Afri-Can Marine Minerals

Afri-Can Marine Minerals began a follow-up sampling program on its Block J marine diamond concession off Namibia using the vessel mv Lady S.

Afri-Can Marine Minerals raised its interest in the Block J marine diamond concession in Namibia to 70 per cent for a cash payment of $825,000 Namibian ($125,000 Canadian).

Afri-Can Marine Minerals has signed an agreement with Gemfarm Investments to conduct a 30-day follow-up sampling program on its Block J diamond concession off Namibia starting around Oct. 15.

Afri-Can Marine Minerals has closed private placement agreements totalling $1.75-million, comprising 5,833,333 units at 30 cents each.

Afri-Can Marine Minerals increased its interest in the Block J marine concession in Namibia to 60 per cent for a cash payment of $825,000 Namibian ($125,000 Canadian).

Afri-Can Marine Minerals appointed R.W. (Dick) Foster, a former De Beers geological manager, as resource development manager.

Afri-Can Marine Minerals will proceed with a private placement of up to $2.5-million to fund Namibia exploration and working capital.

Afri-Can Marine Minerals has completed the design of a follow-up sampling program to delineate inferred and indicated resources on Namibia's block J marine diamond concession.

Afri-Can Marine Minerals agreed to let Ototinana Regional Marine Mineral Exploration Pty Ltd, owned by four Namibian regional councils, acquire a direct interest in the company.

Afri-Can Marine Minerals received a final report on its December 2001 sampling program on Block J, Namibia, confirming diamonds across three features totalling 10 million square metres.