News & Articles >AFRICAN QUEEN MINES ENTERS INTO AGREEMENT TO ACQUIRE YELLOWJACKET GOLD PROJECT IN BRITISH COLUMBIA
News & Articles

June 25, 2015

AFRICAN QUEEN MINES ENTERS INTO AGREEMENT TO ACQUIRE YELLOWJACKET GOLD PROJECT IN BRITISH COLUMBIA

Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”)is pleased to announce that it has now entered into a binding Letter of Intent with Athabasca Nuclear Corporation (TSX-V: ASC) (“Athabasca”) to acquire the Yellowjacket Gold Project in British Columbia (the “Project”). The Project includes all mineral rights, claims and leases comprising the Project, all equipment located thereon and any reclamation bond associated therewith.

The Project encompasses 23 mineral claims and leases covering an area of approximately 55 sq. km located 9 km East of Atlin, B.C. It includes a permitted mining operation with both hard rock and placer exploration targets.

Pursuant to the terms of the proposed transaction and upon closing, the Company shall pay Athabasca a cash payment of CAD $150,000; and shall issue to Athabasca two million Share Purchase Warrants to purchase Common Shares of the Company for a term of three years from closing, of which one million of said Warrants shall be exercisable at a price of $0.05 per Common Share and one million of said Warrants shall be exercisable at a price of $0.10 per Common Share.

In addition to the foregoing, the Company shall make the following further payments to Athabasca on a contingent basis: (i) 50% of the net proceeds of any equipment sold from the Project (after accounting for any sales agent or broker commissions or bona fide third party sales expenses) within five years from closing if an arm’s length sales agent or broker is used; or 40% of the gross proceeds of any equipment sold from the Project within five years from closing if the equipment is marketed or sold directly by the Company; and (ii) in the event the Project is reclaimed within five years from closing, a one-time payment of $100,000.

The transaction is subject to certain conditions and regulatory approvals, including approval by the TSX Venture Exchange, execution of formal documentation and a due diligence provision. Closing of the transaction is expected to occur on or before July 30, 2015.

Management of the Company views the proposed acquisition of the Yellowjacket Gold Project as a value-added transaction which will give the shareholders of the Company diversification into North America, whilst the Company continues with efforts to realize value from its projects in Kenya.

About African Queen

The Company is an exploratory resource company with diversified mineral properties in East Africa. It is exploring its properties in Kenya for gold and other metals, where it has approximately 737 sq. km. of gold and other minerals licenses under agreements with two other companies. Its operations in Kenya are carried out through its operating subsidiary AQ Kenya Gold Limited. 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.

“Irwin Olian”
Irwin Olian
Chairman & CEO

For more information, contact:

Irwin Olian
President and CEO
E-mail: tigertail@africanqueenmines.com
Phone: (604) 899-0100
Fax: (604) 899-0200

Carrie Howes
Corporate Communications
Email: carrie@africanqueenmines.com
Phone:
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.

 

