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Afri-Can Marine: 868,000 Carats Historical Diamond Resource on Diamond Fields Mining Lease ML 111 Off the Coast of Namibia

11/09/2013 4:11pm

Marketwired Canada


Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) today
announced that the analysis of the Historical Estimate remaining on Diamond
Fields International Ltd ("DFI") Mining Lease ("ML") 111 (see Map 1 below) is of
868,000 carats of diamonds. The interim report can be consulted on
www.afri-can.com and outlines the techniques and results of the re-estimation of
the Historical Resources (see Map 2 below). Afri-Can is not treating the
Historical Estimate as a current mineral resource. The Historical Estimate
report will be followed by a National Instrument 43-101-compliant resource
estimation technical report, which is in preparation and will be completed and
disclosed, as required, within 45 days.


The Historical Estimate report summary is as follows:



--  The analysis has estimated the remaining Historical Estimate from the
    two following reports: 
    
--  A resource estimate and a feasibility study prepared by MRDI and AGRA-
    Simons in 2000; 
    
--  A resource estimate prepared by SRK Consulting on a small area of ML 111
    called Diaz Prospect 1, in 2006;  
    
--  ML 111 has 3 geological features that host Historical Estimates; 
    
--  Marshall Fork is the main deposit that has seen intermittent production
    between 2001 and 2007, and the Historical Estimate remaining in Marshall
    Fork stands at about 148,000 carats; 
    
--  Diaz Reef has seen some small scale production and the Historical
    Estimate remaining there stands at about 479,000 carats; 
    
--  North Bay is composed of 3 deposits, has never been in production, and
    the Historical Estimate remaining stands at about 241,000 carats. 



The NI 43-101 report in preparation will identify and classify the areas and
will define which will support immediate mining. 


The majority of the areas in Marshall Fork and Diaz Reef had a sample density
(usually sampling on a 50m x 50m grid or closer) that supports the remaining
historical estimates to a high level of confidence, but there are some areas,
plus those in North Bay, in which the sample spacing (typically 200m x 200m) is
too wide to support the revised historical estimates to a confidence level that
would allow immediate mining of those deposits. It is therefore recommended
that, as a priority, fill-in sampling should be carried out in those areas to
increase the confidence in the estimates to a level that would support mining.


Afri-Can is currently in advanced discussions with its contractor in order to
charter vessels that would allow the resumption of mining in targeted areas and
fill-in sampling in other targeted areas.


Afri-Can signed and announced on March 21, 2013 an option agreement with Diamond
Fields International Ltd ("DFI"). The option agreement is valid for 2 years and
in order to complete the acquisition, Afri-Can is required to spend $800,000 of
exploration expenditures on the MLs before the first year anniversary and an
additional $2.5 million of exploration expenditures before the second year
anniversary of the option agreement. Afri-Can entered in the option with its
Namibian partner Woduna Mining Holding (PTY) Ltd ("Woduna"). Upon exercise of
the option on MLs 111, 138 & 139, the interests in the MLs will be: Afri-Can
80%, DFI 10% and Woduna 10%. Upon exercise of the option on ML 32, the interests
in the ML will be Afri-Can 80%, Woduna 10%, DFI 7% and Full Screen Investments
(PTY) Ltd 3%. 


Afri-Can's immediate goal is to focus on ML 111 existing resources in order to
resume production in the shortest time frame possible. In addition there are
several other features, additional to those containing Historical Resources,
within the four DFI leases that hold potential for diamond mineralisation but
have been insufficiently sampled, and these will be developed. The second goal
is to complete the sampling program on EPL 3403, which remains a high priority
exploration target.


About ML 111 

The License 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
resource estimate and a feasibility study were prepared by MRDI and AGRA-Simons
in 2000. The Historical Estimate, which is not compliant with National
Instrument 43-101, amounted to 1.1 million carats with an average grade of 0.30
carats per square metre. The resource existed 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. 


In 2006, SRK Consulting estimated a Historical Estimate on a small area of ML
111 called Diaz Prospect 1 of 63,000 carats over 315,000 square metres with an
average grade of 0.2 carats per square metre. Production to the end of September
2007 amounted to 16,245 carats with an average size of 0.43 carats per stone.
DFI ceased production following the world financial crisis.


Pierre Leveille, President and CEO of Afri-Can, stated that, "We are very
pleased with the conclusions of the report 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."


Richard Foster, B.Sc. (Hons. Geology), Pr. Sci. Nat., is the Qualified Person
who has prepared the Historical Estimate 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. 


Afri-Can is not treating the Historical Estimate as a current mineral resource,
nor has the Qualified Person done sufficient work to classify the Historical
Estimate as current mineral resources or mineral reserves.


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. 


Shares outstanding: 91,527,864 

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.


Map 1 and Map 2 are available at this address :
http://media3.marketwire.com/docs/african_maps_0911.pdf.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Pierre Leveille
President & CEO
(514) 846-2133
TOLL FREE North America: 1 (866) 206-7475
(514) 372-0066 (FAX)
info@afri-can.com


Bernard J. Tourillon
Executive V.P. and CFO
(514) 846-2133
TOLL FREE North America: 1 (866) 206-7475
(514) 372-0066 (FAX)
info@afri-can.com
www.afri-can.com

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