Afri-Can Marine Reaches Agreement for Development and Mining of Diamond Fields Mining Lease 111 and EPL 3403 Off Coast of Namibia
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 12/05/13 -- Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE: AFA) announces 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 (see Map 1).
Salient features of the Memorandum of Understanding are:
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.
Pierre Leveille, President and CEO of Afri-Can, stated that, "We are very pleased with this agreement as it gets us to a level that will allow mining and provide regular development and value for our shareholders. The DFI portfolio of Mining Leases complements EPL 3403 and offers very good development potential. We feel that we are sitting in a strong project in a very solid industry."
About ML 111
ML 111 lies between 5 and 20 kilometres north of Luderitz. It covers 312 square kilometres and sits in water ranging from 30 to 70 metres in depth. ML 111 hosts at least 3 mineralised geological features. The ML was originally granted for a period of 15 years and is renewable on December 4th, 2015. A recent NI 43-101 report estimates 413,000 carats of indicated diamond resources and 453,000 carats of inferred diamond resources remain on ML 111. A portion of the indicated resources, some 255,000 carats grading at 0.30 carats per square metre, will be the first focus for mining development. The company is currently preparing a pre-feasibility study and a PEA on this resource and until the study is completed it is uncertain that the resource will prove to be economic.
The resource exists in the Marshall Fork, Staple Basin/Conical Beach and Diaz Reef areas. DFI produced intermittently between 2001 and 2007 some 158,200 carats, mainly from the Marshall Fork area. Special stones recovered from Marshall Fork included a gem quality 17.42 carat stone, a rare 5.26 carat light blue diamond which sold for US$10,457 per carat, and a 2.45 carat pink gem diamond which sold for US$16,771 per carat. DFI ceased production following the world financial crisis.
About EPL 3403
EPL 3403 covers 800 square kilometres and is adjacent to the Atlantic One deposit (operated by De Beers Marine), which is the world's largest marine diamond deposit with a resource estimated at about 100 million carats. Previous sampling on EPL 3403 by Afri-Can and IMDH discovered 3 diamond deposits and recovered 117 diamonds. The 4 largest diamonds were of 2.69, 1.76, 1.60 and 1.30 carats. Several stones weighed over 0.50 carats. The average diamond sizes found in EPL 3403 are similar to those in adjacent concessions.
Richard Foster, B.Sc. (Hons. Geology), Pr. Sci. Nat., is the Qualified Person who has prepared the NI 43-101 report, reviewed this press release and is responsible for the technical part of this press release, and is the designated Qualified Person under the terms of National Instrument 43-101.
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.
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.
Shares outstanding: 91,527,864
To view Map 1 please click on the following link:
Contacts:
Afri-Can Marine Minerals Corporation
Pierre Leveille, President & CEO
(514) 846-2133
Afri-Can Marine Minerals Corporation
Bernard J. Tourillon, Executive V.P. and CFO
(514) 846-2133
TOLL FREE North America: 1 (866) 206-7475
(514) 372-0066 (FAX)
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Datum: 05.12.2013 - 14:58 Uhr
Sprache: Deutsch
News-ID 322665
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contact information:
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MONTREAL, QUEBEC
Kategorie:
Mining & Metals
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