FOR: AFRI-CAN MARINE MINERALS CORP.
TSX VENTURE SYMBOL: AFA
JANUARY 27, 2004 - 11:03 ET
Afri-Can Marine Minerals Corp. Acquires a 75% Undivided
Interest in 49 Known Kimberlite Pipes in South-Central
Namibia
MONTREAL, QUEBEC--Afri-Can Marine Minerals Corp. ("Afri-Can"), is
pleased to announce that it has agreed to acquire a 75% undivided
interest in four exploration licenses (EPLs) situated north-east
of Gibeon in South-Central Namibia from Deep South Mining (PTY)
Ltd and South-End Mining Corporation (PTY) Ltd. In terms of the
agreement, Afri-Can will acquire the interest in the EPLs for a
total cash payment of N $400,000 (CDN $72,000) combined with the
issuance of 400,000 shares of Afri-Can.
Forty-nine known kimberlitic pipes are located on a concession
area measuring 4,000 sq. km. Recent reassessment of existing
exploration data by the "Geological Survey of Namibia" now place
the boundary of the "Kalahari Craton" west of Gibeon instead of
western Botswana where it was originally believed to be located,
thus greatly enhancing the diamond prospectivity of the Gibeon
kimberlite field. The recent discovery in the area of a 200 meter
deep shaft operated in the early 20thcentury by German
prospectors and of some old German prospecting data, confirm the
fact that diamonds were recovered during that period.
It is probable that the Gibeon area and the region to the
north-east of Gibeon was drained by the Tsauchab River during the
late Cretaceous, and that this river system was most probably the
source of the 594,000 carats of diamonds which were mined to the
north of the mouth of the Tsauchab River by German operators in
the early 20th century. This same river system could also be the
source for some of the diamonds discovered on Afri-Can's "Block
J" marine concession area, thus enhancing the supply of diamonds
brought northwards from the Orange River. These stones might also
be expected to be larger than stones that transport models
calculate, that might have been carried to Block J from a more
southerly origin.
The work programme on the EPLs, which will commence in the
southern winter, will include a review of historical data,
detailed mapping of the area, which will include the search for
additional kimberlites, and the location of the precise position
of the Cratonic boundary, together with a reclassification of the
known kimberlite pipes. Details concerning the exploration
programmes will be made public once the planning phase is
completed.
The agreement to purchase the EPLs is conditional upon approval
by Canadian and Namibian regulatory authorities.
Afri-Can is a Canadian company, actively involved in the
acquisition, exploration and develop-ment of major marine diamond
properties in Namibia. The corporation's large and prospective
license holdings, together with its growth strategy, place it
among the important participants in the marine diamond business.
Shares outstanding: 75,715,975
