http://www.proactiveinvestors.com Proactiveinvestors RSS feed en Wed, 13 Dec 2017 11:45:42 -0500 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - African Queen Mines closes first tranche of private placement financing ]]> http://www.proactiveinvestors.com/companies/news/97852/african-queen-mines-closes-first-tranche-of-private-placement-financing-48829.html African Queen Mines (CVE:AQ) has closed the first tranche of its private placement financing it announced last week for up to C$0.5 million. 

The first part of the placement consisted of just over 6.0 million units at a price of 5 Canadian cents apiece, for proceeds of over C$0.3 million. 

Each unit is made up of one common share and one half of a share purchase warrant, with every warrant allowing the holder to buy an additional share at a price of 7.5 Canadian cents for a period of two years. 

The new funds will be used for funding exploration at the company's African properties as well as for working capital, according to the Vancouver-based company's statement released Thursday. 

Earlier this year, African Queen started its 2013 field program at the Ugunja gold project in Kenya's Lakeland district. The field work underway is a continuation of the phase 1b exploration program started last year, and includes regional mapping, soil and rock sampling, trenching and ground geophysics. At the time, chief executive Irwin Olian said the company was planning to accelerate activities at Ugunja to find the optimal drill targets in order to start a core drilling program later this year. 

It also in January expanded and renewed its exploration license on its Noyem-Nyanfoman gold project in Ghana's Ashanti Belt for a period of two years. The project is held under a joint venture between African Queen and Akan Exploration, and is operated by African Queen, which controls a 60 per cent interest. 

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Thu, 10 Oct 2013 14:25:00 -0400 http://www.proactiveinvestors.com/companies/news/97852/african-queen-mines-closes-first-tranche-of-private-placement-financing-48829.html
<![CDATA[News - African Queen Mines to raise up to $0.5 mln ]]> http://www.proactiveinvestors.com/companies/news/97727/african-queen-mines-to-raise-up-to-05-mln--48634.html African Queen Mines (CVE:AQ) says it will raise up to C$0.5 million through a non-brokered private placement offering, to be used for exploration at its properties, as well as for working capital. 

The Canadian junior explorer will offer for sale up to 10.0 million units at a price of 5 Canadian cents apiece. The company can also increase the size of the offering by up to 20 per cent, to a maximum of 12.0 million units. 

Each unit will be made up of one common share and one half of a share purchase warrant, with every warrant allowing the holder to buy an additional share at a price of 7.5 Canadian cents for a period of two years. 

The deal still needs the approval of the TSX Venture Exchange to close. 

Earlier this year, African Queen started its 2013 field program at the Ugunja gold project in Kenya's Lakeland district. The field work underway is a continuation of the phase 1b exploration program started last year, and includes regional mapping, soil and rock sampling, trenching and ground geophysics. At the time, chief executive Irwin Olian said the company was planning to accelerate activities at Ugunja to find the optimal drill targets in order to start a core drilling program later this year. 

It also in January expanded and renewed its exploration license on its Noyem-Nyanfoman gold project in Ghana's Ashanti Belt for a period of two years. The project is held under a joint venture between African Queen and Akan Exploration, and is operated by African Queen, which controls a 60 per cent interest. 

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Thu, 03 Oct 2013 09:52:00 -0400 http://www.proactiveinvestors.com/companies/news/97727/african-queen-mines-to-raise-up-to-05-mln--48634.html
<![CDATA[News - African Queen Mines starts field program at Ugunja project, with core drilling to start later this year ]]> http://www.proactiveinvestors.com/companies/news/93832/african-queen-mines-starts-field-program-at-ugunja-project-with-core-drilling-to-start-later-this-year-41982.html

African Queen Mines (CVE:AQ) says it has started its 2013 field program at the Ugunja gold project in Kenya's Lakeland district, with a technical team now on site. 

The field work underway is a continuation of the phase 1b exploration program started last year, and includes regional mapping, soil and rock sampling, trenching and ground geophysics, the company told investors Monday. 

"We are excited to be back on the ground at Ugunja now to follow up on the positive results of our 2012 field exploration program," African Queen said in its statement, citing CEO Irwin Olian.

"Kenya remains relatively tranquil at this time following the recent national election and there are presently no impediments to moving forward with our continuing exploration program at Ugunja."

The chief further said the company plans to accelerate activities at Ugunja to find the optimal drill targets in order to start a core drilling program later this year. 

Field work at the site last year revealed anomalous gold, including a visible gold-bearing quartz vein at the Rariada target, which returned reported values of 30.018 grams per tonne (g/t) gold and 4.8 g/t silver over a true width of 80 cm.  

The company said that preliminary results from a satellite image interpretation show that the Rariada structure, as well as other targets at Ugunja, occur in zones of intersection of at least two regional shear zones.  

"These intersections create a favorable environment for the deposition of gold with the potential to host commercial deposits," it added in the release. 

The Ugunja project spans roughly 370 square km in the Busia, Siaya and Kakamega areas, located north of the shores of Lake Victoria in Western Kenya.  It is situated 100 km to the northwest of the company's Odundu project in the Rongo Gold Fields, where core drilling was carried out in 2012.

Late last year, African Barrick Gold, Barrick Gold's (TSE:ABX) African subsidiary, announced that it bought a stake in ground next to the company's Ugunja project from Aviva Corporation.

African Queen can earn up to an 85 percent interest in the Ugunga project under the terms of a joint venture agreement with Kenya Discovery Limited. 

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Mon, 25 Mar 2013 10:58:00 -0400 http://www.proactiveinvestors.com/companies/news/93832/african-queen-mines-starts-field-program-at-ugunja-project-with-core-drilling-to-start-later-this-year-41982.html
<![CDATA[News - African Queen Mines proceeds with Noyem-Nyanfoman project development after license expansion ]]> http://www.proactiveinvestors.com/companies/news/92368/african-queen-mines-proceeds-with-noyem-nyanfoman-project-development-after-license-expansion-39359.html African Queen Mines (CVE:AQ) has expanded and renewed its exploration license on its Noyem-Nyanfoman gold project in Ghana's Ashanti Belt for a period of two years. 

The project is held under a joint venture between African Queen and Akan Exploration, and is operated by African Queen, which controls a 60 per cent interest. 

The license, held by the company's operating subsidiary AQ Ghana Gold, has been renewed through December 31, 2014, and has been signed by the Minister of Lands and Natural Resources on the recommendation of the Minerals Commission of Ghana. 

The area under license now comprises two non-contiguous blocks aggregating around 30.23 square kilometres, namely Noyem A (Nyanfoman), which covers 23.55 sq. km and Noyem B (Apragya), which covers 6.68 sq. km.  

This ground now includes the lands relinquished by 19 small scale miners on the Noyem A gold reef under agreements with African Queen in 2011, for around 3.55 sq. km, as well as an additional 1.48 sq. km of open ground that has been added. 

At the same time, African Queen has now shed off 3.55 sq. km of ground with surface mining potential in the Noyem B block, it said, in order to provide an area for relocation of the small scale miners who relinquished their claims on the Noyem A Reef. 

With the license expansion and renewal, the company has regained control of the Noyem A Reef and its historic resource area, allowing it to proceed with development of a large scale project. 

"We are delighted that the Ghana Ministry has now expanded and renewed our license at Noyem-Nyanfoman," said CEO Irwin Olian. 

"This effectively vests us with control of the Noyem A Gold Reef and will allow us to proceed on behalf of our joint venture with our full development plans over the next two years." 

The project, which is characterized by palaeoplacer gold mineralization, is hosted within the basal conglomerates of the Tarkwaian Group's Banket Formation. 

The Tarkwa Gold Mine, operated by Gold Fields Ltd., is also hosted within the conglomerates of the Banket Formation and has a combined gold resource of around 15 million ounces, African Queen noted. 

It also said that initial results reported from its core drill program at the project are consistent with historic results from prior owner Newmont Mining (NYSE:NEM), and "tend to confirm the presence in the region over a strike of at least 5.6 km of a relatively continuous gold-bearing reef". 

Between 1996 and 1997, Bonsu Gold Holdings, a subsidiary of Gencor Ltd. and predecessor to Newmont, drilled a total of 27 holes along the line of strike of the conglomerates of the Banket Formation, which constitutes African Queen's Northern Limb target.   

The company said the Bonsu program "indicated a zone of elevated gold concentration within the Noyem Conglomerate Zone and lead to establishment of a significant historic high-grade gold resource."

Earlier this month, African Queenshares moved higher after announcing that initial assay results from its Odundu gold project in Kenya showed a near-surface body of gold-bearing mineralization. The company said initial trenching and diamond drill results indicated a zone of “extensive, low-grade near-surface gold mineralization”, which is continuous over “significant thicknesses”. 

