Afri-Can, IMDH Sign Charter Agreement (Namibia)

Afri-Can Marine Minerals Corporation has signed a charter agreement for the vessel mv DP The Explorer with International Mining and Dredging Holding Ltd. to carry out a diamond-sampling program on the Exclusive Prospecting Licence 3403 Marine Diamond Concession in Namibia.

The program is expected to start on or about November 25th, 2012, and will last for at least 14 days and extract a minimum of 250 samples.

The priorities of the program are to begin delineation of the diamond potential and inferred resources in targeted areas of the diamondiferous features already identified in the southern portion of EPL 3403. The program will also include some exploratory samples in new target areas delineated by the recent geophysical survey.

The mv DP The Explorer is an efficient, dedicated sampling vessel, which can sample down to depth of 250 metres and extract up to 21 samples per day. The sample size is 5 square metres, and the sampling tool can work through up to 12 metres of overburden.

EPL 3403 covers approximately 800 square kilometres and is adjacent to the 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 (see attached map). ML 47 is the largest marine diamond deposit in the world and is currently producing in excess of 1,100,000 carats per year.

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Press Release, November 6, 2012