RE:smells like the end ?Dear xxxx
The current situation is that IMDH our contractor and vessel owner has not delivered yet the sampling program design and schedule as agreed by the agreement announced on December 5, 2013. This is nothing new as since 2006, they have never delivered on time, not even once. We are pushing to get them to deliver and hope to have the needed information as soon as possible. We will issue a press release as soon as we get the information.
In the mean tim, in order to propose a better balance investment package to our investors, we are currently in negotiation with a major mining company that would bring us some very sound assets and would make that large corporation a large shareholder of Afri-Can. The goal is to have other assets that would enable us to have a normal development schedule and not be always in the situation of awaiting IMDH. This would permit a regular development and news flow that would balance out these long period awaiting IMDH, a situation that is really problematic since 2006. We do not discard the interest that we have in Marine diamonds but we need something to balance out the long time it takes to develop projects.
As far as the market is concerned, I am not blaming the markets nor than I use this as an excuse. This is a real fact that affects all the ming industry. The market for mining exploration companies is at its lowest in the past 20 years. TSX Venture Exchange (the market where we are listed) has dropped 80% since 2011. Most of the companies are at their lowest with over 1,000 companies trading below $ 0.05. I have attached a chart of the TSX Venture that speaks by itself.
Most of the companies starting by majors have reduced their exploration budgets drastically and many projects have been dropped due to lack of funding.
So, this is a hard fact and one cannot just put this fact on the side and be blind to the results of this lower activity.
This being said, the market is one factor to take in consideration but is not the main factor for the low price of Afri-Can. The main one is the delays of IMDH that are keeping us like if we were on standby, doing nothing.
I have always been a firm believer that there is always winners even in bad markets and few companies are proving the concept. Based on this, I have started to move forward with a transaction that when completed will give us the strength to perform well again and be a winner.
We should have news pretty soon.
Kind regards
Pierre
Pierre Leveille,
President & CEO,
Afri-Can Marine Minerals Corp,
1801 Mc Gill College Avenue, Suite 950,
Montreal, Qc. Canada. H3A 2N4
Tel: +1-514-846-2133