Canadian company Afri-Can Marine Minerals and International Mining and Dredging Holding will begin a geophysical survey on Exclusive Prospecting Licence 3403 marine diamond concession located in Namibia on April 28, 2012. Thyme Investments owns the Exclusive Prospecting Licence 3403.
Afri-Can Marine Minerals will perform a geophysical survey, which will take approximately 16 days and will cover about 1,400 line-km. The geophysical survey will cover 1, 2 and 3 depositional areas that are defined by prior sampling programs, and also cover 90 km2 in the south end of Exclusive Prospecting Licence 3403. Through this survey, the company intends to model the geology and define the deposits’ boundaries to plan a second sampling phase. Thos sampling phase will provide resource evaluation for successive trial mining.
Additionally, Afri-Can Marine Minerals will purchase 100% of Thyme shares, and will get a 20% stake in Thyme by performing a geophysical survey and by issuing 20% of 65 M of its shares to Thyme. Furthermore, Afri-Can Marine Minerals will receive the remaining 80% of Thyme shares by carrying out a sampling campaign and issuing the remaining 80% of the 65 M of its shares to Thyme.
The Exclusive Prospecting Licence 3403 covers 800 km2 and is located towards north of the Atlantic One Mining Lease 47. This Mining Lease is owned by Namdeb Diamond, a joint partnership between De Beers Centenary and the Government of the Republic of Namibia. De Beers is the largest marine diamond deposit in the globe. Atlantic One Mining Lease 47 generates over 1,100,000 carats per annum.
Furthermore, Mauritius-based Trinity Assets Management International and Afri-Can Marine Minerals have agreed on a brokered private placement through which Trinity Assets will receive 5% of the private placement.