Afri-Can Marine Minerals Corporation has received conditional approval to acquire the shares of Thyme Investment Ltd, which owns Namibia's EPL 3403 marine diamond concession, the diamond company has announced.

EPL 3403 is adjacent to the Atlantic One Mining Lease, the world's largest marine diamond site, which extends over 800 square kilometers and produces over 1.1 million carats of rough diamonds annually. Atlantic One is owned by Namdeb, a joint partnership between the Namibian government and De Beers.

Afri-Can's acquisition of Thyme must be approved by the company's shareholders by January 26, 2011. Once the transaction is completed, sampling for diamonds at EPL 3403 will commence.