African Queen Commences 2011 Field Program at Noyem-Nyafoman Gold Project in Ghana
AFRICAN QUEEN MINES LTD. (the 'Company?) is pleased to announce
that it has now commenced the Phase 1 2011 Exploration Program on its
Noyem-Nyafoman Prospecting License LVB 10244/1995. The initial work
program underway by AQ Ghana Gold Limited, the Company′s operating
subsidiary in Ghana ('AQGGL?), covers detailed geological mapping of the
license area, with particular attention to the location of all current
and historic artisanal mining sites. In addition, the mapping is
designed to provide information on the strike extent on the license area
of the outcropping Banket Conglomerate which is associated with the
known palaeoplacer gold mineralization. Mapping to date has already
revealed the existence of a previously undocumented old colonial shaft
on the western portion of the license known as Noyem B.
The mapping will be followed by extensive soil sampling, trenching and
pitting with particular focus on the hinge zone previously identified on
Noyem A and highly prospective areas of Noyem B. In addition, AQGGL has
now signed a contract with New Resolution Geophysics of South Africa to
carry out an airbourne geophysical survey comprising up to 2370 line km
to be flown by helicopter over the license area. All of the foregoing
exploration work is designed to identify targets for a core drilling
program over the license area contemplated to be undertaken later this
year.
The Phase 1 Work Program is being carried out by AQGGL in conjunction
with Remote Exploration Services of Cape Town, S.A., under guidance of
Michael Kotoka, Senior Geologist and AQGGL′s Country Manager. Overall
project supervision is being provided by Senior Consulting Geologist Mr.
Pete Siegfried (M.Sc., MAusIMM), a qualified person.
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 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 artisanal
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 near one corner of the license area whose claims may be in
conflict with contemplated development of a large scale project, and
settlement negotiations are continuing. However, the Company has
identified other highly prospective targets on the license area and
those areas are the focus of the 2011 work programs. In fact, no work is
planned in 2011 on any areas subject to conflicting small scale claims
or licenses.
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. 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.
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