Afri-Can: Geophysical Survey Delineates New Targets on EPL
Afri-Can: Geophysical Survey Delineates New Targets on EPL 3403 Marine Diamond Concession
MONTREAL, QUEBEC -- (Marketwire) -- 11/07/12 -- Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) has completed its analysis and interpretation of the geophysical survey on Exclusive Prospecting Licence ("EPL") 3403 marine diamond concession in Namibia.
Survey analysis highlights are:
-- Survey covered 123 square kilometres or 15% of EPL 4303. -- Sediment thickness to bedrock can be sampled on 77% of the surveyed area. -- Delineation of a second deeper gravel horizon. -- Delineation of a new 18 square kilometre prospecting target that are typical of diamonds enrichment zones in the vicinity of EPL 3403
The geophysical survey completed in May 2012 has recovered a total of 1,519 line-kilometres of high resolution Sparker and TOPAS seismics as well as 480 line-kilometres of multibeam echosounder data. The survey covered approximately 123 square kilometres in the south end of EPL 3403, representing 15% of the concession area, which measures 800 square kilometres. Notably, 94.7 square kilometres or 77% of the 123 square kilometres show a sediment thickness over bedrock footwall of less than 10 metres, which is well within the penetration parameters of the sampling tool of the MV DP The Explorer, recently contracted for the upcoming sampling program.
The geophysical survey covered Depositional Areas 1, 2 and 3 delineated following previous sampling programs (see map attached) as well as new target areas.
The key points of the analysis are as follows:
-- Area 1 covers approximately 2.81 square kilometres. The area hosts several volcanic intrusions that have produced an irregular terrain which contains layers of diamondiferous gravels. Influenced by the terrain created by the volcanic intrusives, the diamondiferous gravel thickness is irregular and is generally covered by 3 to 5 metres of overburden. Previous sampling programs enabled 26 diamonds to be extracted, with an average size of 0.56 carat per stone. Several diamonds have been extracted in a tight grid showing potential concentration, and Area 1 represents good potential for the development of a mineral r esource. -- Area 2 covers approximately 6.91 square kilometres, and contains 5 newly-outlined features including part of a channel approximately 8 kilometres in length and forming a deeper depression in the central area. The survey has shown that the banks on the east side of the depression host two distinctive gravel horizons in places. Most of the diamonds from previous sampling programs were recovered in the upper horizon. However, at the end of the previous sampling, 2 diamonds were recovered from the deeper horizon identified from the recently-collected seismic data. Previous sampling programs enabled 29 diamonds to be extracted, with an average size of 0.49 carat per stone. Several diamonds have been extracted in a tight grid showing potential concentration, and Area 2 represents good potential for the development of a mineral resource. -- Target 1, named "Ridges", covers approximately 18 square kilometres along the eastern boundary of the concession and shows a series of bedrock ridges that are typical of diamonds enrichment zones in the vicinity of EPL 3403 and elsewhere along the Namibian coast. The target represents a strong potential for exploratory sampling.
The November sampling program details will be disclosed in a separate press release.
Bob de Decker (M.Sc., Pr.Sci. Nat.) is the author of the geophysical survey analysis report and is responsible for the technical part of this press release. He 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 (see attached map). ML 47 is the largest marine diamond deposit in the world and is currently producing in excess of 1,100,000 carats per year.
On another matter, the Board of Directors has granted options to purchase 250,000 common shares at 20 cents per share to one Director of the Corporation. The options are issued in accordance with Afri-Can's Long Term Incentive Plan, and are exercisable until November 7th, 2015.
A map associated with this press release is available at this address : http://media3.marketwire.com/docs/afa_map.pdf
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.
Shares outstanding: 83,277,864
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.
Contacts: Pierre Leveille President & CEO (514) 846-2133 TOLL FREE North America: 1 (866) 206-7475 (514) 372-0066 (FAX)
Bernard J. Tourillon Executive V.P. and CFO (514) 846-2133 TOLL FREE North America: 1 (866) 206-7475 (514) 372-0066 (FAX) firstname.lastname@example.org www.afri-can.com