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Mon, 14 Jan 2013 09:43:00 -0500 http://www.proactiveinvestors.com/companies/news/92368/african-queen-mines-proceeds-with-noyem-nyanfoman-project-development-after-license-expansion-39359.html
<![CDATA[News - African Queen Mines shares rally after near-surface gold find in Kenya ]]> http://www.proactiveinvestors.com/companies/news/92211/african-queen-mines-shares-rally-after-near-surface-gold-find-in-kenya-39100.html

African Queen Mines (CVE:AQ) shares moved higher Monday after last week announcing that initial assay results from its Odundu gold project in Kenya showed a near-surface body of gold-bearing mineralization. 

The company said initial trenching and diamond drill results indicated a zone of “extensive, low-grade near-surface gold mineralization”, which is continuous over “significant thicknesses”. 

It added that the best intersections obtained so far included 1.03 grams per tonne (g/t) gold over 26.35 metres and 1.08 g/t gold over 11.0 metres, in holes OD3 and OD4, respectively.

Exploration plans to determine the extensions of this mineralization toward the northwest and southeast are now being developed. 

The Odundu project covers an area of roughly 97 square kilometres in the Kanango gold mining area in southwest Kenya near Lake Victoria. 

It forms part of the gold rich Lake Victoria Greenstone Belt, extending from Tanzania and hosting known gold deposits including African Barrick Gold's (LON:ABG) Bulyanhulu and North Mara mines, and AngloGold Ashanti's (NYSE:AU) Geita mine. 

Last month, African Queen said it would end development at its King Solomon project in Mozambique to focus on projects in Kenya and Ghana.

The company said it made the decision after "a thorough review of its portfolio of exploration properties" in Southern, West and East Africa, in order to reduce costs of operations and to prioritize projects for development in 2013.

This year, African Queen said it will focus exploration expenditures on its priority gold projects in Kenya at the Odundu target and at Ugunja, and in Ghana at the Noyem-Nyanfoman Gold project on the Ashanti Belt. 

Shares in the company on Monday rose 15 per cent to 11.5 cents as of late morning. 

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Mon, 07 Jan 2013 11:26:00 -0500 http://www.proactiveinvestors.com/companies/news/92211/african-queen-mines-shares-rally-after-near-surface-gold-find-in-kenya-39100.html
<![CDATA[News - African Queen finds near-surface, gold-bearing mineralization at Odundu, Kenya ]]> http://www.proactiveinvestors.com/companies/news/92174/african-queen-finds-near-surface-gold-bearing-mineralization-at-odundu-kenya-39024.html African Queen Mines (CVE:AQ) Wednesday said that initial assay results from its Odundu gold project in Kenya have shown a near-surface, body of gold-bearing mineralization.

The company said initial trenching and diamond drill results indicate a zone of “extensive, low-grade near-surface gold mineralization”, which is continuous over “significant thicknesses”. It added that the best intersections obtained so far include 1.03 grams per tonne (g/t) gold over 26.35 metres and 1.08 g/t gold over 11.0 metres, in holes OD3 and OD4, respectively.

"We are delighted that the initial results from our reconnaissance core drilling program at Odundu have revealed a near-surface body of gold-bearing mineralization reflecting the positive geochemical and geophysics data generated by our initial exploration activities,” said CEO Irwin Olian.

“This area was largely unexplored and had never been drilled before.  

“The knowledge gained from this initial program will be invaluable in helping to guide our future exploration efforts aimed at developing a meaningful bulk low-grade gold resource on a regional level at Odundu."

As part of African Queen’s 2012 exploration program, surface trenching and drilling was undertaken to examine the gold mineralization present within a major shear zone discovered through field reconnaissance work. 

A total of 10 holes were drilled and the company said preliminary results have confirmed “consistent low grade gold mineralization” over a lateral distance of 600 metres to a vertical depth of about 100 metres. 

Additional results included 3.99 g/t gold over 1 metre, 1.17 g/t over 12 metres and 1.45 g/t over 5.6 metres.

African Queen said that exploration plans to determine the extensions of this mineralization towards the northwest and southeast are now being developed. 

The Odundu project covers an area of roughly 97 square kilometres in the Kanango gold mining area in southwest Kenya near Lake Victoria. It forms part of the gold rich Lake Victoria Greenstone Belt extending from Tanzania and hosting known world-class gold deposits including African Barrick Gold's (LON:ABG) Bulyanhulu and North Mara mines, and AngloGold Ashanti's (NYSE:AU) Geita mine. 

Last month, African Queen said it would end development at its King Solomon Project in Mozambique to focus on projects in Kenya and Ghana.

The company said it made the decision after "a thorough review of its portfolio of exploration properties" in Southern, West and East Africa, in order to reduce costs of operations and to prioritize projects for development in 2013.

African Queen said in 2013, it will focus exploration expenditures on its priority gold projects in Kenya at the Odundu target in the Rongo Gold Fields and at Ugunja, and in Ghana at the Noyem-Nyanfoman Gold Project on the Ashanti Belt. 

 

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Wed, 02 Jan 2013 15:27:00 -0500 http://www.proactiveinvestors.com/companies/news/92174/african-queen-finds-near-surface-gold-bearing-mineralization-at-odundu-kenya-39024.html
<![CDATA[News - African Queen drops Mozambique operations as it sharpens focus on Kenya, Ghana ]]> http://www.proactiveinvestors.com/companies/news/91982/african-queen-drops-mozambique-operations-as-it-sharpens-focus-on-kenya-ghana-38681.html African Queen Mines (CVE:AQ) Monday said it would end development at its King Solomon Project in Mozambique to focus on projects in Kenya and Ghana.

The company said it made the decision after "a thorough review of its portfolio of exploration properties" in Southern, West and East Africa, in order to reduce costs of operations and to prioritize projects for development in 2013.

"We must be responsive to the overall economic climate and relatively limited availability of exploration funding at this time," African Queen Mines' CEO Irwin Olian said.

"This requires that we use a very sharp pencil in limiting all costs and evaluating ongoing expenditures on our exploration projects. 

"Dropping King Solomon and our Mozambique operations is a necessary part of this process and will allow us to now focus on our higher priority projects in Kenya and Ghana."

Mozambique's King Solomon Project, which covers approximately 230 square kilometres within the central parts of the Mesoproterozoic Fingoe Belt in the nation's western Tete Province.

"Results of the second drill program...failed to reflect meaningful widths or continuity of gold-bearing mineralization. Subsequent study during the past year did not generate any further highly prospective drill targets," African Queen Mines said in a statement.

African Queen Mines also said it implemented cost-cutting measures both at its home office in Vancouver and in the overseas operations and exploration programs.

"The bottom line is that we intend to operate in 2013 as one of the lowest cost and most efficient African explorers, constantly mindful of reducing overheads and expenses, with a sharp reduction in our already modest burn rate," the company said. 

"At the same time we intend to work diligently to continue to advance our key projects in order to add shareholder value."

In 2013, the company said it will focus exploration expenditures on its priority gold projects in Kenya at the Odundu target in the Rongo Gold Fields and at Ugunja, and in Ghana at the Noyem-Nyanfoman Gold Project on the Ashanti Belt. 

"We can best build shareholder value by focusing our efforts and financial resources on those projects holding out the most promise and periodically dropping projects which do not demonstrate sufficiently positive results to warrant our continued development efforts," the company added.

Speaking to StockTube at the recent Mines & Money event in London - which can be seen on the Proactive Investors website - African Queen's Olian talked about the company's assets and prospects in Kenya and Ghana.

"The company has never been more advanced as it is today and the company's geologists have never been more excited." 

While the company was excited about both its assets in Kenya and Ghana "...the project in Ghana is actually the more advanced project because Newmont (TSE:NMC)(NYSE:NEM) and its predecessors previously had the project and established a historic resource of 1.1 million ounces at a very high grade of 6 grams per tonne...the bottom line is we think we're onto an important system of relatively high-grade gold."

Indeed, the Noyem-Nyanfoman Gold Project in Ghana is located only 12 miles from Newmont's big new Akyem Project - an 8-million ounce gold project due to go into production.

Monday, shares were up 5 per cent to 10 cents.

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Mon, 17 Dec 2012 13:26:00 -0500 http://www.proactiveinvestors.com/companies/news/91982/african-queen-drops-mozambique-operations-as-it-sharpens-focus-on-kenya-ghana-38681.html
<![CDATA[Media files - African Queen Mines's geologists "have never been more excited" about the company's assets ]]> http://www.proactiveinvestors.com/companies/stocktube/3552/african-queen-miness-geologists-have-never-been-more-excited-about-the-companys-assets-365.html Fri, 07 Dec 2012 05:08:00 -0500 http://www.proactiveinvestors.com/companies/stocktube/3552/african-queen-miness-geologists-have-never-been-more-excited-about-the-companys-assets-365.html <![CDATA[News - African Queen Mines raises over $565,000, closes first tranche of private placement financing ]]> http://www.proactiveinvestors.com/companies/news/91688/african-queen-mines-raises-over-565000-closes-first-tranche-of-private-placement-financing-38171.html

Vancouver-based African Queen Mines has closed the first tranche of the non-brokered private placement financing that it announced last month, raising C$565,035 so far. 

