FRI-CAN STARTS GEOPHYSICAL SURVEY ON EPL 3403 MARINE DIAMOND CONCESSION
Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX Venture: AFA) started a geophysical survey on Exclusive Prospecting Licence ("EPL") 3403 marine diamond concession in Namibia on May 2, 2012.
Afri-Can has chartered the vessel SP Star from IMDH to carry out the geophysical survey that will cover a maximum of 1,400 line-kilometres over a period of approximately 16 days at sea. 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 attached Maps 1 and 2). The goal of the geophysical survey is to model accurately the geology and to delineate the boundaries of the deposits in order to prepare for a second sampling phase. The goal of the survey and second sampling phase is to start delineating resources on areas 1 and 2 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 start 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.
Afri-Can has completed all the conditions to acquire the first 20% of Thyme and will immediately begin the procedures in order to issue 13 million of its common shares to the owners of Thyme in consideration for 20% of all the shares of Thyme. EPL 3403 covers approximately 800 square kilometres and is adjacent to and contiguous with 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.
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