Press Release Archive
11/13/17 - AFRICAN QUEEN MINES REPORTS RESULTS FROM ITS DRILLING PROGRAM AT GOLD RUN PROSPECT IN ATLIN, BC 09/18/17 - AFRICAN QUEEN MINES COMMENCES DIAMOND DRILLING AT GOLD RUN PROSPECT AT ITS YELLOWJACKET GOLD PROJECT 09/08/17 - AFRICAN QUEEN MINES TARGETS GOLD RUN PROSPECT FOR DRILLING AT YELLOWJACKET GOLD PROJECT 08/25/17 - AFRICAN QUEEN CLOSES $60,010 FIRST TRANCHE OF FLOW-THROUGH PRIVATE PLACEMENT 08/14/17 - AFRICAN QUEEN MINES RECEIVES MINES ACT PERMIT FOR FURTHER EXPLORATION AND DRILLING AT YELLOWJACKET GOLD PROJECT 06/12/17 - AFRICAN QUEEN CLOSES $601,220 PRIVATE PLACEMENT 05/17/17 - AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENTS 05/09/17 - AFRICAN QUEEN MINES COMMENCES 2017 WORK PROGRAM AT ITS YELLOWJACKET GOLD PROJECT 02/16/17 - AFRICAN QUEEN MINES CONCLUDES NEW AGREEMENTS FOR PLACER MINING OPERATIONS AT YELLOWJACKET GOLD MINE THIS SEASON 02/01/17 - B.C. GEOLOGICAL SURVEY REPORTS NEW LODE GOLD DISCOVERY IN ATLIN DISTRICT; AFRICAN QUEEN SEES THE REPORT AS VALIDATING ITS PROPERTY ACQUISITION AND EXPLORATION PROGRAMS 01/18/17 - AFRICAN QUEEN ADDS FURTHER ATLIN DISTRICT MINERAL TENURES COVERING THE HISTORIC PICTOU AND GOLDEN VIEW SHOWINGS 12/23/16 - AFRICAN QUEEN MINES CLOSES $252,000 PRIVATE PLACEMENT 10/05/16 -AFRICAN QUEEN ACHIEVES IMPORTANT ADVANCES IN ITS YELLOWJACKET GOLD PROJECT DURING SUMMER 2016 WORK PROGRAM 09/28/16 -INITIAL DIAMOND DRILLING BY AFRICAN QUEEN AT YELLOWJACKET GOLD PROJECT CONFIRMS DOWN-DIP CONTINUATION OF GOLD MINERALIZED ZONE; RESULTS INCLUDE 37.1 G/T AU OVER 1.08 M 09/21/16 -AFRICAN QUEEN ADDS MINERAL TENURES COVERING TWO FURTHER KEY AREAS IN ATLIN DISTRICT 09/06/16 -AFRICAN QUEEN FURTHER EXPANDS LAND POSITION SOUTH OF YELLOWJACKET GOLD PROJECT 07/25/16 -DRILLING COMMENCES ON AFRICAN QUEEN’S YELLOWJACKET GOLD PROJECT 07/11/16 -DR. REINHARD RAMDOHR TAKES REINS OF AFRICAN QUEEN’S YELLOWJACKET GOLD PROJECT 07/06/16 -PLACER MINING OPERATIONS COMMENCE AT AFRICAN QUEEN’S YELLOWJACKET GOLD PROJECT 06/27/16 -AFRICAN QUEEN CLOSES $450,000 PRIVATE PLACEMENT 06/21/16 -AFRICAN QUEEN CEO TO PRESENT AT RICHMOND CLUB LUNCHEON ON JUNE 22, 2016 06/17/16 -AFRICAN QUEEN MINES EXPANDS LAND POSITION IN ATLIN DISTRICT WITH STRATEGIC CLAIMS ACQUISITION 05/31/16 -AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT 05/20/16 -AFRICAN QUEEN MINES COMMENCES 2016 EXPLORATION PROGRAM AT YELLOWJACKET GOLD PROJECT WITH DRONE AERIAL SURVEY  02/16/16 -AFRICAN QUEEN MINES CONCLUDES AGREEMENT WITH NORRIS FOR PLACER MINING OPERATIONS AT YELLOWJACKET GOLD MINE 12/8/15 -AFRICAN QUEEN DROPS KENYAN OPERATIONS INCLUDING ODUNDU PROJECT 11/17/15 -AFRICAN QUEEN MINES PRESENTING AT CHICAGO NATURAL RESOURCE AND TECHNOLOGY EXPO ON NOVEMBER 20, 2015 10/22/15 -AFRICAN QUEEN MINES RECIEVES MINING PERMIT FOR YELLOWJACKET GOLD PROJECT 10/14/15 -AFRICAN QUEEN MINES HIRES FIONNUALA DEVINE TO OVERSEE YELLOWJACKET GOLD PROJECT 10/1/15 -AFRICAN QUEEN MINES ACQUIRES ADDITIONAL