Afri-Can has increased its interest in the Block J marine concession in Namibia to 60 per cent, in consideration of a cash payment of $825,000 (Namibian) ($125,000 (Canadian)).
Block J is the subject of an option and joint venture agreement signed in October, 1999, between Afri-Can and Woduna Mining Holding (Pty.) Ltd. in terms of which Afri-Can has the right to acquire additional 10 per cent tranches against payment of $825,000 (Namibian) ($125,000 (Canadian)) per tranche, up to a total controlling interest of 70 per cent.
Pierre Leveille, president and chief executive officer, stated that: “The positive exploration results to date have led to the decision to increase Afri-Can’s interest in the Block J. We are convinced that the Block J is a prime area for further development.”
