Afri-Can Marine Minerals Corporation Trading Halt and Resignation of Executives and Directors

Montreal, Quebec / ACCESSWIRE / January 5, 2015 / Afri-Can Marine Minerals Corporation ("Afri-Can" or "Corporation" or "company") today announced that due to lack of funding, the Corporation is late in filling its annual Audited Financial Statements, which were required to be filed on SEDAR at the latest by December 29th, 2014. Therefore, at the request of L'autorite des Marches Financiers ("AMF"), the TSX Venture Exchange has halted trading in the shares of Afri-Can until the Corporation is able to remedy to the situation and file its annual Audited Financial Statements.

Management has been in discussions with some of Afri-Can's largest shareholders in order to resolve the financial situation of the company. One of the parties involved in these discussions is International Mining and Dredging Holdings Ltd ("IMDH") which was the main contractor providing exploration services to Afri-Can. IMDH is a large shareholder and creditor of the Corporation. As discussions have not yet been conclusive, Mr. Pierre Leveille has resigned as President and Chief Executive Officer and Mr. Bernard Tourillon has resigned as Chief Financial Officer, Corporate Secretary and Director of the Corporation. Mr. Michael Brown and Mr. Andre Thibault have resigned from the Board of Directors of the Corporation.

The financial situation of the Corporation has been challenging for the past twelve months. Weak financial markets in the mining and exploration sectors have been detrimental to the Corporation's funding efforts, as has the relationship with our marine contractor. Afri-Can's participation in the marine diamond industry had been based on good working relations with the only contractor available to carry out the work needed to develop marine diamond projects. Over the last two years, however, co-operation from IMDH diminished to a point where, today, it is impossible for Afri-Can to plan project development and thereby obtain funding to support such programs.

On another matter, Afri-Can has notified Deep-South Mining Company (PTY) Ltd ("Deep-South") that it will not exercise its option to acquire half of Deep-South's share capital. Deep-South holds a 30% interest in the Haib copper project in Namibia. The option stipulates that Afri-Can holds the right to acquire 50% of the share capital of Deep-South in consideration for seeking and completing the listing of Deep-South's shares on a recognized Stock Exchange. If Afri-Can exercised its option, Afri-Can would be required to support 50% of a loan due to Teck Namibia (PTY) Ltd in the amount of $400,000 and participate to the extent of 15% of the Haib project exploration expenditures. Based on current financial markets and the current financial position of Afri-Can, it was impossible for Afri-Can to exercise the option.

Afri-Can will retain its original rights in Haib. These rights are 50% of a 12% Net Profit Royalty that will transpire only if Deep-South's interest is diluted to less than 20% of the Haib project, and the right to 50% of a US$1 million production bonus upon commencement of commercial production at Haib.

About Afri-Can Marine Minerals Corporation

Afri-Can is a Canadian company involved in the acquisition, exploration and development of major mineral properties in Namibia. Afri-Can's creative and scientific approach targets large marine diamond deposits in prospective territories.

This press release contains certain "forward-looking statements," as identified in the Afri-Can's periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR MORE INFORMATION CONTACT:

Pierre Leveille, Director;

E-MAIL: info@afri-can.com

SOURCE: Afri-Can Marine Minerals Corporation