Afri-Can options Diamond Field mining leases

Afri-Can Marine Minerals Corporation and Diamond Fields International Ltd has announced an option agreement that enables Afri-Can to acquire a 90% interest in diamond Mining Leases 111, 138, 139 and 32 off the coast of Namibia in Luderitz. Mining Lease 111 hosts a historical resource of 950,000 carats of gem quality diamonds.
The option agreement is valid for 2 years and in order to complete the acquisition, Afri-Can is required to spend $800,000 of exploration expenditures on the Mining Leases before the first year anniversary and an additional $2.5 million of exploration expenditures before the second year anniversary of the option agreement.
Afri-Can entered in the option with its Namibian partner Woduna Mining Holding. Upon exercise of the option on Mining Leases 111, 138 and 139, the interests in the leases will be: Afri-Can 80%, Diamond Field International 10% and Woduna 10%. Upon exercise of the option on Mining Lease 32, the interests in the Mining Lease will be Afri-Can 90%, Woduna 10%, Diamond Field International 7% and Full Screen Investments 3%.
Afri-Can’s technical team is currently reviewing the extensive database and planning work programs. The main goal is to resume production as soon as possible. Some areas will need further exploration such as geophysical surveying and sampling in order to define properly the resource and to establish a definitive mining plan. Afri-Can intends to identify the areas that could resume mining as soon as possible.