GROUND AT YELLOWJACKET GOLD PROJECT IN BRITISH COLUMBIA  08/11/15 -AFRICAN QUEEN MINES COMPLETES ACQUISITION OF YELLOWJACKET GOLD PROJECT IN BRITISH COLUMBIA  08/05/15 - AFRICAN QUEEN MINES SIGNS FORMAL ASSET PURCHASE AGREEMENT TO ACQUIRE YELLOWJACKET GOLD PROJECT IN BRITISH COLUMBIA  06/25/15 - AFRICAN QUEEN MINES ENTERS INTO AGREEMENT TO ACQUIRE YELLOWJACKET GOLD PROJECT IN BRITISH COLUMBIA 01/27/15 - AFRICAN QUEEN CLOSES SALES OF GHANA SUBSIDIARY AND ASSETS 09/16/14 - AFRICAN QUEEN ENTERS INTO CONDITIONAL AGREEMENT COVERING SALE OF ITS GHANA ASSETS 07/31/14 - AFRICAN QUEEN AND XORTX PHARMA TERMINATE PROPOSED MERGER TRANSACTION 07/07/14 - African Queen Updates Status of Acquisition of XORTX Pharma Corp. 06/04/14 - African Queen Closes $50,000 First Tranche of Private Placement 06/03/14 - African Queen Announces Private Placement 03/04/14 - AFRICAN QUEEN TO ACQUIRE XORTX PHARMA CORP. 10/10/13 - African Queen Closes $300,415 First Tranche Of Private Placement 10/02/13 - African Queen Announces Private Placement 08/07/13 - African Queen Files Application to Extend Warrants 05/28/13 - African Queen Grants Stock Options 03/25/13 - 2013 Field Exploration Program Commences at African Queen's Ugunja Gold Project in Kenya's Lakeland District 01/14/13 - Exploration License for African Queen's Noyem-Nyanfoman Gold Project on Ghana's Ashanti Belt Expaanded and Renewed for Two Years 01/02/13 - Initial Core Drill Results at African Queen Mines' Odundu Project in Kenya Reveal Extensive Zone of Near-Surface Gold-Bearing Mineralization 12/17/12 - African Queen Cuts Expenses and Streamlines Project Portfolio; Drops Mozambique Operations Including King Soloman Project 12/03/12 - African Queen Announces Closes First Tranche of Private Placement 11/23/12 - African Queen Announces Private Placement 11/13/12 - Initial Core Drill Results at African Queen's Noyem-Nyanfoman Gold Project on Ghana's Ashanti Belt are Consistent with Historic Results and Confirm Potential 10/26/12 - Continuing Field Work at African Queen's Ugunga Gold Projetc in Kenya's Lakeland District Generates 4 New Targets 10/19/12 - Rich Radez Joins African Queen Mines as Senior Financial Consultant 10/16/12 - African Barrick Gold Acquiring Interests in Ground Adjacent to African Queen's Uginja Gold Project in West Kenya 09/21/12 - African Queen Mines Contributes to Local Community at its Odundu Property in Kenya's Rongo Gold Fields 08/02/12 - Field Work at African Queen's Ugunja Gold Project in Kenya's Lakeland District Generates Strong Targets; Visible Gold Encountered 07/11/12 - African Queen Encounters Broad Zones of Mineralization at its Odundu Property in Kenya's Rongo Gold Fields 04/25/12 - Term of Exploration License Extended Two Years at African Queen's Odundu Property in Kenya's Rongo Gold Fields 04/17/12 - African Queen Appoints Jennifer Todhunter as New CFO and Director 04/16/12 - Core Drilling Commences at African Queen's