The company issued 3.77 million units at a price of 15 cents each. 

Each unit will be made up of one common share and one half of one share purchase warrant. Every whole warrant will allow for the purchase of another share for a period of two years, at a price of 25 Canadian cents each. 

In late November, the company said it planned to raise up to C$1.0 million through the non-brokered private placement. It will offer for sale up to 6.66 million units at 15 Canadian cents each. The junior mineral explorer said it can also increase the size of the offering by up to 20 per cent to 8 million units. 

The news funds are expected to be used for funding work programs on the company's gold projects in Kenya and Ghana, as well as potential property acquisitions and working capital. 

The financing is expected to close in full by the end of December. 

Earlier in November, African Queen revealed that its results from the 2012 diamond core drilling program at its Noyem-Nyanfoman gold project in the eastern region of Ghana were consistent with historic data, confirming the potential of the asset. 

The 29 square kilometre project is hosted within the the basal conglomerates of the Tarkwaian Group's Banket Formation, which also hosts the Tarkwa Gold Mine operated by Gold Fields that has a combined gold resource of 15 million ounces.  

The company said its initial results from the drill program are consistent with reported historic results from predecessors of Newmont Mining (NYSE:NEM), and "tend to confirm the presence in the region over a strike of at least 5.6 km of a relatively continuous gold-bearing reef varying in width from one to 5 m."

Results from African Queen included 4.03 metres at 2.49 grams per tonne (g/t) gold in the Western zone of the Northern Limb target.

The company, as operator of the project, can earn up to a 75 per cent stake in the property under a joint venture deal with Akan Exploration, by funding prescribed stages of exploration through to feasibility. 

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

In October, the company said it found four new targets from continuing field work in its phase 1b exploration program at the Ugunja gold project in Kenya. 

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Tue, 04 Dec 2012 12:02:00 -0500 http://www.proactiveinvestors.com/companies/news/91688/african-queen-mines-raises-over-565000-closes-first-tranche-of-private-placement-financing-38171.html
<![CDATA[News - African Queen Mines to raise up to $1.0 mln through non-brokered financing ]]> http://www.proactiveinvestors.com/companies/news/91443/african-queen-mines-to-raise-up-to-10-mln-through-non-brokered-financing-37731.html

Vancouver-based African Queen Mines (CVE:AQ) announced Friday a non-brokered private placement financing for up to C$1.0 million. 

The company will offer for sale up to 6.66 million units at 15 Canadian cents each. The junior mineral explorer said it can also increase the size of the offering by up to 20 per cent to 8 million units. 

Each unit will be made up of one common share and one half of one share purchase warrant. Every whole warrant will allow for the purchase of another share for a period of two years, at a price of 25 Canadian cents each. 

The news funds are expected to be used for funding work programs on the company's gold projects in Kenya and Ghana, as well as potential property acquisitions and working capital. 

The financing, which is expected to close in one or more tranches by the end of December, still needs approval from the TSX Venture Exchange. 

Earlier this month, African Queen revealed that its results from the 2012 diamond core drilling program at its Noyem-Nyanfoman gold project in the eastern region of Ghana were consistent with historic data, confirming the potential of the asset. 

The 29 square kilometre project is hosted within the the basal conglomerates of the Tarkwaian Group's Banket Formation, which also hosts the Tarkwa Gold Mine operated by Gold Fields that has a combined gold resource of 15 million ounces.  

The company said its initial results from the drill program are consistent with reported historic results from predecessors of Newmont Mining (NYSE:NEM), and "tend to confirm the presence in the region over a strike of at least 5.6 km of a relatively continuous gold-bearing reef varying in width from one to 5 m."

Results from African Queen included 4.03 metres at 2.49 grams per tonne (g/t) gold in the Western zone of the Northern Limb target.

The company, as operator of the project, can earn up to a 75 per cent stake in the property under a joint venture deal with Akan Exploration, by funding prescribed stages of exploration through to feasibility. 

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

Just last month, the company said it found four new targets from continuing field work in its phase 1b exploration program at the Ugunja gold project in Kenya. 

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Fri, 23 Nov 2012 12:47:00 -0500 http://www.proactiveinvestors.com/companies/news/91443/african-queen-mines-to-raise-up-to-10-mln-through-non-brokered-financing-37731.html
<![CDATA[News - African Queen Mines says recent drilling consistent with historical data at Noyem-Nyanfoman project in Ghana ]]> http://www.proactiveinvestors.com/companies/news/91152/african-queen-mines-says-recent-drilling-consistent-with-historical-data-at-noyem-nyanfoman-project-in-ghana-37239.html

African Queen Mines (CVE:AQ) revealed Tuesday that its results from the 2012 diamond core drilling program at its Noyem-Nyanfoman gold project in the eastern region of Ghana were consistent with historic data, confirming the potential of the asset. 

"We are delighted that initial results from our core drilling program at the Noyem-Nyanfoman Gold Project are consistent with historic results reported by Newmont's predecessors and tend to validate the geologic model developed by our technical team," said CEO Irwin Olian. 

"This should set the stage for accelerated development of the project next year."

The 29 square kilometre project is hosted within the the basal conglomerates of the Tarkwaian Group's Banket Formation, which also hosts the Tarkwa Gold Mine operated by Gold Fields that has a combined gold resource of 15 million ounces.  

The company said its initial results from the drill program are consistent with reported historic results from predecessors of Newmont Mining (NYSE:NEM), and "tend to confirm the presence in the region over a strike of at least 5.6 km of a relatively continuous gold-bearing reef varying in width from one to 5 m."

African Queen said that between 1996 and 1997, Bonsu Gold Holdings, a subsidiary of Gencor  and predecessor to Newmont, drilled a total of 2,019.50 metres of core from 27 drill holes along the line of strike of the conglomerates of the Banket Formation, which constitutes the company's Northern Limb target.   

The Bonsu program indicated a zone of "elevated gold concentration" within the Noyem Conglomerate Zone, and the aim of the junior's explorer's drill program this year was to validate the gold results from the Bonsu drill holes, and infill to reduce drill spacing. 

The program was also designed to extend the drill grid toward the east at 100 to 200 metre intervals. 

During its diamond core drilling campaign, a total of 1,981.50 metres of core was drilled from 26 drill holes to a maximum depth of 150 metres. Of the 26 drill holes, 24 intersected the mineralized Noyem zone, while the other 2 holes were abandoned before intersecting the zone due to drilling difficulties.  

Considering the nuggety nature of palaeoplacer gold deposits, the company said the comparison of the average widths and gold grades of the intersected mineralized Noyem zone between each pair of twinned holes showed "reasonable correlations". 

The statistical comparison between the Bonsu and African Queen drilling datasets also showed a "relatively good statistical correlation", with the two drilling programs showing broad overlap of the zone of elevated gold grades. 

As such, it noted that both drilling datasets were combined for interpretative purposes. 

Results from African Queen included 4.03 metres at 2.49 grams per tonne (g/t) gold in the Western zone of the Northern Limb target.

The company said the results show that the Western, and in particular, the Central zones of the target are the most prospective, and further drilling will be done to test along strike and down dip of the mineralized Noyem zone, which so far has not been tested below a vertical depth of 150 metres. 

It added that the mineralized Noyem Conglomerate Zone extends to the east of the Northern Limb target, where the stratigraphy has been folded to form a large structure referred to as the Hinge Zone target. The Hinge Zone target is yet to be drill tested, the miner said, but is considered to be prospective due to the presence of flooded artisanal workings that were previously mined by small-scale miners.

African Queen, as operator of the project, can earn up to a 75 per cent stake in the property under a joint venture deal with Akan Exploration, by funding prescribed stages of exploration through to feasibility. 

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

Just last month, the company said it found four new targets from continuing field work in its phase 1b exploration program at the Ugunja gold project in Kenya. 

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Tue, 13 Nov 2012 09:29:00 -0500 http://www.proactiveinvestors.com/companies/news/91152/african-queen-mines-says-recent-drilling-consistent-with-historical-data-at-noyem-nyanfoman-project-in-ghana-37239.html
<![CDATA[News - African Queen Mines finds four new targets at Ugunja project ]]> http://www.proactiveinvestors.com/companies/news/90745/african-queen-mines-finds-four-new-targets-at-ugunja-project-36546.html

African Queen Mines (CVE:AQ) has found four new targets from continuing field work in its phase 1b exploration program at the Ugunja gold project in Kenya. 

