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Afri-Can Marine Signs With IDMH to Develop Mining Leases
ML 111, EPL 3403 Hold 'Great Potential'
Dec 5, 2013 5:13 PM
By Brian Bossetta
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RAPAPORT... Afri-Can Marine Minerals Inc., which targets underwater diamond
deposits, reached an agreement with International
Mining and Dredging Holding (IDMH) Ltd. to develop two leases off the coast of Namibia,
both of which, according to the company, hold great potential.
“We are very pleased with this agreement as it gets us to a
level that will allow mining and provide regular development and value for our
shareholders,” said Pierre Leveille, Afri-Can's president and CEO.
The first lease, ML 111, located just north of Luderitiz in
southwest Namibia, covers 312 square kilometers and sits between 30 and 70 meters in ocean depth. According to Afri-Can, a recent report
estimates the lease to hold 413,000 carats of indicated diamond resources and
453,000 carats of inferred diamond resources.
EPL 3403, the second lease, covers 800 square kilometers and
is adjacent to the largest marine diamond mine in the world, Atlantic One,
which holds an estimated resource of 100 million carats. Afri-Can discovered three
diamond deposits and recovered 117 diamonds from EPL 3403 in a previous
sampling.
“We feel that we are sitting in a strong project in a very
solid industry,” Leveille said.
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Tags:
Afri-Can, Brian Bossetta, diamonds, marine, mining, Namibia
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