Odundu Property in Kenya's Rongo Gold Fields 04/03/12 - African Queen Mine Secures Driller for its Odundu Property in Kenya; Mobilization Underway 03/30/12 - African Queen Closes Second Tranche of $2.417 Million Private Placement 03/16/12 - African Queen $1.7 Million First Tranche of Private Placement 03/06/12 - African Queen Announces Private Placement 02/22/12 - African Queen Commences Drilling at Noyem-Nyanfoman Gold Project on Ghana's Ashanti Gold Belt 02/16/12 - Favorable Exploration Results at African Queen's Odundu Prospect In Kenya Point to Highly Prospective Drill Targets for Upcoming Program 02/03/12 - Legal Settlement Process Successfully Completed at African Queen's Rongo Gold Fields Project in Kenya 01/19/12 - African Queen Secures Driller for Noyem-Nyanfoman Project on Ghana's Ashanti Belt; February Date Set 01/06/12 - African Queen Reports Results From 2011 Reconnaissance Drill Program at King Solomon Focusing on New Targets and Step-Outs form Mankombiti Zone 12/30/11 - African Queen Sets Drilling Plans for Ghana and Kenya Gold Properties; Abandons Two Diamond Prospects 11/28/11 - Kenyan Partners of Linear Metals and African Queen Mines Settle Kenya Property Dispute 09/13/11 -AFRICAN QUEEN ACHIEVES BREAKTHROUGH IN SETTLEMENT NEGOTIATIONS AT NOYEM-NYANFOMAN PROJECT; 12 MORE KEY SMALL SCALE LICENSES RELINQUISHED 08/26/11 -AFRICAN QUEEN APPOINTS MARK LOTZ AS NEW CFO AND DIRECTOR 08/26/11 -AFRICAN QUEEN APPOINTS JENNIFER TODHUNTER AS VP FINANCIAL ADMINISTRATION 08/08/11 -AFRICAN QUEEN CLOSES $2.4 MILLION PRIVATE PLACEMENT 07/27/11 -SETTLEMENT PROCESS PROGRESSING AT AFRICAN QUEEN’S NOYEM-NYANFOMAN PROJECT; 3 MORE SMALL SCALE LICENSES RELINQUISHED 07/15/11 -AFRICAN QUEEN REACHES ACCORD WITH NYANFOMAN CHIEF AT NOYEM-NYANFOMAN GOLD PROJECT IN GHANA, LEADING TO RELINQUISHMENT OF FIRST GROUP OF SMALL-SCALE LICENSES 07/08/11 -AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT  06/14/11 - GROUND GEOPHYSICS SURVEY UNDERWAY AT AFRICAN QUEEN’S RONGO GOLD FIELDS PROJECT IN KENYA’S LAKE VICTORIA GREENSTONE BELT 06/03/11 - 2011 CORE DRILLING PROGRAM NOW UNDERWAY AT AFRICAN QUEEN'S KING SOLOMON PROJECT IN MOZAMBIQUE 06/01/11 - AFRICAN QUEEN GRANTED PROSPECTING LICENSE FOR NEW KARAMERI METALS PROJECT IN KENYA 05/23/11 - AFRICAN QUEEN COMMENCES 2011 FIELD PROGRAM AT NOYEM-NYAFOMAN GOLD PROJECT IN GHANA 04/27/11 - FIELD WORK UNDERWAY AT AFRICAN QUEEN’S UGUNJA GOLD PROJECT IN KENYA’S LAKELAND DISTRICT 04/21/11 - AFRICAN QUEEN GRANTED PERMITS FOR 2011 WORK PROGRAM AT NOYEM-NYAFOMAN GOLD PROJECT IN GHANA 03/31/11 - KENYA’S HIGH COURT GRANTS INTERIM ORDER TO AFRICAN QUEEN’S JV PARTNER ABBA MINING AGAINST ADVERSE LICENSE CLAIMANT 03/24/11 - GHANA MINING COMMISSION EXTENDS TERM OF AFRICAN QUEEN’S NOYEM-NYAFOMAN LICENSE SETTING STAGE FOR 2011 WORK PROGRAM 03/03/11 - AFRICAN QUEEN MINES EXPANDS PRESENCE IN KENYA: SIGNS EARN-IN AND JV AGREEMENT FOR UGUNJA GOLD PROJECT IN KENYA’S LAKELAND DISTRICT 