Afri-Can Marine Minerals Corp Up, But Off Day Highs on Namibia Update

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Afri-Can Marine Minerals Corporation (AFA.V) and Deep-South Mining ( PTY ) Ltd (a Namibian private company), announced that Teck Cominco Namibia Limited, a wholly owned subsidiary of Teck Resources Limited (TCK-B.TO), has informed Deep-South that it has incurred the required exploration expenditures and payments and has exercised its option to earn a 70% undivided interest in the Haib copper project in Namibia.

AFA is now up 0.5 cents at 6.5 cents, having earlier touched 8 cents.

In order to acquire its 70% interest Teck had until December 31st, 2012 to incur exploration expenditures totaling US$2 million and to incur optional non-cumulative cash payments to Deep South totaling US$700,000 over 4 years. The exploration expenditures were incurred 16 months earlier than required pursuant to the agreement.

The remaining 30% interest in the Haib copper project will be divided equally between Deep-South and Afri-Can, and Afri-Can will exchange its interest in the property for 50% of the common shares of Deep-South. Thereafter, Deep-South will seek a listing for its common shares on a Canadian Exchanges and on the Namibian Stock Exchange. Upon the listing of Deep-South, Afri-Can will transfer its common shares of Deep-South to Afri-Can's common shareholders through a share dividend payment. The exact terms of the listing and dividend payment will be finalized in the coming weeks and will be subject to regulatory approval.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: PTY

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