$4.2 million joint venture formed

Toronto, Ontario - Wednesday, June 26, 2002, 9:02 AM EDT

Marine Mining Corp. (Marine) is pleased to announce the formation of a strategic alliance with J.C. Duff Limited to develop a portion of Marine's 10,000 km2 concession off the coast of Ghana, West Africa.

Under the terms of an agreement, J.C. Duff Limited has agreed to form a new company, Marine Sand and Gravel (MSG), that will take down a staged $450,000 private placement of units in Marine at $0.30 per unit. Each unit consists of a common share of Marine and a share purchase warrant to acquire an additional common share, exercisable at $0.45 per share for a 12 month period from the date of issuance.

In addition, the parties have agreed to create a joint venture to develop a combined aggregate operation and precious metals recovery operation on a portion of the concession near Takoradi, a major port city considered to be a prime end-user market for aggregate products. Marine Sand and Gravel has agreed to a $700,000 earn-in. The joint venture anticipates establishing a pilot project at a preliminary estimated cost of $4.2 million within two years of permitting and is currently reviewing marine and related equipment needs.

Marine Mining Corp. is a junior exploration company, exploring for precious metals, industrial minerals and aggregates on its marine concession in Ghana. There are presently 28,583,272 shares issued and outstanding. J. C. Duff Limited is a longstanding privately held aggregate producer and is a founding member of the Aggregate Producers' Association of Ontario (APAO).

Ghana is a stable, democratic, rapidly growing West African country that plans to double its per capita income by the end of this decade. There is currently a strong focus on development of Ghana's infrastructure through a program of road building and other measures.

For further information, we direct you to the Marine Mining Corp. web site at www.marinemining.com and J. C. Duff Limited's website at www.jcduff.com.

Marine Mining Corp. Tel: (416) 421-2277 Fax: (416) 421-0949. E-MAIL: info@marinemining.com