02/27/11 - AFRICAN QUEEN CORRECTS AND CLARIFIES PRESS RELEASE DATED FEBRUARY 24, 2011, CONCERNING ORDER BY KENYA’S HIGH COURT 02/24/11 - AFRICAN QUEEN’S JV PARTNER ABBA MINING WINS INTERIM ORDER IN KENYA’S HIGH COURT TODAY AGAINST ADVERSE LICENSE CLAIMANT 02/14/11 - AFRICAN QUEEN’S JV PARTNER ABBA MINING IN DISPUTE OVER PORTION OF RONGO LICENSE IN KENYA 02/02/11 - AFRICAN QUEEN’S CHAIRMAN MEETS WITH KENYA’S PRIME MINISTER 01/31/11 - FURTHER DRILLING AT AFRICAN QUEEN'S KING SOLOMON PROJECT CONFIRMS SIGNIFICANT COPPER, GOLD AND SILVER MINERALIZATION AT MANKOMBITI TARGET AND POINTS TO PROSPECTIVITY OF WESTERN ZONES; LATEST RESULTS INCLUDE 6.02 m of 1.09% Cu, 0.88 g/t Au and 18 g/t Ag 01/21/11 - Ghana Ministry Consents to Transfer of Noyem License from Newmont to African Queen 12/03/10 - African Queen Completes Second Tranche of $3.284 Million Private Placement 11/01/10 - African Queen CLOSES $2.04 Million First Tranche of Private Placement 10/25/10 - African Queen Mines Completes Airbourne Geophysical Survey and First Phase of Ground Exploration at Rongo Gold Field Project in Kenya's Lake Victoria Greenstone Belt 10/18/10 - African Queen Announces Private Placement 10/04/10 -Initial Discovery Holes at African Queen's King Solomon Project Reveal Significant Copper, Gold and Silver Mineralization and suggest Robust Polymetallic Sysytem: Results Include 7.73 m of 1.51% Cu, 1.32 g/t Au and 27.6 g/t Ag 09/20/10 - African Queen Mines Reports 5-Year Extension of the King Solomon Prospecting License 08/12/10 - African Queen Mines Commences Airbourne Geophysical Survey at Rongo Gold Field Project in Kenya's Lake Victoria Greenestone Belt 07/19/10 - African Queen Mines Commences Field Exploration at Rongo Gold Field Project in Kenya's Lake Victoria Greenestone Belt 06/28/10 - African Queen Mines Commences Core Drilling at King Solomon Project in Mozambique; Recent IP Survey Confirms Prospectivity 06/25/10 - African Queen Mines Hires Gregory Nowak as Ghana Country Manager and Noyem Project Manager 05/17/10 - African Queen Mines Signs Earn-In and JV Agreement for Rongo Gold Pield Project in Kenya's Lake Victoria Greenstone Belt 03/23/10 - African Queen Receives 43-101 Report on King Solomon Gold Project 03/06/10 - African Queen Pares Down Exploration Portfolio by Dropping Manica Fingoe Project in Mozambique and Okavango Diamond Project in Botswana 03/03/10 - Regional Soil Sampling Results from King Solomon Project Confirm Prospectivity and Set Stage for Upcoming Core Drill Program on Ket Targets 01/11/10 - Chip Samples from Independent Study of African Queen's King Soloman Project Confirm the Company's Prior Findings and Point to Prospectivity 12/23/09 - African Queen Closes $2.36 Million Private Placement 11/27/09 - African Queen Announces Private Placement 11/18/09 - GEOPHYSICS DATA FROM GROUND MAGNETIC SURVEY AT KING SOLOMON GOLD PROJECT REVEAL STRONG ANOMALIES ASSOCIATED WITH PRIOR ROCK SAMPLES; CONFIRM