Afri-Can Marine Minerals has increased its interest in the block J marine concession in Namibia to 70 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 had 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. To date, the option has been completely exercised and the agreement fully respected.
Pierre Leveille, president of Afri-Can, 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.”
From the previous reconnaissance sampling, 23 diamonds were recovered from 338 samples. In spite of the fact that the size of the samples were very small for sampling marine diamond deposits (2.1 square metres), two of the samples recovered more than one diamond. This is most significant as it proves that concentrations of diamonds occur in features No. 6 and No. 8.
The sediment patches that were proved to be diamondiferous span the whole extent of the lease area, approximately 45 kilometres, from south to north. The total area of the sediment patches shown to be diamondiferous is approximately 10 million square metres. Furthermore, geophysical results suggest that additional similar sediment patches amount to approximately 25 million square metres, but these remain to be tested by sampling.
WARNING: The company relies upon litigation protection for “forward-looking” statements.
