Following the results of Afri-Can Marine Minerals Corp.’s successful preliminary sampling program completed on April 19, 2011, in the exclusive prospecting licence (EPL) 3403 marine diamond concession in Namibia, it plans to conduct an acoustic and seismic geophysical survey on the southern region of the EPL to be followed by a resource delineation sampling program.
The geophysical survey will cover the three main depositional areas and the prospective area delineated by the recent diamond sampling program. The survey will consist of coverage of about 1,000 line-kilometres at 125-metre spacing on the depositional areas that proved to be mineralized. The aim of the surveying program is to define with great detail the areas to be sampled for resource delineation.
Afri-Can is currently in discussion with International Mining and Dredging Holdings Ltd. (IMDH) to charter the vessel DP Star, which possesses all of the necessary technology for the geophysical survey. Commencement of the survey will be disclosed to investors once vessel availability is confirmed.
Further to the geophysical survey, Afri-Can plans to conduct a resource delineation sampling program on the depositional mineralized areas in the southern region. The details of the program will be completed after analysis of the geophysical survey data.
Subject to the results of the resource delineation sampling program, Afri-Can then plans to carry out a trial mining program on the southern region’s three depositional areas. Trial mining is envisaged to start in early 2012.
Richard W. Foster 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 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 is currently producing in excess of 1.5 million carats per year. Afri-Can has an option to earn 100 per cent of EPL 3403 by incurring exploration expenditures of $5.5-million (U.S.) and the issuance of 65 million Afri-Can common shares to Thyme Investments (Pty.) Ltd. (the current owners of EPL 3403). The first sampling program, completed at a cost of about $2-million (U.S.), enables Afri-Can to earn 20 per cent of the shares of Thyme by issuing 20 per cent of the 65 million shares.