"We are delighted that preliminary exploration of our Ugunja project in western Kenya is continuing to generate positive results with identification of numerous highly prospective targets," said CEO Irwin Olian. 

"We are anxious to accelerate our activities at Ugunja to identify the optimal drill targets in order to commence a core drilling program in the coming months." 

The company said Friday anomalous gold was prevalent throughout the area examined, with recent sample results returning assays of 30.018 grams per tonne (g/t) gold and 4.8 g/t silver over a true width of 80 centimetres, with a repeat of 26.07 g/t gold. 

The Ugunja project hosts around 370 square kilometres in the Busia, Siaya and Kakamega areas, located north of the shores of Lake Victoria in western Kenya. 

The property is also around 100 kilometres northwest of the company's Odundu project in the Rongo Gold Fields, also on the Lake Victoria greenstone belt, where African Queen recently finished core drilling. 

From a total of 99 recent samples collected from trenching on the Rariada structure at Ugunja, 12 tested above 0.5 g/t gold, the miner said. 

Trenching on other structures in the area also returned anomalous gold results, including one trench sample from the Ligega area that tested above 1 g/t gold. 

These results are on top of prior sample results from Ugunja that were reported this past summer, when the company found visible gold near surface. 

Property mapping and prospecting has now identified four additional prospective areas from which grab samples from surface returned results from 0.6 to 40.6 g/t gold, the company said. 

It added that preliminary results from a satellite image show that the Rariada structures as well as the new areas identified occur in zones of intersection, of at least two regional shear zones. 

"These intersections create a favorable environment for the deposition of gold with the potential to host commercial deposits," African Queen said in its statement. 

Mapping and prospecting continues and additional trenching is planned on several of the different targets found. 

The company noted that African Barrick Gold plc recently announced a deal to acquire an interest in ground next to its Ugunja project from Aviva Corporation Limited.

African Queen, as operator of the project, can earn up to an 85 per cent interest in Ugunja by funding optional stages from exploration through feasibility. 

Work done so far on the property has included stream sediment sampling, rock sampling, trenching, mapping and geophysics surveys. 

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

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Fri, 26 Oct 2012 09:33:00 -0400 http://www.proactiveinvestors.com/companies/news/90745/african-queen-mines-finds-four-new-targets-at-ugunja-project-36546.html
<![CDATA[News - African Queen Mines hires "natural resource stock guru" Badez as senior financial consultant ]]> http://www.proactiveinvestors.com/companies/news/90562/african-queen-mines-hires-natural-resource-stock-guru-badez-as-senior-financial-consultant-36249.html

African Queen Mines (CVE:AQ) hired "natural resource stock guru" Richard Radez as a financial consultant  – the company said Friday.

Radez, who will serve as a senior financial consultant for one year, brings more than 30 years experience in the brokerage and natural resource sector, African Queen said. 

According to the statement, he will offer strategic corporate and financial advice designed to expedite business development and growth of the company.

He founded the International Association of Natural Resource Brokers and the Chicago Resource Expo,  the oldest natural resource conference in the U.S.  

"Considered to be one of the leading alternative investment specialists in the country, he has had site visits to over 300 mining properties in 12 countries and 18 states," the company said Friday. 

Radez is a graduate of Purdue University and the Wharton Business School. 

In August, the company announced it identified many drill targets and encountered visible gold near surface at its Kenyan Ugunja gold project.  

The phase 1b exploration program also found a structure with potential to host commercial deposits.

The Ugunja project covers 370 square kilometres in the Lakeland district north of the shores of Lake Victoria in Western Kenya. 

Work at the project has included rock sampling, trenching, mapping and ground geophysics surveys. African Queen said visible gold has been identified in many samples of quartz vein.

This vein, which reaches 80 centimetres in width, occurs along a structure that can be traced for 240 metres. 

The miner completed four trenches totalling 71 metres, while 99 samples were collected from the site and are being prepared by Kenya Mineral Services, and shipped to Australia for gold analysis.

Recently, African Queen noted that an A$30 million acquisition deal between African Barrick Gold Plc (LON:ABG) and Aviva Corp. Ltd (ASX:AVA) underscores the importance of being an "early mover" in gold and metals exploration in Kenya. 

Under the terms of that deal, African Barrick will acquire all of the stock of Aviva Mining Kenya Ltd., including interests in a joint venture with Lonmin Plc (LON:LMI) covering the Ndori and Siaya special licenses – which are adjacent to African Queen’s Ugunja gold project.

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Fri, 19 Oct 2012 10:49:00 -0400 http://www.proactiveinvestors.com/companies/news/90562/african-queen-mines-hires-natural-resource-stock-guru-badez-as-senior-financial-consultant-36249.html
<![CDATA[News - African Barrick Gold acquires interests in ground next to African Queen's Ugunja project ]]> http://www.proactiveinvestors.com/companies/news/90417/african-barrick-gold-acquires-interests-in-ground-next-to-african-queens-ugunja-project-36032.html

African Queen Mines (CVE:AQ) Tuesday said that an A$30 million acquisition deal between African Barrick Gold Plc (LON:ABG) and Aviva Corp. Ltd (ASX:AVA) underscores the importance of being an "early mover" in gold and metals exploration in Kenya. 

Under the terms of the deal, African Barrick will acquire all of the stock of Aviva Mining Kenya Ltd., including interests in a joint venture with Lonmin Plc (LON:LMI) covering the Ndori and Siaya special licenses – which are adjacent to African Queen’s Ugunja gold project.

According to African Queen’s geologic interpretation of the region, Ugunja lies just to the north and west of Siaya on trend, and encompasses roughly 370 square kilometres in the Busia, Siaya and Kakamega areas  - also known as the Lakeland District, located north of the shores of Lake Victoria in Western Kenya.

“It is gratifying to see important companies like African Barrick, which is one of Africa's five largest gold producers, recognize the opportunities for gold and metals exploration in Kenya,” said African Queen CEO Irwin Olian. 

"As an early mover, African Queen has established a portfolio of highly prospective properties in West Kenya and we are working as expeditiously as possible to develop them into viable commercial projects."

Ugunja is situated around 100 kilometres northwest of the company's Odundu project in the Rongo Gold Fields. 

African Queen said the project represents the western extension of the Kakamega gold field, host to the historical Rosterman mine, and that recent structural studies have shown regional shear zones controlling the mineralization from the Kakamega gold field to the Ugunja property.

Ground exploration work at Ugunja is ongoing.

Under an earn-in and joint venture deal with Kenya Discovery, the company can earn up to an 85-per-cent interest in the Ugunja project by funding prescribed optional stages from exploration through feasibility. 

Vancouver-based African Queen is the manager and operator of the project. 

The exploratory resource company has diversified mineral properties in southern, east and west Africa. 

African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals. 

In Kenya, it  has about 850 square kilometres under license for gold and metals, and a further 737 square kilometres of gold and other minerals licenses under agreements with two other companies. 

Its operations in Kenya are being carried out through its subsidiary AQ Kenya Gold Ltd.. 

In September, the company said that it expects the results of a 2,000-metre drill core program at the Rongo gold project in the Nyanza province sometime this month, and in August, it reported that it identified many drill targets and found visible gold near surface at its Kenyan Ugunja gold project.

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Tue, 16 Oct 2012 09:57:00 -0400 http://www.proactiveinvestors.com/companies/news/90417/african-barrick-gold-acquires-interests-in-ground-next-to-african-queens-ugunja-project-36032.html
<![CDATA[News - African Queen Mines upgrades school, shares rise over 34% ]]> http://www.proactiveinvestors.com/companies/news/89797/african-queen-mines-upgrades-school-shares-rise-over-34-35018.html

African Queen Mines (CVE:AQ) share price rose over 34 per cent in Friday afternoon trade after saying it reconstructed and upgraded an elementary school near its Rongo Gold project, in Kenya.

Shares surged 34.38 per cent to reach 21.5 cents apiece on the TSX Venture Exchange.

The Nyopuge Primary School, located 1.6 kilometres south of African Queen's Odundu property where it has carried out a 2,000 metre drill core program, lies in the Nyanza province.  

African Queen expects results from the initial drill core program in October. Samples have been sent to Genalysis Laboratory Services in South Africa. 

Reconstruction and upgrades of a three-classroom block at the school took place over several months, the company said. 

The company said it has always recognized its responsibility to play a role in local infrastructure, health, safety and education to raise the standard of living of the community in its project area. 

Community leader John Mollo Kiriago said: "The Nyopuge Primary School Community especially the children and all stake-holders are deeply indebted to AQ Kenya Gold Limited for their great help."

African Queen's chief executive, Irwin Olian, said: "We are delighted that the Nyopuge school rehabilitation project has met with such a warm reception."

