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RAPAPORT... Afri-Can Marine Minerals Corporation acquired 20 percent of the common shares of Thyme Investments Ltd., the sole owner of the exclusive prospecting license 3403, a marine diamond concession in Namibia, in exchange for common shares. Afri-Can Marine issued 2,437,500 shares to International Mining and Dredging Holding (IMDH) Ltd. and 812,500 shares to BV Investments Four Hundred and Nine (BVI) Ltd., the owners of Thyme Investment. IMDH and BVI will retain an 80 percent stake in Thyme until Afri-Can exercises its option to acquire the remaining shares, which it intends to do after concluding a diamond extraction sample program. The first phase of the sampling program was completed in December with the extraction of 222 samples, leaving an additional 78 samples, according to Afri-Can. Since May 2011, Afri-Can has invested more than $4 million in the sampling programs and one geophysical survey, which resulted in the extraction of 527 samples and the collection of 1,500 line-kilometers of high-definition surveying data. Afri-Can has discovered three deposits and recovered 102 gem-quality diamonds through these programs. Pierre Leveille, the president of Afri-Can, stated, "We are very pleased with the results of this multi-phase exploration program. Results to date lead to resource development as well as eventual trial mining on targeted areas. We feel that we are sitting on a strong project in a very solid industry." The 3403 license covers approximately 800 square kilometers offshore and is adjacent to the north of the Atlantic One Mining Lease, which is owned by Namdeb Diamond Corporation and produces more than 1.1 million carats per year.
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