September 5, 2003, Montreal, Quebec
Press release – for immediate distribution
Symbol: AFA (TSX VENTURE)
Shares outstanding: 72,215,975

AFRI-CAN MARINE MINERALS CORPORATION TO PROCEED
WITH ANOTHER PRIVATE PLACEMENT AGREEMENT

Afri-Can Marine Minerals Corporation ("Afri-Can"), announces that, in addition to the placement of $2.5 million previously announced on August 18, 2003, the corporation will proceed with another private placement agreement totaling $500,000. This additional private placement will comprise a maximum of 2,500,000 units priced at $0.20 per unit. Each unit consists of one share and one-half of one non-transferable warrant. Each full warrant will entitle the holder to purchase one common share at $0.30 for a period of three years from the date of closing. The placement is subject to regulatory approval.

Proceeds from the private placement will be used to further the development of the corporation’s marine diamond concessions. Plans for a sampling program are currently being finalized and details of this program will be released in the coming weeks.

Afri-Can is a Canadian company, actively involved in the acquisition, exploration and development of major marine diamond properties in Namibia. The corporation's large and prospective license holdings, together with its growth strategy, place it among the important participants in the marine diamond business.

The TSX Venture Exchange (TSX) does not accept responsibility for the adequacy or accuracy of this release.
FOR MORE INFORMATION CONTACT:

Pierre Léveillé, President & CEO
Bernard J. Tourillon, Executive V.P. and CFO
John Stella, Investor Relations
TEL: (514) 846-2133 FAX: (514) 846-1435
E-MAIL: This email address is being protected from spambots. You need JavaScript enabled to view it.
WEB SITE: www.afri-can.com

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