Afri-Can Marine Announces Positive Pre-Feasibility Study on Mining Lease 111 Off the Coast of Namibia

Afri-Can Marine Minerals Corporation ("Afri-Can") (TSX VENTURE:AFA) has
completed a preliminary study of the feasibility of resuming mining during 2014
on Mining Lease ("ML") 111 situated off the coast of Namibia (see Map 1 and Map
2), for which Afri-Can has an option to acquire an 80% interest from Diamond
Fields Ltd ("DFI"). The Pre-Feasibility Study ("PFS") is based on existing
Probable Diamond Reserves of 319,000 carats, which are estimated from portions
of the Indicated Mineral Resources that were press released on October 1st,
2013. 


A National Instrument 43-101 compliant technical report covering the
Pre-Feasibility Study has been filed on Sedar and can be viewed at:
www.sedar.com or on the web site of Afri-Can at www.afri-can.com.


Pre-Feasibility Study Highlights:



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Afri-Can's share of Net Present Value (NPV) (after tax)     US $20.2 million
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Afri-Can's share of Internal Rate of Return (IRR)                           
(after tax)                                                              31%
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Probable Diamond Reserves                                     319,000 carats
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Average annual production                                     159,500 carats
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Diamond price (projected average)                          US $484 per carat
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Initial Mine Life                                                    2 years
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Salient features of the Pre-Feasibility Study are as follows:



-  Estimated Probable Diamond Reserves of 319,000 carats at an average grade
   of 0.24 carats per square metre are based upon the economically          
   extractable portions of the Indicated Mineral Resources only - and none  
   of the Inferred Resources - that were press released on October 1st,     
   2013. The economic cut-off grade for the project will be 0.126 carats per
   square metre.                                                            
                                                                            
-  Diamond prices are estimated based upon the last sales from ML 111 in    
   2008, escalated by the amount which Namibian diamonds have subsequently  
   risen, adjusted to take into account the different average diamond sizes 
   in each area of ML 111, which gives a weighted average value of $484 per 
   carat.                                                                   
                                                                            
-  The most efficient mining method for ML 111 is the seabed crawler system.
   The joint venture with International Mining and Dredging Holding Ltd     
   (IMDH) announced on December 5th, 2013, will facilitate the charter of   
   the mining vessel m.v. "Ya Toivo", which has an efficient seabed crawler 
   system;                                                                  
                                                                            
-  Vessel operating costs for the first three months are to be funded by    
   Afri-Can and are estimated from reported 2002 operating costs for the    
   same vessel, escalated by the South African inflation rate to 2014. The  
   estimated operating costs of the vessel and equipment are $122,000 per   
   day, which after the first three months of operations, are expected to be
   financed from diamond sales revenue. The Memorandum of Understanding     
   between Afri-Can and IMDH announced on December 5th, 2013, provides for  
   the costs of preparing the vessel for the work to be covered by IMDH.    
   Afri-Can has no requirement for capital expenditure to acquire equipment.
   Afri-Can is committed to fund the vessel's operating costs of $3.7       
   million per month for a maximum of three months, by which time the       
   operations are expected to be cash flow positive.                        
                                                                            
-  Afri-Can's share of the total net earnings before interest and taxes for 
   the two years of initial mine life will amount to an estimated $20.4     
   million (due to corporate losses carry forward, taxes for the first 2    
   years will be zero);                                                     
                                                                            
-  It is anticipated, but not guaranteed, that additions will be made to the
   Probable Reserves by sampling in areas of Inferred Resources, by re-     
   classification of the Reserves because of favourable working attributes  
   or by exploration of areas which potentially contain undiscovered        
   deposits.                                                                



Recommendations of the Pre-Feasibility Study



-  Probable Reserves can be economically mined, and it is recommended that  
   mining operations should commence as soon as practicable;                
                                                                            
-  Sampling should be undertaken in the areas of Inferred Resources to      
   generate more Indicated Resources and thus additional Probable Reserves; 
                                                                            
-  An exploration program should be drawn up with the objective of          
   generating new resources.                                                



Pierre Leveille, President and CEO of Afri-Can, stated that, "We are very
pleased with this Pre-Feasibility Study. It confirms that ML 111 forms a strong
basis for the start of a mining venture that will 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
on a strong project in a very solid industry." 


