AFRICAN QUEEN GRANTED PERMITS FOR 2011 WORK PROGRAM AT NOYEM-NYAFOMAN GOLD PROJECT IN GHANA
Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”)is pleased to announce that it has now received the requisite permits for its Phase 1 2011 Exploration Program, including ground exploration work as well as an airbourne geophysical survey, on its Noyem-Nyafoman Prospecting License LVB 10244/1995. The Chief Inspector of Mines has granted AQ Ghana Gold Limited, the Company’s operating subsidiary in Ghana, a Prospecting Permit covering the ground program. The Ghana Civil Aviation Authority has also granted approval for the Company’s planned airbourne geophysical survey comprising up to 2370 line kilometers to be flown by helicopter. Equipment and personnel are presently being mobilized with a view toward commencing work as soon as practicable.
The Noyem-Nyafoman Gold Project. The License currently covers an area of approximately 28.9 sq. km. located within the Birim North District of Ghana’s Eastern Region, approximately 130 km. NW of Accra. It is at the northeastern end of Ghana’s well-known, gold-producing Ashanti Belt, near Newmont’s Akyem deposit which is presently under development for production. In addition to its close proximity to Accra which facilitates access, the Project is bisected in a NE-SW direction by a tarred road. It has long been host to large numbers of artisanal miners and in October, 2008, a shed-off area of 8.98 sq. km. adjacent to the current license area was reserved for small scale mining. There remain issues to be resolved with a number of the local small scale miners near one corner of the license area whose claims may be in conflict with contemplated development of a large scale project, and settlement negotiations are continuing. However, the Company has identified other highly prospective targets on the license area and those areas will be the focus of the 2011 work programs. A core drilling program is planned this year upon completion of the preliminary exploration and targeting work.
The Akan Agreement. The Company’s rights to the Project are subject to an Earn-In and Joint Venture Agreement (the “Akan Agreement”), with Marshall Islands’ private company Akan Exploration Ltd. (“Akan”), under which the Company may earn up to a 75% interest in the Noyem Gold Project by funding prescribed stages from exploration through feasibility. Akan has the right to participate at its election pro-rata after the Company has reached 60% ownership interest by funding all costs through pre-feasibility. The Company is designated as manager and operator of the Project and holds the License on behalf of the joint venture partners, subject to full consultation with Akan on all material aspects of the Project.
The Company is an exploratory resource company with diversified mineral properties in Southern and West Africa. It is exploring its properties in Mozambique, Kenya and Ghana for gold and other metals and it is exploring its properties in Botswana and Namibia for diamonds. The Company’s licenses in Botswana and Namibia comprise approximately 9208 sq km of diamond prospects. In Mozambique it has approximately 230 sq km of gold and other metals licenses under an agreement with another company. In Kenya it has approximately 737 sq. km. of gold and other minerals licenses under agreements with two companies. Its operations in Botswana are carried out through its operating subsidiary, PAM Botswana (Pty) Ltd.; its operations in Namibia are carried out through its operating subsidiary PAM Minerals Namibia (Pty) Ltd.; its operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada and its operations in Ghana are carried out through its subsidiary AQ Ghana Gold Limited. Its operations in Kenya are being carried out through its operating subsidiary AQ Kenya Gold Limited. The Company has its executive offices in Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES, LTD.
Chairman & CEO
For more information, contact:
President and CEO
Phone: (604) 899-0100
Fax: (604) 899-0200
Dubai - +971 55 997 0427
London - +44 (0) 7780 602 788
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.