Afri-Can Closes Final Tranche of Financing for $1.3 Million

Afri-Can Marine Minerals Corporation ("Afri-Can" or the "Corporation") (TSX
VENTURE:AFA) announces that it has closed the third and final tranche of
$1,000,000 of the brokered private placement announced on April 12th and 20th,
2012, through Trinity Assets Management International Ltd. ("Trinity"). The
Corporation also raised an additional $347,976 by way of a non-brokered private
placement. To date, the Corporation has raised aggregate gross proceeds of
$3,783,456 from private placements.


The third tranche of the brokered private placement comprises 6,250,000 units
("Unit") of Afri-Can, at a subscription price of $0.16 per Unit (the "Units").
The Non-Brokered Placement comprises 2,174,850 Units. Each Unit consists of one
(1) common share and one (1) common share purchase warrant ("Warrant") of the
Company. Each full Warrant entitles the holder thereof, during a period of 36
months from the date of closing of the placement, to purchase one (1) Afri-Can
common share at an exercise price of $0.20 per common share. Each security
issued pursuant to the placement has a mandatory four (4) month holding period
from the date of closing of the placement. The Corporation will pay Trinity
Assets Management International Ltd. of Mauritius a finder's fee of $50,000.


Regarding EPL 3403, the geophysical survey analysis and interpretation are well
advanced. The high quality and resolution of the data enables modeling of the
geology, morphology and stratigraphy of the south end of EPL 3403 in greater
detail than previously planned. This is expected to lead to improved preparation
and planning for the second sampling program, and for eventual trial mining to
follow. With the closing of the financing, Afri-Can is now in a position to
negotiate a charter agreement for the vessel MV DP The Explorer in order to
carry out the second sampling program, which will focus on previously identified
diamondiferous depositional areas. Planning of the program is currently underway
and will be disclosed to our shareholders in due course. 


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). Atlantic One, which is the largest marine
diamond deposit in the world and currently produces in excess of 1,100,000
carats per year.


Previous sampling programs by Afri-Can and IMDH in EPL 3403 recovered 117
diamonds. The largest stones weighed 2.69, 1.70 and 1.60 carats. Three
diamondiferous depositional areas were delineated, two of which have an average
diamond size of over 0.50 carats per stone, matching the average size recovered
in the adjacent concessions. 


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: 83,277,864