Afri-Can's immediate goal is to focus on ML 111's existing reserves in order to
resume production in the shortest time frame possible. Afri-Can's technical team
is currently designing a sampling program of up to 800 samples that will serve
to establish mining blocks and mining grades as well as serve to increase some
or all of the Inferred Resources to the Indicated category. A detailed mine plan
will be design upon completion of the sampling program. It is anticipated, but
not guaranteed, that it will be possible to re-classify portions of the new
Indicated Resources as additional Probable Reserves. The schedule for this
program will be communicated to our investors once discussions with IMDH, as per
the Memorandum of Understanding announced on December 5th, 2013, are finalized. 


The Independent PFS was compiled by Richard Foster, B.Sc. (Hons. Geology), Pr.
Sci. Nat., for Afri-Can with inputs from other specialised consultants under the
management of Afri-Can. As per National Instrument 43-101, Mr. Foster is
independent from the corporation. Mr. Foster has over 40 years of direct
experience in the marine diamond exploration and mining industry off the
Namibian coast. He is the Qualified Person who has prepared the NI 43-101
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. 


About ML 111 

Mining Lease 111 lies between 5 and 20 kilometres north of Luderitz, covers 312
square kilometres, and lies in water depths up to 130 metres. 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 recent Afri-Can NI
43-101 report estimated the remaining diamond resources on ML 111 at 413,000
carats as indicated resources and 453,000 carats in the inferred category. The
resources exist in the Marshall Fork, Staple Basin/Conical Beach and Diaz Reef
areas. Diamond Fields International Ltd ("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. DFI ceased
production following the world financial crisis.


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 

Forward-Looking Statements

This press release contains forward-looking statements, which reflect the
Corporation's expectations regarding future growth, results of operations,
performance and business prospects. These forward-looking statements may include
statements that are predictive in nature, or that depend upon or refer to future
events or conditions, and can generally be identified by words such as "may",
"will", "expects", "anticipates", "intends", "plans", "believes", "estimates",
"guidance" or similar expressions. In addition, any statements that refer to
expectations, projections or other characterizations of future events or
circumstances are forward-looking statements. These statements are not
historical facts but instead represent the Corporation's expectations, estimates
and projections regarding future events. 


Forward-looking statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable by the Corporation, are inherently
subject to significant business, economic and competitive uncertainties and
contingencies. Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking statements. Such factors
include, but are not limited to: the future financial or operating performance
of the Corporation and its subsidiaries and its mineral projects; the
anticipated results of exploration activities; the estimation of mineral
resources; the realization of mineral resource estimates; capital, development,
operating and exploration expenditures; costs and timing of the development of
the Corporation's mineral projects; timing of future exploration; requirements
for additional capital; climate conditions; government regulation of mining
operations; anticipated results of economic and technical studies; environmental
matters; receipt of the necessary permits, approvals and licenses in connection
with exploration and development activities; changes in commodity prices;
recruiting and retaining key employees; construction delays; litigation;
competition in the mining industry; reclamation expenses; reliability of
historical exploration work; reliance on historical information acquired by the
Corporation; optimization of technology to be employed by the Corporation; title
disputes or claims and other similar matters.  


If any of the assumptions or estimates made by management prove to be incorrect,
actual results and developments are likely to differ, and may differ materially,
from those expressed or implied by the forward-looking statements contained
herein. Such assumptions include, but are not limited to, the following: that
general business, economic, competitive, political and social uncertainties
remain favorable; that actual results of exploration activities justify further
studies and development of the Corporation's mineral projects; that the future
prices of minerals remain at levels that justify the exploration and future
development and operation of the Corporation's mineral projects; that there is
no failure of plant, equipment or processes to operate as anticipated; that
accidents, labour disputes and other risks of the mining industry do not occur;
that there are no unanticipated delays in obtaining governmental approvals or
financing or in the completion of future studies, development or construction
activities; that the actual costs of exploration and studies remain within
budgeted amounts; that regulatory and legal requirements required for
exploration or development activities do not change in any adverse manner; that
input cost assumptions do not change in any adverse manner, as well as those
factors discussed in the section entitled "Risk Factors" in the Corporation's
Annual Management Analysis and Discussion of the audited Financial Statements
for the year-ended August 2013 found on sedar.com. 


The Corporation disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future events
or otherwise, except as required by applicable law. 


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.


To view the maps associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/Map1_Map2.pdf. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Afri-Can Marine Minerals Corporation
Pierre Leveille
President & CEO
[phone] or TOLL FREE North America: 1 [phone]


Afri-Can Marine Minerals Corporation
Bernard J. Tourillon
Executive V.P. and CFO
[phone] or TOLL FREE North America: 1 [phone]
[phone] (FAX)
[e-mail]
www.afri-can.com