Hot off the press...Jennings Capital Inc.
Mines and Minerals Research
Sector: Diamond Exploration AFRI-CAN MARINE MINERALS
CORP. (AFA - V)
February 25, 2002
"Company AGM met with enthusiasm; signs of more good news
to follow.
Results from reconnaissance program suggest potential for
DeBeers Marine type deposits:
Afri-Can Marine Minerals held its Annual General Meeting in
Montreal on Friday. A number of points were made which
crystallize the direction the company is heading:
-Positive results from first reconnaissance program, 8 of 18
diamonds over 0.25 carat in size.
-Related sediments in diamondiferous sites 6 and 8 (of 17) are
the same as those mined by DeBeers: the "Orange River Exotic
Suite" occur in Middle Shelf known for blanket deposits.
-Development plan will focus on:
Establishment of 5 to 10 year resources prior to production.
Leasing, not building, diamond mining vessels.
-Company holds the largest land position in the Namibian
offshore: 28,500 square kilometers.
-Company holds concessions over three diamond
environments: inner, middle and outer shelf.
-The only company in Namibia in joint ventures with black
empowerment groups.
-Excellent relationship with the Namibian government; Mines
Minister used Afri-Can Marine as an example of a successful
foreign investor at a recent conference in South Africa.
The results from the first pass program by Afri-Can Marine
confirm that the exploration model is viable. The next steps will
be to produce initial grade estimates of the sampling program,
then design a series of follow up sampling programs.
Results will be released in March, the next survey cruise will
come after a financing, and results from that would be expected
in Q3 if all goes well. THIS IS A POTENTIALLY STRONG
GROWTH STORY, WITH POSITIVE INITIAL RESULTS.
WE REMAIN VERY ENCOURAGED BY THESE RESULTS;
TARGET PRICE IS $1.50