Afri-Can to Consolidate Shares and Close Financing

Afri-Can Marine Minerals Corporation ("Afri-Can" or the "Corporation") (TSX
VENTURE:AFA) has received conditional approval from the TSX - Venture to close
the $3 million financing announced on April 12th, 2012. In order to proceed with
closing, Afri-Can has initiated procedures to start trading its common shares on
a consolidated basis of four (4) pre-consolidation common shares for each one
(1) post-consolidation common share, as approved at a Special Meeting of
Shareholders held on June 1st, 2012. Once post-consolidation trading commences,
Afri-Can will immediately move to close the financing. 


The Consolidation will reduce the Corporation's 238,524,984 issued and
outstanding common shares to approximately 59,631,246 common shares. The number
and exercise or conversion price of outstanding stock options and warrants will
be proportionately adjusted based upon the 4-for-1 consolidation ratio. The
shares will begin trading on a consolidated basis upon receipt of Stock Exchange
approval. We expect to receive approval and start trading on a consolidated
basis within 10 days. Shareholders will be informed of the exact date one day
prior to the start of trading on a consolidated basis. 


Regarding EPL 3403, geophysical survey analysis and interpretation is well
advanced and an initial report is being prepared. The data's high quality and
resolution enable modeling of the geology, morphology and stratigraphy of the
south end of EPL 3403 in greater detail than previously planned. This is
expected to lead to improved preparation and planning for the second sampling
program and eventual trial mining. The second sampling program schedule will be
finalized after closing of the financing.


About Afri-Can Marine Minerals Corporation 

Afri-Can is a Canadian company, actively involved in the acquisition,
exploration and development of major 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. 


Shares outstanding: 238,524,984

(TSXV:AFA)
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