Afri-Can Marine Minerals Corporation (TSXV:AFA) and Diamond Fields International Ltd announced an option agreement that enables the Company to acquire a 90% interest in diamond Mining Leases in the region of Luderitz. The option agreement is valid for two years. Mining Lease 111 has a historical resource of 950,000 carats of gem quality diamonds. The Company entered in the option with Woduna Mining Holding (PTY) Ltd, who is their Namibian partner.
As quoted in the press release:
Upon exercise of the option on MLs 111, 138 & 139, the interests in the MLs will be: Afri-Can 80%, DFI 10% and Woduna 10%. Upon exercise of the option on ML 32, the interests in the ML will be Afri-Can 90%, Woduna 10%, DFI 7% and Full Screen Investments (PTY) Ltd 3%.
Afri-Can Marine Minerals Corporation President and CEO, Pierre Léveillé, said:
We are very pleased with this agreement. The DFI portfolio of Mining Leases complements EPL 3403 and offers very good development potential. It will enable us to get a resource base and then start production. We feel that we are sitting on a strong project in a very solid industry.