Afri-Can Marine Explains Goals of Diamond Sampling Program and Extends Share Purchase Warrants
MONTREAL, QUEBEC--(Marketwire - May 10, 2010) - Afri-Can Marine Minerals Corporation ("Afri-Can")(TSX VENTURE:AFA) today described the objectives of the sampling program presently underway on its 70%-owned Block J marine diamond concession in Namibia. The mineralised areas of Block J amount to about 41.7 sq.km. In a NI 43-101 report dated 30thMarch 2008, a potential diamond content of between 700,000 carats and 1.8 million carats was declared in 12.3 sq.km (29%) of the mineralized areas (see press release dated April 21, 2008), leaving 29.4 sq.km undeclared. The attached map titled EPL 2499 (Block J) Potential Diamond Content shows the location of these areas.
The goals of the current sampling program are to transform parts of the area of declared potential, and parts of the undeclared areas, into an inferred resource, and to declare a new potential for the remaining mineralized areas that are not covered by this sampling program. In order to attain these goals, the current sampling program is designed in a grid pattern, mostly spaced 200m x 400m, but with some samples more closely spaced. The size of each sample is 5 sq.m.
The current program covers Features 6, 8, 17 and 19 and comprises a total of 332 samples. Of these, 271 are sited within delineated targets covering 19.6 sq.km. The remaining 61 samples are designed to test geological formations that are thought to be potentially diamond bearing, but these will not generate inferred resources during this program of sampling. Specific goals of the current program are to:
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Transform into an inferred resource, partially or totally, those parts of the declared potential that lie within Features 8, 17 and 19. These cover an area of 9.3 sq.km, forming most of Feature 8 and portions of Features 17 and 19. The declared potential was of between 700,000 carats at 0.053 carats per sq.m. and 1.8 million carats at 0.146 carats per sq.m. Accounting 20% of the best used to compensate for inadequate sampler performance.
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Generate inferred resources in those parts of the area of undeclared potential that lie within the four Features, which is an area covering 10.3 sq.km. Thus the total area to be transformed into inferred resource is 19.6 sq.km, which represents 47% of the total mineralized area of about 41.7 sq.km. (http://media3.marketwire.com/docs/afaa0510.pdf).
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Estimate a revised potential for those portions of the declared potential and undeclared potential areas that lie outside the Features covered by the current program. These together amount to about 22.1 sq.km, and in order to develop that revised potential into inferred resources, detailed geophysical surveys and a further evaluation sampling program will be designed immediately after the current program.
The aim of the complete surveying and sampling program is to delineate diamond resources on Block J in compliance with National Instrument 43-101.
Further to the delineation of an inferred resource, a second sampling and/or trial mining program will be designed in order to upgrade the inferred resource into an indicated resource and commence the delineation of mining blocks.
Statements of potential quantity are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Mr. Richard W. Foster is responsible for the technical part of this press release and is the designated Qualified Person under the terms of National Instrument 43-101.
On another matter, as the start of the current sampling program has been delayed from February 14th, 2010 to April 24th, 2010, Afri-Can's Board of Directors, by a resolution adopted on May 7th, 2010, has authorized the extension until August 15th, 2010, of the 12,500,000 share purchase warrants expiring on June 15th, 2010, exercisable at $0.20. These warrants were issued to International Mining and Dredging Holding Ltd in the agreement approved on January 21st, 2010. For more information, please see Afri-Can's press release dated January 21st, 2010. As of today, none of these purchase warrants has been exercised. The extension is subject to the approval of regulatory authorities.
Investors are invited to visit the Afri-Can Marine Minerals IR Hub at http://agoracom.com/ir/Afri-Can where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to AFA@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
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 unexplored prospective territories.
This press release contains certain "forward-looking statements," as identified in the Afri-Can's periodic fillings 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.
Shares outstanding: 177,887,484
The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release.