AFRICAN QUEEN COMMENCES 2011 FIELD 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 commenced the Phase 1 2011 Exploration Program on its Noyem-Nyafoman Prospecting License LVB 10244/1995. The initial work program underway by AQ Ghana Gold Limited, the Company’s operating subsidiary in Ghana (“AQGGL”), covers detailed geological mapping of the license area, with particular attention to the location of all current and historic artisanal mining sites. In addition, the mapping is designed to provide information on the strike extent on the license area of the outcropping Banket Conglomerate which is associated with the known palaeoplacer gold mineralization. Mapping to date has already revealed the existence of a previously undocumented old colonial shaft on the western portion of the license known as Noyem B.
The mapping will be followed by extensive soil sampling, trenching and pitting with particular focus on the hinge zone previously identified on Noyem A and highly prospective areas of Noyem B. In addition, AQGGL has now signed a contract with New Resolution Geophysics of South Africa to carry out an airbourne geophysical survey comprising up to 2370 line km to be flown by helicopter over the license area. All of the foregoing exploration work is designed to identify targets for a core drilling program over the license area contemplated to be undertaken later this year.
The Phase 1 Work Program is being carried out by AQGGL in conjunction with Remote Exploration Services of Cape Town, S.A., under guidance of Michael Kotoka, Senior Geologist and AQGGL’s Country Manager. Overall project supervision is being provided by Senior Consulting Geologist Mr. Pete Siegfried (M.Sc., MAusIMM), a qualified person.
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 are the focus of the 2011 work programs. In fact, no work is planned in 2011 on any areas subject to conflicting small scale claims or licenses.
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. 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.