Press releaseAFRI CAN MARINE MINERALS CORP ("AFA-V")
- Completes Qualifying Report On Epl 3403
- Marine Diamond Concession In Namibia
Afri-Can Marine Minerals Corporation ("Afri-Can") announces that it has
completed a qualifying report compliant with National Instrument 43-101
covering the acquisition of EPL 3403 marine diamond concession in Namibia.
The report entitled EXCLUSIVE PROSPECTING LICENCE 3403 OFFSHORE, REPUBLIC
OF NAMIBIA, QUALIFYING REPORT by Mr. Richard Foster is available at
www.afri-can.com and on SEDAR. Details of the acquisition can be found in
Afri-Can's press release dated October 12, 2010, which is available at
www.afri-can.com.
About EPL 3403:
EPL 3403 covers about 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. ML 47 is currently producing in excess
of 1,100,000 carats per year. EPL 3403 is contiguous with ML 128(C), and is
close to ML 43 and ML 44. Namdeb recently announced that it will spend US$
175 million to increase the diamond resources in ML 43 by 68 million
carats. Thus EPL 3403 is well positioned relative to surrounding
properties. (Map 1 attached shows the location of EPL 3403).
NI 43-101 Report Highlights
Previous work on EPL 3403 comprised geophysics, vibracoring and
sampling, and was conducted mainly by International Mining and Dredging
Holding Ltd. ("IMDH").
Some 31 diamonds were recovered during previous sampling. These
diamonds and a encouraging geological setting enable the report to conclude
that EPL 3403, large parts of which remain un-sampled, is favourable for
both the influx of diamonds and for concentration thereof.
Two large geological features have been identified on EPL 3403. The
south-eastern feature, where the sampling pattern was focused, is proven to
carry diamonds and covers 16 square kilometres. The north-western feature
covers 160 square kilometres and is characterised by thin sediment and
outcropping Eocene rocks and has not yet been sampled. Vibracores in that
valley generally indicate sparse development of gravel. Notably, early
vibracores in the areas that became the Atlantic One deposits showed
similar characteristics. This large valley lies directly in the path of
diamond movement north-westwards along the coast during the period of low
sea level. These characteristics are similar to major diamond deposits
adjacent to EPL 3403. Map 2 attached shows the location of the target areas
within EPL 3403 as well as the mineralized areas which are already known.
Previous reconnaissance sampling comprised the extraction of 199
samples of 5 square metres of which 14 samples recovered 23 stones ranging
between 0.07 and 2.69 carats. The average diamond size was 0.39 carats,
which matches the regional average. The four largest stones weighed 0.80,
1.19, 1.20 and 2.69 carats. Multiple stones were found in 5 samples, one of
which contained 6 stones. In one area in the south, 8 positive samples had
an average size of 0.80 carats per stone, which is comparable to results
from Namdeb's ML 47.
The qualifying report concludes that the topography of the
Pre-Quaternary surface may be classified into broad features, and the
potential for diamond deposition and concentration has been assessed in
each category. Two priority targets measuring about 16 and 160 square
kilometres respectively have been identified for further development. The
work to date indicates that the EPL has definite potential for development
of diamond resources and that the larger target has the potential to
contain a major diamond deposit.
Mr. Foster recommends a detailed geophysical survey and a
systematic sampling campaign in the known mineralized area in order to
develop inferred resources. He also recommends a reconnaissance sampling
program on several long lines crossing the broad valley in the north-west
area to test its diamond potential. This first phase should be followed by
a systematic sampling campaign to initiate the development of inferred
resources.
Mr. Pierre Leveille, President and CEO of Afri-Can, stated that,
"The qualifying report confirms EPL 3403 as a base for a strong development
potential. It sits in the middle of the most productive marine diamond
field in the world, and is another quality asset to add to Block J. Besides
adding serious value for our shareholders, acquisition of the EPL
solidifies our strategic alliance with IMDH with its proven track record in
the marine sampling and mining industry."
About Block J
Afri-Can has finalized design of its work program for furthering
development of Block J. The program will comprise 257 samples of 5 square
metres each. The sampling program will be focused on the extension of the
high grade strip in Feature 8, and the connection between Features 6 and 8
to define the diamondiferous potential of the extension and to extend the
Inferred Resources.
Furthermore, the program will include 100,000 square metres of
trial mining within the high grade strip in Feature 8.
Details and schedule of the program will be disclosed upon
completion of the program design for EPL 3403 and of the agreement between
Afri-Can and IMDH concerning the chartering of the vessels for conducting
the program.
Mr. 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.
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.
Statements of potential quantity and grade are conceptual in
nature. There has been insufficient exploration to define a mineral
resource and it is uncertain if further exploration will result in the
targets being delineated as mineral resources.
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 map associated with this release, please visit the
following link:
https://media3.marketwire.com/docs/AFA_MAPS_10NOV10.pdf
Shares outstanding: 192,917,484
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.
TEL: 514-846-2133
FAX: 514-372-0066 Pierre Leveille
info@afri-can.com President & CEO
www.afri-can.com Afri-Can Marine Minerals Corporatio