Afri-Can Begins Survey for Diamonds

Afri-Can Marine Minerals Corporation (TSXV:AFA) is scheduled to begin a geophysical survey on its 3403 marine diamond concession in Namibia on April 28, 2012.

As quoted in the press release:

Afri-Can holds an option to acquire 100% of the shares of Thyme Investments (Pty) Ltd. (“Thyme”), the owner of 100% of EPL 3403. Afri-Can will earn a first 20% in Thyme by issuing 20% of 65 million of its own shares to Thyme and carrying out a geophysical survey. Afri-Can will earn the remaining 80% of Thyme by completing a sampling program and issuing the balance of 80% of the 65 million of its own shares to Thyme.

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), which is the largest marine diamond deposit in the world. ML 47 currently produces in excess of 1,100,000 carats per year.

Click here to read the Afri-Can Marine Minerals Corporation (TSXV:AFA) press release.