AFRICAN QUEEN MINES EXPANDS LAND POSITION IN ATLIN DISTRICT WITH STRATEGIC CLAIMS ACQUISITION
Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”)
is pleased to announce that it has now acquired fifteen additional Mineral Claims under the B.C. Mineral Tenure Act aggregating 15,028 hectares or 150.28 sq.km, in close proximity to its Yellowjacket Gold Project 9 km East of Atlin, B.C. (the “Project”). The new Mineral Claims cover hard-rock deposits in an area of interest to the South and South-East of the Company’s existing claims and encompass the highly prolific Spruce Creek placer mining area. Several of them are contiguous to the Company’s existing license area. Together with the existing license area covering 7776 hectares or 77.76 sq.km, the Company now controls 41 mineral claims, placer claims and placer leases covering an aggregate of 22,804 hectares or approximately 228.04 sq. km of strategic ground comprising the Project.
Addition of the new Mineral Claims effectively triples the size of the Company’s exploratory land position in the Atlin area, creating the potential for a District scale gold project if the Company’s exploration efforts are successful. Management views the new ground as highly prospective for its potential to host commercially viable hard-rock gold deposits in its underlying greenstone belt.
As previously announced by PR dated August 11, 2015, the Company completed its acquisition of the Project pursuant to the terms of an Asset Purchase Agreement dated August 5, 2015. Acquisition of additional Mineral Claims were announced by PR dated October 15, 2015. The Project includes all mineral rights, claims and leases comprising the Project, all equipment located thereon and reclamation bonds associated therewith. The Project is in one of the Province’s most prolific historic gold mining camps and includes a permitted mining operation with both hard rock and placer exploration targets.
The Company is presently formulating its plans for exploration, development and potential mining of the Project. It has already commenced its 2016 exploration program at the Project and targeting for its upcoming core drilling program is underway. Acquisition of this additional ground in close proximity to its existing license area further secures the Company’s land position in the Atlin District and provides additional potential exploration targets.
According to Irwin Olian, CEO of the Company, “Acquisition of the new ground to the South and South-East of the Yellowjacket mine now gives the Company the predominant exploratory hard-rock land position in the Atlin District. While this ground has been a prolific placer mining area for some time, it is largely unexplored and underexplored for its hard-rock potential. We view this as creating an exciting opportunity for the Company and its talented technical team to potentially make an important major new discovery.”
About African Queen
The Company is an exploratory resource company engaged in exploration and development of mineral properties in Canada and Africa. It is presently focusing on development of its Yellowjacket Gold Project in Atlin, British Columbia, which covers an aggregate of approximately 228.04 sq. km. 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.