"It gives us great pleasure to be contributing to the welfare of the local community at Odundu, as we strive to do in all projects we are developing across Africa."

The Rongo project rests 380 kilometres from Nairobi, and just 60 km north of the border with Tanzania, forming the rich Lake Victoria Greenstone Belt. 

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

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Fri, 21 Sep 2012 14:14:00 -0400 http://www.proactiveinvestors.com/companies/news/89797/african-queen-mines-upgrades-school-shares-rise-over-34-35018.html
<![CDATA[News - African Queen Mines finds visible gold, several drill targets ]]> http://www.proactiveinvestors.com/companies/news/88413/african-queen-mines-finds-visible-gold-several-drill-targets-32846.html African Queen Mines Ltd. (CVE:AQ) said Thursday it has identified many drill targets and encountered visible gold near surface at its Kenyan Ugunja gold project.

The Phase 1b exploration program also found a structure with potential to host commercial deposits, African Queen said in a statement.

“We are delighted that preliminary exploration results from both our Ugunja and Odundu projects in Western Kenya are generating positive results with identification of highly prospective drill targets,” African Queen's chief executive Irwin Olian said.

“Kenya is becoming an increasingly important focus of African Queen's exploration activities and we look forward to much success in Kenya in the future.”

The Ugunja project covers 370 square kilometres in the Lakeland district north of the shores of Lake Victoria in Western Kenya.

Work at the project has included rock sampling, trenching, mapping and ground geophysics surveys. African Queen noted visible gold has been identified in many samples of quartz vein.

This vein, which reaches 80 centimetres in width, occurs along a structure that can be traced for 240 metres.

The miner completed four trenches totalling 71 metres, while 99 samples were collected from the site and are being prepared by Kenya Mineral Services, and shipped to Australia for gold analysis.

During the prospecting campaign, about 20 gold mining work sites were located and a number of black quartz was found at these sites.

It plans to perform further trenching on several of these locations.

Separately, the gold miner also finished 13 square km ground magnetic surveys over the Ligega area, and has located potential gold-bearing structures.

Under a joint venture agreement with Kenyan-based Abba Mining Company, African Queen can earn up to an 85 percent interest in the project by funding prescribed optional stages from exploration through feasibility.

The company is also the manager and operator of the property.

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

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Thu, 02 Aug 2012 13:25:00 -0400 http://www.proactiveinvestors.com/companies/news/88413/african-queen-mines-finds-visible-gold-several-drill-targets-32846.html
<![CDATA[News - African Queen recovers 3.33 g/t gold over 28 metres at Odundu, Kenya ]]> http://www.proactiveinvestors.com/companies/news/87818/african-queen-recovers-333-gt-gold-over-28-metres-at-odundu-kenya-31822.html African Queen Mines (CVE:AQ) said Wednesday that has hit “broad zones” of mineralization at its Odundu property in Kenya, highlighting results trench B1 of 3.3 grams per tonne (g/t) gold over 28 metres.

The Odundu property covers an area of approximately 97 square kilometres in the Kanango gold mining area of the Migori District of Nyanza Province near Lake Victoria.

African Queen said that trench results from earlier this year have now been received and the first five core drill holes (OD1 to OD5) totaling 1043metres have been completed at the project. Hole OD6, positioned approximately 85 metres along strike, will explore the southeast extension at depth.

The assay results of trench channel samples, received from ALS Chemex Laboratories, confirm both low and higher grade gold mineralization over a strike of 567 metres, said the company.

Highlights from the trenching program revealed that gold mineralization within the main Odundu shear zone exposed by trench B1 assayed values of 4.40 g/t gold over one metre, 10.00 g/t gold over 2.2 metres and 29.30 g/t gold over one metre.

African Queen noted that gold assay results obtained from trench D include 33.00 g/t gold over one metre and 0.93g/t over 18 metres. Trench E recorded an assay value of 3.85 g/t gold over three metres.

“We will gain much more information from assays pending from samples from these drill cores, but it is certainly exciting to encounter mineralization over broad zones that is consistent with our structural model derived through our geochemical and
geophysics data from initial exploration activities over the past year,” said African Queen's CEO Irwin Olian.

In early April, the company said that Alkili Minerals Services had initiated its 2,000 metre core drilling program at the Odundu
property.

African Queen said that drilling completed so far indicates the anomalous northwest-southeast trending shear zone that has been traced over the property for approximately three kilometers is mineralized at depth within the confines of the drilling.

The project is situated some 380 kilometres by road from the capital city of Nairobi and 60 kilometres north of the border with Tanzania, forming part of the rich Lake Victoria Greenstone Belt that hosts gold deposits including African Barrick Gold's

(LON:ABG) Bulyanhulu and North Mara Mines and AngloGold Ashanti's (NYSE:AU) Geita Mine.

In February and March of this year, seven trenches totaling 520 metres and covering a northwest-southeast strike of approximately 580 metres were excavated perpendicular to the main shear zone.

Broad zones of mineralized material were recorded in all seven trenches, as wide as 40 metres. Gold assay results obtained from samples from the main artisanal pit located between trenches A1 and B1 ranged between 2.12 g/t gold and 35.0 g/t. Intermediate values recorded within this range were 2.43 g/t, 3.0 g/t, 8.33 g/t, and 9.70 g/t gold, the company said.

Six core drill holes totaling approximately 1,300 metres were positioned to test the gold mineralization within an anomalous area of the northwest-southeast trending shear zone traversing the property.

This shear zone was initially discovered through the company's preliminary field reconnaissance work and later delineated through airborne and ground geophysics programs.

Under a joint venture agreement with Kenyan-based Abba Mining Company, African Queen can earn up to an 85 percent interest in the project by funding prescribed optional stages from exploration through feasibility.

The company is also the manager and operator of the property.

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

Its operations in Kenya are being carried out through its operating subsidiary AQ Kenya Gold Limited.

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Wed, 11 Jul 2012 14:58:00 -0400 http://www.proactiveinvestors.com/companies/news/87818/african-queen-recovers-333-gt-gold-over-28-metres-at-odundu-kenya-31822.html
<![CDATA[News - African Queen Mines extends exploration license at Odundu by two years ]]> http://www.proactiveinvestors.com/companies/news/85662/african-queen-mines-extends-exploration-license-at-odundu-by-two-years-28212.html African Queen Mines (CVE:AQ) said Wednesday that the terms of its exploration license for the Odundu property in southwest Kenya's Rongo Gold Fields has been extended for another two years.

The company said the Mines and Geological Department of the Republic of Kenya has now renewed special license No. 287, granted to the company’s joint venture partner Abba Mining, for a further period of two years to January 22, 2014.

The original license was issued to Abba in January 2010, for an initial term of two years.

In addition, African Queen said the boundaries of the license were changed to reflect the settlement agreement entered into by Abba and B & M Mining Company earlier this year, by reducing the area covered by the license by 15 square kilometres to 97 square kilometres.

The news today allows the company to move forward with its drilling and exploration programs at Odundu for the next two years.

“We are delighted to have the full support of the Kenya Mines and Geological Department for our Odundu project and other exploration projects in Kenya," said CEO Irwin Olian.

The Odundu property covers an area of approximately 97 square kilometres in the Kanango gold mining area of the Migori District of Nyanza Province near Lake Victoria.

The project is situated some 380 kilometres by road from the capital city of Nairobi and 60 kilometres north of the border with Tanzania, forming part of the rich Lake Victoria Greenstone Belt that hosts gold deposits including African Barrick Gold's Bulyanhulu and North Mara Mines and AngloGold Ashanti's Geita Mine.

Earlier this month, the company said that Alkili Minerals Services has initiated its 2,000 metre core drilling program at the Odundu property.

The company previously completed a program of regional exploration including mapping, sampling trenching and ground and airbourne geophysics on the property.

In February and March of this year, seven trenches totaling 520 metres and covering a northwest-southeast strike of approximately 580 metres were excavated perpendicular to the main shear zone.

Broad zones of mineralized material were recorded in all seven trenches, as wide as 40 metres. Gold assay results obtained from samples from the main artisanal pit located between trenches A1 and B1 ranged between 2.12 grams per tonne (g/t) gold and 35.0 g/t. Intermediate values recorded within this range were 2.43 g/t, 3.0 g/t, 8.33 g/t, and 9.70 g/t gold, the company said.

Initially, six core drill holes totaling approximately 1,300 metres have been positioned to test the gold mineralization within an anomalous area of the northwest-southeast trending shear zone traversing the property.

This shear zone was initially discovered through the company's preliminary field reconnaissance work and later delineated through airborne and ground geophysics programs.

The remainder of the drilling program, provisionally set at 2,000 metres with plans to expand based on results, will test the extensions of the shear zone and other prospective targets within the property.

Under a joint venture agreement with Kenyan-based Abba Mining Company, African Queen can earn up to an 85 percent interest in the project by funding prescribed optional stages from exploration through feasibility.

