Ghana Mining Commission Extends Term of African Queen′s Noyem-Nyafoman License Setting Stage for 2011 Work Program
AFRICAN QUEEN MINES LTD. (the 'Company?) is pleased to announce
that the Ghana Mining Commission has now extended the Term of the
underlying Noyem-Nyafoman Prospecting License LVB 10244/1995 (the
'License?) for a period of one year through March 22, 2012. Extension of
the license, which recently was formally transferred to the Company′s
operating subsidiary AQ Ghana Gold Limited from Newmont Ghana Gold
Limited ('NGGL?), now sets the stage for the Company to commence its
2011 Phase 1 Exploration Program on the Project. Details of said Program
have been submitted to the Mining Commission and work will commence upon
receipt of approval.
The Noyem-Nyafoman 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, 'After nearly 18 months of
administrative, legal and preparatory activities, we are delighted that
the underlying Prospecting License for the Noyem-Nyafoman Project has
now been vested in our Ghanaian operating subsidiary and extended to
cover our contemplated 2011 work program. It will be a pleasure to
finally get started with work on this exciting gold project which gives
African Queen entree into Ghana′s renowned Ashanti Belt.?
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
undertaking exploration in Botswana and Namibia for diamonds, gold and
other metals. The Company′s licenses in Botswana comprise approximately
2890 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 737 sq. km. of gold and other
minerals licenses under agreements with two other companies. 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, President and CEO
E-mail:
tigertail@africanqueenmines.com
Phone:
(604) 899-0100
Fax: (604) 899-0200
or
Carrie Howes,
Corporate Communications
Email: carrie@africanqueenmines.com
Phone:
Germany - 49 (0) 21141 740411
U.K. - 44 (0) 870 490 5443
Canada
- 1 416 900 3634