TERM OF EXPLORATION LICENSE EXTENDED TWO YEARS AT AFRICAN QUEEN’S ODUNDU PROPERTY IN KENYA’S RONGO GOLD FIELDS
Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”)is pleased to announce that the Mines and Geological Department of the Republic of Kenya has now renewed Special License No. 287 (the “License”), granted to the Company’s joint venture partner Abba Mining Company Limited (“Abba”), for a further period of two years to January 22, 2014. The original license was issued to Abba on January 22, 2010, for an initial term of two years. In addition, the boundaries of the License were varied to effectuate the settlement agreement entered into by Abba and B & M Mining Company Limited (see Press Release dated February 3, 2012), by reducing the area covered by the License by 15 sq. km to 97 sq. km.
Renewal and variation of the License now permits the Company to move forward with its drilling and exploration programs at Odundu for the next two years. As recently announced (Press Release dated April 16, 2012), Kenya-based Akili Minerals Services Limited has commenced the Company’s initial reconnaissance core drilling program of approximately 2000 m at the Odundu property in Southwest Kenya’s Rongo Gold Fields. The Company previously completed a comprehensive program of regional exploration including mapping, sampling trenching and ground and airbourne geophysics on the property.
The Odundu property covers an area of approximately 97 sq. km in the Kanango gold mining area of the Migori District of Nyanza Province in Southwest Kenya near Lake Victoria. The Project is situated some 380 km. by road from the capital city of Nairobi and 60 km. N of the border with Tanzania, forming part of the rich Lake Victoria Greenstone Belt extending from Tanzania and hosting known world-class gold deposits including African Barrick Gold’s Bulyanhulu and North Mara Mines, within approximately 100 km. of the Project, and AngloGold Ashanti’s Geita Mine.
The Company’s rights to the Project arise from an Earn-In and Joint Venture Agreement with Kenyan-based Abba Mining Company (“Abba”), under which the Company may earn up to an 85% interest in the Project by funding prescribed optional stages from exploration through feasibility. The Company is designated as manager and operator of the Project on behalf of the joint venture partners. The Project is being managed on behalf of the Company on-site by Senior Exploration Geologist Mike Othitis, P.Geol. AI, MA, Bsc. General Project oversight is being provided by Senior Consulting Geologist Pete Siegfried (M.Sc, MAusIMM).
According to Irwin Olian, CEO of the Company, “We are delighted to have the full support of the Kenya Mines and Geological Department for our Odundu project and other exploration projects in Kenya.”
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.