AFRICAN QUEEN APPOINTS MARK LOTZ AS NEW CFO AND DIRECTOR
Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce that Mr. Mark Lotz, C.A., has been appointed to serve as the new Chief Financial Officer of the Company and as a Director, replacing Ms. Limor Rubin, C.A. Ms. Rubin has resigned as CFO and as a Director in order to pursue other professional and personal interests as she relocates overseas with her family. She will remain as a Financial Consultant for the Company for a period of one year.
In connection with the appointment of Mr. Lotz as CFO and as a Director, the Company has granted him incentive stock options, subject to any necessary regulatory approvals, to purchase up to 150,000 shares of its Common Stock. The options are exercisable for a term of three years at a price of CAD $0.35 per share.
Mr. Lotz holds a Bachelor’s degree in Business Administration with a joint major in Economics. He is a Canadian Chartered Accountant with 17 years of post-qualification experience, most of which has been in the minerals industry and minerals related securities business. Mr. Lotz has held CFO and other senior financial positions with several well-known mining and exploration companies. He has also served as a senior executive officer for two well-known Vancouver based securities firms. Prior to that, he served as a financial compliance officer for the Vancouver Stock exchange, following four years as a Senior Auditor with Coopers and Lybrand, focusing on the mining and tax sectors.
According to Mr. Irwin Olian, CEO of the Company, “We are delighted to welcome Mark Lotz as our new CFO and as a Director. His experience and qualifications will be invaluable to African Queen as we continue to expand the Company in the future. At the same time, we want to express our gratitude to Limor Rubin, for her five years of dedicated service and many contributions to our growth. We wish her every success in her new pursuits overseas.”
The Company is an exploratory resource company with diversified mineral properties in Southern, East and West Africa. It is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals. In Mozambique the Company has approximately 230 sq. km. under license for gold and metals under an agreement with another company. In Ghana it has 28.9 sq. km. under license for gold. In Kenya it has approximately 850 sq. km. under license for gold and metals, and a further 737 sq. km. of gold and other minerals licenses under agreements with two other companies. The Company’s licenses in Botswana comprise approximately 2890 sq. km. of diamond prospects. The Company’s 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. 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. The Company has its executive offices in Vancouver, Canada. The Company was incorporated under the laws of the Province of British Columbia, Canada on April 30, 2008 and received the southern African net assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd.
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
Germany - +49 (0) 21141 740411
U.K. - +44 (0) 870 490 5443
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.