African Queen Mines Embarks on Diversification Program with Establishment of New U.S. Operations
Vancouver - African Queen Mines Ltd. (the "Company") is pleased to announce that it has now established a new wholly-owned U.S. subsidiary named DESERT ENERGY CORP. ("Desert Energy") to engage in exploration and development of oil and gas and mineral properties in the Southwestern United States. Desert Energy, a Nevada corporation, will be operating as a separate division of the Company under the control of the Company's senior Vancouver management. Desert Energy has been engaged in discussions and negotiations in respect of acquisition of certain U.S. resource properties which the Company deems to be highly prospective for hydrocarbons and various minerals. The Company expects to provide a further update shortly. The Company views expansion into the U.S. as an opportunity to add value for the Company's shareholders. At the same time, the Company will continue forward with efforts to build and unlock value at its Yellowjacket Gold Project in Atlin, B.C.
According to Irwin Olian, CEO of the Company, "We are fortunate to have an outstanding technical team which has served us well over nearly 15 years going back to the days of our predecessor Pan African Mining Corp. In addition, we have a strong and supportive shareholder group which includes a number of sophisticated investors and industry professionals. The result is that we are exposed to a continuing stream of new project opportunities and have the personnel resources necessary to take on new projects. Having experienced considerable prior success with Pan African and its diversified portfolio of mineral properties, we have concluded that it is in the best interests of the Company and its shareholders to now add the occasional, rare project opportunity which management believes to have the potential to dramatically raise the upside bar for the Company. Accordingly, we are now moving forward to finalize acquisition of a handful of exciting new projects in the Southwestern U.S."
About African Queen
The Company is an exploratory resource company engaged in exploration and development of mineral properties in Canada. In addition, it has a wholly-owned U.S. subsidiary named Desert Energy Corp. which is commencing exploration and development of oil and gas and mineral properties in the Southwestern United States. The Company has recently been focusing on development of its Yellowjacket Gold Project in Atlin, British Columbia, which covers an aggregate of approximately 291.54 km2. 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) 788-0300 | Carrie Howes, Corporate Communications Email: carrie@africanqueenmines.com Phone : U.K. - +44 (0) 870 490 5443 Canada - +1 416 900 3634 |
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.
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