MONTRÉAL, QUÉBEC--(Marketwire - March 14, 2013) - Afri-Can Marine Minerals Corporation ("Afri-Can")(TSX VENTURE:AFA)today announced completion of the acquisition of 20% of the common shares of Thyme Investments (Pty) Ltd. ("Thyme"), which is the sole owner of the Exclusive Prospecting Licence ("EPL") 3403 marine diamond concession in Namibia, in exchange for common shares of Afri-Can.
In accordance with the agreement announced on October 25th, 2010, between Afri-Can and the owners of 100% of Thyme which were International Mining and Dredging Holding Ltd ("IMDH") and BV Investments Four Hundred and Nine (Pty) Ltd. ("BVI"), Afri-Can has issued 2,437,500 Afri-Can common shares to IMDH and 812,500 Afri-Can common shares to BVI. As a result of this transaction, IMDH and BVI retain an 80% interest in Thyme until such time as Afri-Can exercises its option to acquire the remaining shares of Thyme. After issuance of the 3,250,000 Afri-Can shares to IMDH and BVI, there are 86,527,864 Afri-Can common shares outstanding.
Afri-Can holds an option to acquire the remaining 80% of the shares of Thyme by completing a sampling program of a minimum of 30 days or by extracting 300 samples. The first phase of this sampling program was completed in December 2012 with the extraction of 222 samples. The acquisition by Afri-Can of the remaining 80% of the shares of Thyme will be completed once the second phase of the sampling is completed and as soon an additional 78 samples are extracted.
Since May 2011, Afri-Can has invested $ 4.078 million in two sampling programs and one geophysical survey which has resulted in the extraction of 527 samples and the collection of 1,500 line-kilometres of high-definition surveying data. Afri-Can's complete program has discovered three deposits and recovered 102 gem-quality diamonds. Average recovered diamond size is similar to those found on concessions nearby, and the high quality of the diamonds is typical of those found off the coast of Namibia.
Pierre Léveillé, President and CEO of Afri-Can, stated that, "We are very pleased with the results of this multi-phase exploration program. Results to date lead to resource development as well as eventual trial mining on targeted areas. We feel that we are sitting on a strong project in a very solid industry."
Leonard Gardner, B.Sc. (Honours, Geology), Pr.Sci. Nat., is responsible for the technical part of this press release, and is the designated Qualified Person under the terms of National Instrument 43-101.
EPL 3403 covers approximately 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. ML 47 is the largest marine diamond deposit in the world and is currently producing in excess of 1,100,000 carats per year.
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.
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. 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.
Shares outstanding: 86,527,864