Afri-Can to Acquire 20% of EPL 3403 Marine Diamond Concession and Amends Acquisition Agreement
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 11/16/11 -- Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE: AFA) announces that it is exercising its option to acquire 20% of the shares of Thyme Investments (Pty) Ltd. ("Thyme"), the owner of 100% of the Exploration and Prospecting License ("EPL") 3403 marine diamond concession in Namibia. The Thyme share purchase agreement announced on October 12th, 2010, between Afri-Can and International Dredging and Holding Ltd ("IMDH") and BV Investments Four Hundred and Nine (Pty) Ltd. ("BVI"), has been amended as detailed below.
The amendment to the Thyme share purchase agreement and share issuances are subject to regulatory approval.
The technical teams of Afri-Can and IMDH are currently planning the geophysical survey, which will start once the transaction has been approved by authorities. Details of the program will be disclosed to investors in a separate press release.
Mr. Pierre Leveille, President & CEO of Afri-Can, stated that, "We are happy with this amendment which provides better terms for the parties involved. Our previous sampling programme demonstrates the high potential of EPL 3403 and we will now focus on its development in order to unlock value for our shareholders."
EPL 3403 covers approximately 800 square kilometres and is adjacent to and 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), which is the largest marine diamond deposit in the world (see map at the following link ). ML 47 is currently producing in excess of 1,100,000 carats per year.
About Afri-Can Marine Minerals Corporation
Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major 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: 238,524,984
Contacts:
Afri-Can Marine Minerals Corporation
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)
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Unternehmensinformation / Kurzprofil:
Datum: 16.11.2011 - 16:10 Uhr
Sprache: Deutsch
News-ID 88638
Anzahl Zeichen: 0
contact information:
Town:
MONTREAL, QUEBEC
Kategorie:
Mining & Metals
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Die Pressemitteilung mit dem Titel:
"Afri-Can to Acquire 20% of EPL 3403 Marine Diamond Concession and Amends Acquisition Agreement"
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Afri-Can Marine Minerals Corporation (Nachricht senden)
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