The Conversation (0)
Afri-Can Marine Minerals Corporation (TSXV:AFA) reported that l’Autorité des marchés financiers reviewed Afri-Can’s technical reports called: A Preliminary Feasibility Study of Marine Diamond Mining in Area ML111, Offshore of Luderitz, Namibia dated January 15, 2014 and the report called: The Diamond Resources in Mining Lease Area ML 111, ML 32, ML 138 & ML 139 dated September 27, 2013. AMF has noted issues of non-compliance with the requirements of NI 43-101.
As quoted in the press release:
AMF’s determination of the non-compliance of the technical report rests mainly on the qualified person not having conducted a personal inspection on the off shore marine diamond property allowing for proper validation of the underlying database in support of a mineral resource and mineral reserve estimate. AMF’s determination of the non-compliance of the technical report also rests on the fact that the qualified person should have carried out a sampling program to confirm the data provided by Diamond Fields International Ltd (“DFI”).
… Therefore, at the request of the AMF, these reports will be removed from our web site until completion of new reports correcting the non-compliant items.
In the mean time shareholders and investors are informed that they should not consider these reports as 43-101 compliant, and therefore should not rely on any of the previously disclosed information relating to mineral resources and mineral reserves.
As the option on these properties has lapsed at the end of March 2014, Afri-Can has already written off the expenditures related to these properties in its financial statements dated February 28, 2014 that were released at the end of April 2014.
Click here to read the Afri-Can Marine Minerals Corporation (TSXV:AFA) press release