Ghana Ministry Consents to Transfer of Noyem License from Newmont to African Queen
AFRICAN QUEEN MINES LTD. (the 'Company?) is pleased to announce
that Hon. Alhaji Collins Dauda (MP), Minister of Lands, Forestry and
Mines of the Republic of Ghana, has today consented to the Purchase and
Sale Agreement dated September 29, 2009, as amended, between Newmont
Ghana Gold Limited ('NGGL?), the Ghanaian subsidiary of Newmont Mining
Corporation (NYSE: 'NEM?), and the Company′s Ghanaian subsidiary, AQ
Ghana Gold Ltd. ('AQGGL?), and transfer of the underlying Noyem-Nyafoman
Prospecting License (the 'License?) to AQGGL. Formal transfer of the
License is pending payment of customary transfer fees and taxes. Senior
management of the Company will be traveling to Ghana next week for
meetings with Government officials, representatives of NGGL and members
of the local community to discuss final details of the transfer and the
way forward for the Company′s Phase 1 exploration program. A further
update will be provided following such meetings.
The Noyem 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
potential production. 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 artisinal miners
and in October, 2008, a shed-off area of 8.98 sq. km. adjacent to the
current license area was reserved for small scale mining. There remain
issues to be resolved with a number of the local small scale miners
whose claims may be in conflict with contemplated development of a large
scale project, and settlement negotiations have been progressing and are
ongoing. Further details of the Project and the underlying agreement
with NGGL are contained in the Company′s Press Release dated October 19,
2009.
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 by funding
all costs through pre-feasibility. The Company is designated as manager
and operator of the Project and holds the License on behalf of the joint
venture partners, subject to full consultation with Akan on all material
aspects of the Project.
According to Irwin Olian, CEO of the Company, 'Approval of transfer of
the underlying Noyem-Nyafoman Prospecting License to our Ghanaian
subsidiary, AQGGL, now sets the stage for the commencement of our work
programs at Noyem in 2011, with our partner Akan Exploration. Ghana is a
great place to be working, with a long history of successful gold mining
operations and a positive relationship between the Government and mining
operators. The Noyem Project has a large body of historic work already
defining highly prospective targets. We are delighted that the Project
is now moving forward.?
About African-Queen
The Company is an exploratory resource company with diversified mineral
properties in Southern and West Africa. It is exploring its properties
in Mozambique, Kenya and Ghana for gold and other metals and it is
exploring its properties in Botswana and Namibia for diamonds. The
Company′s licenses in Botswana and Namibia comprise approximately 9208
sq km of diamond prospects. In Mozambique it has approximately 230 sq km
of gold and other metals licenses under an agreement with another
company. In Kenya it has approximately 112 sq. km. of gold and other
minerals licenses under an agreement with another company. 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.; its
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. The
Company has its executive offices in Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES, LTD.
'Irwin Olian?
Irwin Olian
Chairman & CEO
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.
African Queen Mines Ltd.
Irwin Olian, 604-899-0100
Fax:
604-899-0200
President and CEO
tigertail@africanqueenmines.com
or
Carrie
Howes
Germany - 49 (0) 21141 740411
U.K. - 44 (0) 870 490
5443
Canada - 1 416 900 3634
Corporate Communications
carrie@africanqueenmines.com