The company is also the manager and operator of the property.

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

Its operations in Kenya are being carried out through its operating subsidiary AQ Kenya Gold Limited.

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Wed, 25 Apr 2012 15:14:00 -0400 http://www.proactiveinvestors.com/companies/news/85662/african-queen-mines-extends-exploration-license-at-odundu-by-two-years-28212.html
<![CDATA[News - African Queen Mines appoints Todhunter as new CFO ]]> http://www.proactiveinvestors.com/companies/news/85434/african-queen-mines-appoints-todhunter-as-new-cfo--27858.html African Queen Mines (CVE:AQ) announced Tuesday that Jennifer Todhunter has been appointed to serve as the new CFO and director, following the resignation of Mark Lotz.

The company’s shares rose 13.51 percent to 21 cents late Tuesday.

The company said Todhunter has recently served as the VP of financial administration, and served as the finance manager of both African Queen and its predecessor, Pan African Mining Corp., since May 2005.

Todhunter has extensive accounting and finance experience, dealing with the complexities of both private and public corporations, said African Queen, adding that she has spent the last thirteen years working with public companies, predominantly those in the mining industry.

"We are grateful to Mark Lotz for his contributions to African Queen over the past nine months and wish him all the best in his other endeavors," said the company’s CEO Irwin Olian.

"At the same time, Jennifer Todhunter has been a very able and popular member of our senior financial administration for the past seven years. She is well qualified to move into her new position as CFO, and we welcome her in this role."

Lotz will remain as a financial consultant for African Queen until August 2012.

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals. Its operations in Kenya are being carried out through its operating subsidiary AQ Kenya Gold Limited.

On Monday, the company announced that Alkili Minerals Services has initiated its 2,000 metre core drilling program at the company’s Odundu property in southwest Kenya's Rongo Gold Fields.

African Queen, which said that core drilling of the first hole is now underway, previously completed a program of regional exploration including mapping, sampling trenching and ground and airbourne geophysics.

In February and March of this year, seven trenches totaling 520 metres and covering a northwest-southeast strike of approximately 580 metres were excavated perpendicular to the main shear zone.

Broad zones of mineralized material were recorded in all seven trenches, as wide as 40 metres, the company said.
Last month, the company closed the second tranche of a private placement financing, raising a total of $2.41 million in proceeds.

Funds will be used for the drill program at Odundu, as well as the current drill program at its Noyem-Nyanfoman project on Ghana’s Ashanti Belt, and for potential property acquisitions and working capital.

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Tue, 17 Apr 2012 16:08:00 -0400 http://www.proactiveinvestors.com/companies/news/85434/african-queen-mines-appoints-todhunter-as-new-cfo--27858.html
<![CDATA[News - African Queen Mines says core drilling starts at Odundu in Kenya ]]> http://www.proactiveinvestors.com/companies/news/85361/african-queen-mines-says-core-drilling-starts-at-odundu-in-kenya-27756.html African Queen Mines (CVE:AQ) said Monday that Alkili Minerals Services has initiated the company's 2,000 metre core drilling program at the Odundu property in southwest Kenya's Rongo Gold Fields.

The company, which said that core drilling of the first hole is now underway, previously completed a program of regional exploration including mapping, sampling trenching and ground and airbourne geophysics.

The Odundu property covers an area of approximately 97 square kilometres in the Kanango gold mining area of the Migori District of Nyanza Province near Lake Victoria.

The project is situated some 380 kilometres by road from the capital city of Nairobi and 60 kilometres north of the border with Tanzania, forming part of the rich Lake Victoria Greenstone Belt that hosts gold deposits including African Barrick Gold's Bulyanhulu and North Mara Mines and AngloGold Ashanti's Geita Mine.

In February and March of this year, seven trenches totaling 520 metres and covering a northwest-southeast strike of approximately 580 metres were excavated perpendicular to the main shear zone.

Broad zones of mineralized material were recorded in all seven trenches, as wide as 40 metres. Gold assay results obtained from samples from the main artisanal pit located between trenches A1 and B1 ranged between 2.12 grams per tonne (g/t) gold and 35.0 g/t. Intermediate values recorded within this range were 2.43 g/t, 3.0 g/t, 8.33 g/t, and 9.70 g/t gold, the company said.

Channel sampling and logging of the trenches are now complete and assay results are pending, African Queen added.

Initially, six core drill holes totaling approximately 1300 metres have been positioned to test the gold mineralization within an anomalous area of the northwest-southeast trending shear zone traversing the property.

This shear zone was initially discovered through the company's preliminary field reconnaissance work and later delineated through airborne and ground geophysics programs.

The remainder of the drilling program, provisionally set at 2,000 metres with plans to expand based on results, will test the extensions of the shear zone and other prospective targets within the property.

Gold mineralization on the property appears to be associated with rich sulfide mineralization that is now being explored over a strike of approximately 1.5 kilometres, the company said.

"We are delighted that drilling is now underway at Odundu in Kenya's Rongo Gold Fields. Odundu is an exciting target that marks the beginning of our ambitious long-term exploration plans for Kenya," said CEO Irwin Olian.

Holes OD1 and OD2, the first two holes of the core drilling program, are planned to achieve depths of 260 and 230 metres, respectively.

Holes OD3 and OD4 will be drilled at a distance of 120 metres towards the southeast and are planned to achieve depths of 260 and 190 metres, respectively. Holes OD5 and OD6 will be drilled towards the southeast of the main artisanal workings to depths of 240 and 150 metres, respectively.

The company said that the exploration program at Odundu will be refined as results from both the trench sampling and drilling become available.

Ultimately, a conceptual geological model to explain the gold mineralization on the property will be incorporated into future exploration phases.

Under a joint venture agreement with Kenyan-based Abba Mining Company, African Queen can earn up to an 85 percent interest in the project by funding prescribed optional stages from exploration through feasibility.

The company is also the manager and operator of the property.

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

Its operations in Kenya are being carried out through its operating subsidiary AQ Kenya Gold Limited.

Last month, the company said it closed the second tranche of a private placement financing, raising a total of $2.41 million in proceeds. Funds will be used for the drill program at Odundu, as well as the current drill program at its Noyem-Nyanfoman project on Ghana’s Ashanti Belt, and for potential property acquisitions and working capital.

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Mon, 16 Apr 2012 09:50:00 -0400 http://www.proactiveinvestors.com/companies/news/85361/african-queen-mines-says-core-drilling-starts-at-odundu-in-kenya-27756.html
<![CDATA[News - African Queen Mines inks drilling contract for Odundu, 2,000 metre program to start shortly ]]> http://www.proactiveinvestors.com/companies/news/85090/african-queen-mines-inks-drilling-contract-for-odundu-2000-metre-program-to-start-shortly--27316.html African Queen Mines (CVE:AQ) said late Tuesday that it has secured a driller for its Odundu property in southwest Kenya's Rongo Gold Fields, with mobilization now underway.

The agreement with Kenya-based Alkili Minerals Services will see the completion of an initial 2,000 metre core drilling program at the property, which covers an area of roughly 97 square kilometres in the Kanango gold mining area of the Migori District near Lake Victoria.

The project is situated some 380 kilometres by road from the capital city of Nairobi and 60 kilometres north of the border with Tanzania, forming part of the rich Lake Victoria Greenstone Belt that hosts African Barrick Gold’s Bulyanhulu and North Mara Mines, and AngloGold Ashanti’s Geita Mine.

Mobilization is currently underway, with drilling slated to start shortly, the company said.

African Queen added that further metres could be added based on results received.

The initial holes are planned to range generally from 80 to 200 metres in depth, with a view toward confirming the gold mineralization associated with a prominent northwest-southeast trending shear zone, which was initially discovered through the company’s preliminary field work and further delineated through airborne and ground geophysics programs.

The drill campaign will also test extension from such a shear zone and other prospective targets within the region.

Gold in the shear zone at Odundu appears to be associated with rich sulfide mineralization, the company said, and has been explored over a strike of around 1.5 kilometres so far.

In February, African Queen reported what it called "favourable" results from ground geophysics and surveys at Odundo. The company said that positive sampling and geochemical results, combined with positive ground and airborne geophysics studies, pointed to a number of "highly prospective targets" that it planned to drill test.

“We are delighted to be moving forward with drilling at Odundu, which we view as an exceptional target," said CEO Irwin Olian.

"The convergence of positive geochemical and geophysics data from our initial exploration activities suggests a high probability of success in our upcoming reconnaissance drill program.”

Under a joint venture agreement with Kenyan-based Abba Mining Company, African Queen can earn up to an 85 percent interest in the project by funding prescribed optional stages from exploration through feasibility.

The company is also the manager and operator of the property.

