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Last C$0.0050 CAD
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As of 5:00 PM 12/31/14 All times are local (Market data is delayed by at least 15 minutes).

afri-can marine minerals crp (AFA) Snapshot

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afri-can marine minerals crp (AFA) Details

Afri-Can Marine Minerals Corporation engages in the acquisition, exploration, and development of marine and terrestrial mineral properties in Namibia. It primarily explores for diamonds deposits. The company primarily holds interests in EPL 3403 project, which covers an area of 800 square kilometers and is located to the south of Luderitz town. It also has interests in the Block J Woduna diamond concession that covers an area of approximately 994 square kilometers and is located off the coast of Namibia; and the Haib Copper project, which covers an area of approximately 37,000 hectares and is located in the Karas region. The company is based in Montreal, Canada.

afri-can marine minerals crp (AFA) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$150.0K
Chief Financial Officer, Executive Vice Presi...
Total Annual Compensation: C$105.8K
Compensation as of Fiscal Year 2013.

afri-can marine minerals crp (AFA) Key Developments

Afri-Can Marine Minerals Corporation Completes Preliminary Study of the Feasibility of Resuming Mining During 2014 on Mining Lease 111

Afri-Can Marine Minerals Corporation has completed a preliminary study of the feasibility of resuming mining during 2014 on Mining Lease 111 situated off the coast of Namibia, for which Afri-Can has an option to acquire an 80% interest from Diamond Fields Ltd. The Pre-Feasibility Study is based on existing Probable Diamond Reserves of 319,000 carats, which are estimated from portions of the Indicated Mineral Resources. Pre-Feasibility Study Highlights: Afri-Can's share of Net Present Value $20.2 million. Afri-Can's share of Internal Rate of Return 31%. Probable Diamond Reserves 319,000 carats. Average annual production 159,500 carats. Diamond price $484 per carat. Initial Mine Life 2 years.

Afri Can Marine Minerals Corp., Annual General Meeting, Feb 25, 2014

Afri Can Marine Minerals Corp., Annual General Meeting, Feb 25, 2014. Location: Montreal, QC.

Afri-Can Marine Minerals Corporation Signs Memorandum of Understanding with International Mining and Dredging Holding Ltd for Development and Mining of Diamond Fields Mining Lease 111 and EPL 3403 Off Coast of Namibia

Afri-Can Marine Minerals Corporation announced that it has signed a Memorandum of Understanding with International Mining and Dredging Holding Ltd. (IMDH) for the development and mining of the Mining Leases (ML) under option with Diamond Fields International Ltd. (DFI) and of the Exclusive Prospecting License (EPL) 3403, both situated off the coast of Namibia. Salient features of the Memorandum of Understanding are: IMDH will design and operate a large sampling program of up to 800 samples mainly on ML 111 and, to a lesser extent, on EPL 3403. The sampling program will serve to establish mining blocks and grades in preparation for mining and to upgrade some of the NI 43-101 inferred resources to the indicated category, as well as further the development of EPL 3403. Afri-Can will fund the program on or before March 1st, 2014. Budgets will be prepared by IMDH and approved by Afri-Can. The Company is currently revising various options in order to raise the funds needed; Afri-Can and IMDH will create a joint-venture company, which will fund and operate the mining program on ML 111 and EPL 3403 if deemed economically viable. IMDH will fund the preparation of the mining vessel and Afri-Can will fund the vessel operating costs for the 3 first months of the mining program; Afri-Can and IMDH will share equally in the net profits from production after payment of 10% of the net profits to DFI and 10% of the net profits to Woduna Mining Holding (PTY) Ltd.; Afri-Can is currently preparing a pre-feasibility study and a preliminary economic assessment (PEA). IMDH will prepare the mining plan from the PEA and from the results of the sampling program; The first funding phase of the program will include a payment of $350,000 to IMDH by Afri-Can, which is due from the last sampling program on EPL 3403 carried out in December 2012. Afri-Can will also deposit $500,000 with AfrAsia Corporate Finance (Africa) Limited, the first $200,000 of which will be paid to IMDH in order to complete the transfer of ownership of the remaining 80% of the shares of Thyme Investment (PTY) Ltd. (Thyme), the owner of EPL 3403. The balance of $300,000 will serve as a deposit for the funding of the sampling program; Upon payment of the $200,000 to IMDH, Afri-Can will complete the acquisition of all the shares of Thyme and in accordance with the agreement signed with IMDH on September 27th 2010, Afri-Can will issue 9,750,000 of its common shares to IMDH and 3,250,000 of its common shares to BV Investment (PTY) Ltd. Afri-Can will then hold 100% of EPL 3403. Afri-Can's immediate goal is to focus on ML 111's existing resources in order to resume production in the shortest time frame possible. There are also several other features, additional to those containing resources, within the four DFI leases that hold potential for diamond mineralisation but have been insufficiently sampled, and these features will be investigated. The second goal is to complete the sampling program on EPL 3403, which remains a high priority exploration target.


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