AFRICAN QUEEN COMMENCES DRILLING AT NOYEM-NYANFOMAN GOLD PROJECT ON GHANA’S ASHANTI BELT
Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce that it has now commenced its 2012 core drilling program at its Noyem-Nyanfoman Project on Ghana’s Ashanti Belt. The initial phase is planned to be a minimum of 2000 m and will be expanded on a result contingent basis. The drill program is being carried out on behalf of the Company by E-Drilling Ghana Limited and E. Global Drilling Corp., affiliates of Energold Drilling Corp. (TSX.V: EGD). It is being overseen by the Company’s senior technical team, including Dr. Andy Moore (Pr. Sci. Nat.) and Pete Siegfried (M.Sc, MAusIMM), and by personnel from consulting firm Remote Exploration Services of Cape Town, S.A.
The initial holes will range generally from 100 to 200 m in depth, with a view toward: (i) testing and confirming the gold mineralization previously discovered and announced by predecessors of Newmont Mining Corp. on the Noyem A reef on the eastern portion of the concession, where an historic inferred gold resource of approximately 1.1 million oz. au (5.2 million tonnes grading 6.67 g/t au) was established down to a depth of 550 m within reefs of the Tarkwaian conglomerates through exploration including a prior core drilling program during 1996-1997, by Bonsai Gold Holdings (see our PR dated October 19, 2009); and (ii) testing new targets elsewhere on the license area developed through the Company’s own exploration programs over the past 24 months.
According to Irwin Olian, CEO of the Company, “We are excited that drilling is now underway at Noyem-Nyanfoman and look forward to successfully building on the positive results previously achieved by Newmont and its predecessors. We are particularly excited to drill some of the new targets our team has generated away from the historic resource area, as they have the potential to significantly enhance the resource potential of the property.”
The Noyem-Nyanfoman 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 with a stated resource in excess of 8 Million oz Au. 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.
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.
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 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 certain southern African 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.