POTENTIAL FOR HOSTING LARGE-SCALE MINERALISATION 10/19/09 - AFRICAN QUEEN SIGNS EARN-IN AND JV AGREEMENT WITH AKAN FOR KEY NOYEM GOLD PROJECT IN GHANA’S ASHANTI BELT; LICENSE BEING ACQUIRED FROM NEWMONT UNDER SEPARATE AGREEMENT 10/14/09 - FURTHER ROBUST ROCK SAMPLES FROM AFRICAN QUEEN’S KING SOLOMON PROJECT CONSISTENT WITH INITIAL RESULTS; CONFIRM POTENTIAL FOR SIZEABLE COPPER-GOLD-SILVER POLYMETALLIC REGIONAL SYSTEM 09/17/09 - INITIAL ROCK SAMPLES FROM AFRICAN QUEEN'S KING SOLOMON PROJECT IN MOZAMBIQUE INDICATE PROTENTIAL FOR SIZEABLE COPPER-GOLD-SILVER POLYMETALLIC REGIONAL SKARN SYSTEM 07/13/09 - AFRICAN QUEEN SIGNS EARN-IN AND JOINT VENTURE AGREEMENT WITH OPTI METAL TRADING COVERING KEY ZONE AT FINGOE REGIONAL GOLD PROJECT IN MOZAMBIQUE 05/25/09 - AFRICAN QUEEN'S FOLLOW-UP FIELD PROGRAM NOW UNDERWAY AT FINGOE GOLD PROJECT IN MOZAMBIQUE 05/15/09 - AFRICAN QUEEN COMPLETES $1.278 MILLION PRIVATE PLACEMENT 04/20/09 - AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT 03/24/09 - AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT 03/04/09 - CORE DRILLING COMMENCES ON AFRICAN QUEEN’S OK41 AT OKAVANGO DIAMOND PROJECT IN BOTSWANA 02/24/09 - AFRICAN QUEEN ABANDONS CAZULA PROJECT IN MOZAMBIQUE TO FOCUS ON HIGHLY PROSPECTIVE FINGOE BELT GOLD PROJECT 02/20/09 - AFRICAN QUEEN ACCELERATING WORK PROGRAM ON KEY GOLD TARGETS IN MOZAMBIQUE’S FINGOE BELT AS A RESULT OF FAVORABLE SAMPLING RESULTS 02/05/09 - AFRICAN QUEEN EXECUTES CONTRACT FOR CORE DRILLING AT ITS OKAVANGO DIAMOND PROJECT IN BOTSWANA; MOBILIZATION UNDERWAY 01/23/09 - AFRICAN QUEEN MINES ENGAGES CARRIE HOWES FOR INVESTOR RELATIONS TEAM 12/27/08 - AFRICAN QUEEN MINES ABANDONS BRAGANZA GOLD PROJECT IN MOZAMBIQUE TO FOCUS ON PRIORITY TARGETS 12/16/08 - AFRICAN QUEEN MINES COMMENCES TRADING ON THE FRANKFURT STOCK EXCHANGE 12/15/08 - AFRICAN QUEEN MINES’ SAMPLING YIELDS G10 GARNETS AND OTHER KIMBERLITIC INDICATORS OVER KEY DIAMOND TARGETS ON ITS OKAVANGO PROJECT IN BOTSWANA 12/02/08 - Irwin Olian Announces Filing of Additional Early Warning Report 12/01/08 - African Queen Mines Ltd. - Grants Stock Options 11/19/08 - African Queen Mines Ltd. - Grants Stock Options 11/04/08 - Irwin Olian Announces Filing of Additional Early Warning Report 10/27/08 - Irwin Olian Announces Filing of Early Warning Report 10/15/08 - AFRICAN QUEEN MINES LTD. - COMMENCES TRADING 06/27/08 - ACQUISITION OF PAN AFRICAN MINING CORP. BY ASIA THAI MINING CO., LTD. CLOSED TODAY IN ACCORDANCE WITH PLAN OF ARRANGEMENT
Articles
Sign-Up for Email Alerts and automatic notifications on information and events about African Queen Mines Ltd.



Contact Information For investment information please contact our investor relations group.

Marketing Director - Canada
Lee Dunston
(604) 899-0100 ext. 5
lee@africanqueenmines.com

Corporate Communications, Europe
Carrie Howes
London: +44 7780 602 788
Dubai: +971 55 997 0427
carrie@africanqueenmines.com

 
Contact Site Index