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

Its operations in Kenya are being carried out through its operating subsidiary AQ Kenya Gold Limited.

Last week, the company said it closed the second tranche of a private placement financing, raising a total of $2.41 million in proceeds. Funds will be used for the drill program at Odundu, as well as the current drill program at its Noyem-Nyanfoman project on Ghana’s Ashanti Belt, and for potential property acquisitions and working capital.

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Wed, 04 Apr 2012 09:10:00 -0400 http://www.proactiveinvestors.com/companies/news/85090/african-queen-mines-inks-drilling-contract-for-odundu-2000-metre-program-to-start-shortly--27316.html
<![CDATA[News - African Queen closes second tranche, raises $702,900 ]]> http://www.proactiveinvestors.com/companies/news/85028/african-queen-closes-second-tranche-raises-702900-27177.html African Queen Mines (CVE:AQ) said Friday it closed the second tranche of its previously announced non-brokered private financing, which raised $702,900.

The company sold 3.19 million units priced at 22 cents each. Together with its first tranche the company has raised proceeds of $2.41 million.

Each unit consists of one share and one-half of one purchase warrant. Each warrant gives the holder the right to buy one extra common share at an exercise price of 37 cents until March 30, 2014.

In addition, the company paid a cash finder’s fee of $37,576. Together with the first tranche, the gold explorer paid cash finders’ fees worth $92,837, reflecting 3.84 percent of the offering’s proceeds.

The issued units are subject to a four-month hold period in Canada and expire on July 31, 2012.

Proceeds from the offering will be used to fund the current drill program at its Noyem-Nyanfoman project on Ghana’s Ashanti Belt.

Funds will also be used for a drill program at its Odundu property in southwest Kenya’s Rongo Gold Fields, and for potential property acquisitions and working capital.

"We are extremely grateful to the many investors who have participated in our financing during this challenging period in the junior mining industry," African Queen chief executive Irwin Olian said in a statement on Friday. 

"The offering was oversubscribed and the company utilized its overallotment option to accommodate additional investor demand. This financing provides the company with all the funds anticipated for its budgeted programs in Ghana and Kenya this year, as well as discretionary working capital."

In early March, the mineral explorer said it plans to raise $1.98 million through a non-brokered private financing. The Vancouver-based miner said it would offer nine million units priced at 22 cents a unit. The company also noted it may boost the offering by 20 percent to 10.8 million units.

African Queen said it will use funds from the offering to finance development at its Odundu property in Kenya’s Rongo Gold Fields, and for its Noyem-Nyanfoman property in Ghana.

The company, under a joint venture deal with Akan Exploration, can earn a 75 percent stake in the Noyem-Nyanfoman gold project by funding prescribed stages from exploration through feasibility. African Queen is the operator of the project.

Last September, the company arrived at a settlement for an additional 12 mining claims at its Noyem-Nyanfoman gold project. The 12 claims cover about 300 acres on the Noyem A reef in Ghana's Ashanti Belt. This followed settlements in July 2011 for an additional seven of the 26 mining claims that conflicted with its prospecting license for the gold property.

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Mon, 02 Apr 2012 12:54:00 -0400 http://www.proactiveinvestors.com/companies/news/85028/african-queen-closes-second-tranche-raises-702900-27177.html
<![CDATA[News - African Queen Mines closes C$1.7 mln first tranche of non-brokered financing ]]> http://www.proactiveinvestors.com/companies/news/84626/african-queen-mines-closes-c17-mln-first-tranche-of-non-brokered-financing-26468.html African Queen Mines (CVE:AQ) said late Friday that it has closed a C$1.7 million first tranche of its previously announced $1.98 million non-brokered private placement financing.

Under the terms of the offering, the company issued 7.79 million units at 22 Canadian cents each.

Each unit consists of one common share and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of the company at an exercise price of 37 cents, until March 16, 2014.

In connection with the financing, the company paid cash finders’ fees of C$58,297, representing 3.40 percent of the total proceeds of the deal.

“We are very gratified with the strong investor response to our financing,which has resulted in our closing the first tranche with approximately $1.7 Million in a short period of only two weeks since we commenced the offering," said CEO Irwin Olian.

"Considering the highly volatile market environment facing mining shares, we are very thankful to the 42 investors who so readily participated in the offering. 

"This first tranche will provide the company with the necessary funding to cover our budgeted drill programs in Ghana and Kenya, as well as working capital."

Olian added that the second tranche is expected to close before the end of the month.

In early March, the mineral explorer said it plans to raise $1.98 million through a non-brokered private financing. The Vancouver-based miner said it would offer nine million units priced at 22 cents a unit. The company also noted it may boost the offering by 20 percent to 10.8 million units.

African Queen said it will use funds from the offering to finance development at its Odundu property in Kenya’s Rongo gold fields, and for its Noyem-Nyanfoman property in Ghana.

The company, under a joint venture deal with Akan Exploration, can earn a 75 percent stake in the Noyem-Nyanfoman gold project by funding prescribed stages from exploration through feasibility. African Queen is the operator of the project.

Last September, the company arrived at a settlement for an additional 12 mining claims at its Noyem-Nyanfoman gold project. The 12 claims cover about 300 acres on the Noyem A reef in Ghana's Ashanti Belt. This followed settlements in July 2011 for an additional seven of the 26 mining claims that conflicted with its prospecting license for the gold property.

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Mon, 19 Mar 2012 09:12:00 -0400 http://www.proactiveinvestors.com/companies/news/84626/african-queen-mines-closes-c17-mln-first-tranche-of-non-brokered-financing-26468.html
<![CDATA[News - African Queen to raise $1.98 mln to fund drilling at Noyem gold project ]]> http://www.proactiveinvestors.com/companies/news/84272/african-queen-to-raise-198-mln-to-fund-drilling-at-noyem-gold-project-25852.html Mineral explorer African Queen Mines (CVE:AQ) said Tuesday it plans to raise $1.98 million through a non-brokered private financing, as the company seeks to fund drilling at its Noyem gold project, West Africa. 

The Vancouver-based miner said it will offer nine million units priced at 22 cents a unit. The company also noted it may boost the offering by 20 percent to 10.8 million units.

Each unit consists of one common share and one-half of one purchase warrant of African Queen. Each whole warrant gives the holder a right to buy one extra share for 37 cents each for two years following the closing date.

A finder’s fee of seven percent of the offerings gross proceeds might be paid. The financing is slated to close in March and may include one or more tranches.

The securities issued have a four month hold period, while the private placement is subject to Toronto Stock Venture Exchange approval.

African Queen said it will use funds from the offering to finance a drill program at its Odundu property southwest in Kenya’s Rongo gold fields, property acquisitions and working capital.

The company, under a joint venture deal with Akan Exploration, can earn a 75 percent stake in the Noyem-Nyanfoman gold project by funding prescribed stages from exploration through feasibility. African Queen is the operator of the project. 

Last September, the company arrived at a settlement for an additional 12 mining claims at its Noyem-Nyanfoman gold project in Ghana. The 12 claims cover about 300 acres on the Noyem A reef in Ghana's Ashanti Belt. This followed settlements in July 2011 for an additional seven of the 26 mining claims that conflicted with its prospecting license for the gold property.

The company’s share price traded at 21.5 cents apiece on Toronto’s junior stock exchange on Tuesday morning.

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Tue, 06 Mar 2012 10:49:00 -0500 http://www.proactiveinvestors.com/companies/news/84272/african-queen-to-raise-198-mln-to-fund-drilling-at-noyem-gold-project-25852.html
<![CDATA[News - African Queen Mines starts 2012 drilling program at Noyem-Nyanfoman ]]> http://www.proactiveinvestors.com/companies/news/83908/african-queen-mines-starts-2012-drilling-program-at-noyem-nyanfoman-25295.html African Queen Mines (CVE:AQ) said Wednesday that it has now started its 2012 core drilling program at its Noyem-Nyanfoman project on Ghana’s Ashanti Belt.

The initial phase is planned to be a minimum of 2,000 metres, and will be expanded on a "result-contingent" basis, the company said.

The drill program is being carried out by affiliates of Energold Drilling Corp. (CVE: EGD), and will be overseen by the company's  senior technical team, including Dr. Andy Moore and Pete Siegfried, and by personnel from consulting firm Remote Exploration Services.

The first holes will range generally from 100 to 200 metres in depth, with the aim of testing and confirming the gold mineralization previously discovered by predecessors of Newmont Mining Corp. on the Noyem A reef in the eastern portion of the concession, where an historic inferred gold resource of approximately 1.1 million ounces of gold was established down to a depth of 550 metres by Bonsai Gold Holdings.

The program will also test new targets elsewhere on the license area, developed through the company’s own exploration programs over the past two years.

“We are excited that drilling is now underway at Noyem-Nyanfoman and look forward to successfully building on the positive results previously achieved by Newmont and its predecessors," said African Queen CEO, Irwin Olian.

