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Afri-Can Marine Reports Sampling Results from Namibia

May 10, 2011 5:40 PM   By Ricci Dipshan
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RAPAPORT... Afri-Can Marine Minerals  summarized the results of its recent  sampling program from its marine diamond concession off the coast of Namibia in which it recovered 84 diamonds. The four largest diamonds weighed 1.60, 1.30, 1.15 and 1.15 carats and 15 diamonds, or 18 percent of the total, each weighed better than 0.5 carats. Significantly, the largest diamond weighing 1.60 carat was recovered with two other diamonds weighing  0.55 and 0.10 carats, indicating potential concentration of large diamonds. The average size of the diamonds is similar to those found on concessions nearby, the company stated.

Afri-Can Marine is planning the next exploration phase, which will include a geophysical survey to start as soon as possible in order to start delineating inferred resources.

Pierre Leveille, president of Afri-Can Marine, said,  "The results of this first sampling phase have exceeded our expectations. Our diamonds' size is in line with attractive regional average diamond sizes and we have found at least three deposits. In addition, the diamond market is very robust and has seen an increase of 30 percent in rough diamond prices in 2010. Namdeb increased production by 58 percent to almost 1.5 million carats last year at a selling price over $500 per carat. We expect the diamond market will remain robust for many years as demand surpasses supply and new diamond mining projects are few. We feel that we are sitting on a strong project in a very solid industry."

Tags: Afri-Can, diamonds, minerals, Namibia, Ricci Dipshan
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