical survey. Afri-Can will earn the remaining 80% of Thyme by completing a sampling program and issuing the balance of 80% of the 65 million of its own shares to Thyme.

EPL 3403 covers approximately 800 square kilometres and is adjacent to and 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. ML 47 currently produces in excess of 1,100,000 carats per year.

On another matter, Afri-Can and Trinity Assets Management International Ltd. ("Trinity") of Mauritius have agreed that the private placement previously announced on April 12, 2012, will be a brokered private placement and that Trinity shall be entitled to a cash remuneration equal to 5% of the gross proceeds of the private placement.

About Afri-Can Marine Minerals Corporation

Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major 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.

To view the Maps 1 and 2 associated with this press release, please visit the following link:

Shares outstanding: 238,524,984

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
    (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)