"We are particularly excited to drill some of the new targets our team has generated away from the historic resource area, as they have the potential to significantly enhance the resource potential of the property.”

The Noyem-Nyanfoman license currently covers an area of approximately 28.9 square kilometres located within the Birim North District of Ghana’s Eastern Region, approximately 130 kilometres northwest of Accra.

It is at the northeastern end of Ghana’s gold-producing Ashanti Belt, near Newmont’s Akyem deposit, which is currently under development for production - with a stated resource in excess of 8 million ounces of gold.

The property has also long been host to large numbers of artisanal miners.

African Queen can earn up to a 75 percent interest in the project under an earn-in and joint venture agreement with Akan Exploration, by funding prescribed stages from exploration through feasibility.

The African-focused mineral explorer is designated as manager and operator of the project.

Earlier this week, African Queen reported what it called "favourable" results from its preliminary field work and airborne geophysics at its Odundo property in southwest Kenya's Rongo Gold Fields.

The results are being used for target generation for the company's upcoming core drilling program at the site. African Queen said that positive sampling and geochemical results, combined with positive ground and airborne geophysics studies, have pointed to a number of "highly prospective targets" that it is planning to drill test.

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Wed, 22 Feb 2012 12:17:00 -0500 http://www.proactiveinvestors.com/companies/news/83908/african-queen-mines-starts-2012-drilling-program-at-noyem-nyanfoman-25295.html
<![CDATA[News - African Queen Mines finds "highly prospective" drill targets for Odundo property ]]> http://www.proactiveinvestors.com/companies/news/83859/african-queen-mines-finds-highly-prospective-drill-targets-for-odundo-property-25233.html African Queen Mines (CVE:AQ) reported over the weekend what it called "favourable" results from its preliminary field work and airborne geophysics at its Odundo property in southwest Kenya's Rongo Gold Fields.

The results are being used for target generation for the company's upcoming core drilling program at the site.

African Queen said that positive sampling and geochemical results, combined with positive ground and airborne geophysics studies, have pointed to a number of "highly prospective targets" that it is planning to drill test.

“The convergence of positive geochemical and geophysics data at Odundu suggests a high probability of success in our upcoming reconnaissance drill program," said CEO Irwin Olian.

"We are excited to be moving forward now.”

The Odundu property covers an area of approximately 97 square kilometres in the Kanango gold mining area of the Migori District of Nyanza Province in Southwest Kenya near Lake Victoria.

The project is situated some 380 kilometres by road from the capital city of Nairobi and 60 kilometres north of the border with Tanzania, forming part of the Lake Victoria Greenstone Belt - which hosts known gold deposits including African Barrick Gold’s Bulyanhulu and North Mara Mines, and AngloGold Ashanti’s Geita Mine

The airborne magnetic and radiometric survey at the property showed north-west, south-east trending structures and a "prominent shear zone" traversing the Odundu property. A grab sample from an artisinal pit located within the shear zone revealed a high value of 69 grams per tonne (g/t) of gold, and other grab samples yielded gold values ranging between 6.08 and 10.10 g/t gold.

Several smaller structural splays diverging from the main shear zone were also detected, the company said.

To date, only a small portion of the shear zone traversing the Odundu property has been explored, African Queen added.

To follow up on the airborne magnetic anomaly, the company initiated a program including a detailed ground magnetic survey, geological mapping covering roughly six square kilometres, and sampling and gold analysis.

The ground magnetic survey confirmed the existence of the shear zone/fault system detected by the airborne survey, the company said, with anomalous gold values from the termite mound samples located within and peripheral to the shear zone ranging between 0.50 parts per billion (ppb) and 669 ppb. gold.

In addition, African Queen said arsenic anomalies were detected approximately 200 metres and 1.3 kilometres north-west of the pit.

These initial favorable results prompted the company to undertake a 3D Resistivity and Induced Polarization (IP) survey of the Odundu area, completed by Akili Minerals Services.

The company said that a zone of high chargeability over an approximate strike of 1.5 kilometres by 100 metres wide was detected by the IP survey, within the shear zone/fault system, with the results appearing related to a rich sulfide zone associated with gold.

"Identification of this shear zone, which encompasses abandoned and active mining operations and demonstrates initial high gold values, is highly encouraging," African Queen said in a statement.

"A trenching program is now being completed with a view toward examining the possibility of further gold potential along the shear zone extensions. This trenching program was initiated recently and is progressing well."

Ultimately, the trenching data is expected to clarify the nature and surface extent of the mineralization, the structural detail, as well as to complement the planned core drilling program.

The Odundo property is held under an earn-in and joint venture agreement with Kenya-based Abba Mining Company. African Queen has the right to earn up to an 85 percent interest in the project under the deal by funding optional stages from exploration through feasibility.

The African-focused mineral explorer is designated as manager and operator of the project.

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Tue, 21 Feb 2012 10:28:00 -0500 http://www.proactiveinvestors.com/companies/news/83859/african-queen-mines-finds-highly-prospective-drill-targets-for-odundo-property-25233.html
<![CDATA[News - African Queen Mines completes legal settlement for Rongo Gold Fields, payment received ]]> http://www.proactiveinvestors.com/companies/news/83402/african-queen-mines-completes-legal-settlement-for-rongo-gold-fields-payment-received-24453.html African Queen Mines (CVE:AQ) said Friday that it has now resolved and completed all details of the legal settlement process relating to a land dispute over certain areas of its Rongo Gold Fields project in southwest Kenya.

In late November last year, African Queen said that, together with its joint venture (JV) partner, Abba Mining, it had reached a settlement agreement related to its land dispute with Linear Metals Corp (TSE:LRM), and Linear's JV partner, B&M Mining, earlier this year.

In February of 2011, African Queen and Abba filed for a prohibition order, claiming that the 15-square kilometre area covered by Linear and B&M's Special License No. 214, is also covered by their own Special License No. 287, which African Queen and Abba had received in January.

The area that was in question covers the Kamwango prospect in the Rongo area of the Migori mining district in Kenya.

Under the terms of the settlement agreement, B&M remains the beneficial owner of the license No. 214, covering the area of 15 square kilometers in the Rongo area, subject to a one percent net smelter royalty (NSR) payable to African Queen, and a one percent NSR payable to Abba.

Abba, meanwhile, remains the beneficial owner of the license No. 287, which roughly covers 97-square kilometres surrounding the No. 214 area.

The area reserved to Abba, and thereby African Queen, includes the target known as Odundu, while the area reserved to B&M includes the target known as Kamwango.

The High Court of Kenya in Kisumu has now issued orders effectuating the settlement and ending the litigation, African Queen said.

In addition, as part of the agreement, African Queen said it has now furnished Linear with all of its technical information related to Special License No. 214, and has therefore received the sum of U.S.$150,000 in cash, plus 949,658 shares of Linear common stock as consideration.

A final payment of $150,000 is due in 12 months from Linear, African Queen added.

"We are delighted that legal details of the Rongo settlement are now complete and are looking forward to commencing our core drilling program at Odundu in the near future," said African Queen CEO, Irwin Olian.

At the end of 2011, the company said that after completing a review of its portfolio of exploration properties, it has established plans to develop two gold projects in Ghana and Kenya, while abandoning plans for two diamond properties in Africa.

In order to prioritize its projects for development in 2012, as well as to build shareholder value, African Queen said it will begin core drilling programs at its Noyem-Nyanfoman gold project in Ghana, and at the Odundo target on its Rongo project in Kenya.

However, its Tsau diamond project in Botswana and its Namibian diamond project did not survive the chopping block.

Last month, it had inked a contract for a core drilling program at its Noyem-Nyanfoman project, after legal settlements in the region cleared the way for accelerated exploration and development. An initial 2,000 metre program is planned, slated to begin later in February.

African Queen Mines is an exploratory resource company with diversified mineral properties in Southern, East and West Africa. In Kenya, it has approximately 850 square kilometres under license for gold and metals, and a further 737 square kilometres of gold and other minerals licenses under agreements with two other companies.

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Fri, 03 Feb 2012 08:45:00 -0500 http://www.proactiveinvestors.com/companies/news/83402/african-queen-mines-completes-legal-settlement-for-rongo-gold-fields-payment-received-24453.html
<![CDATA[News - African Queen Mines inks drilling contract for Noyem-Nyanfoman project ]]> http://www.proactiveinvestors.com/companies/news/82939/african-queen-mines-inks-drilling-contract-for-noyem-nyanfoman-project-23716.html African Queen Mines (CVE:AQ) said Thursday it has now signed a contract for a core drilling program at its Noyem-Nyanfoman project on Ghana's Ashanti Belt, after legal settlements in the region cleared the way for accelerated exploration and development.

Mobilization of rigs is to start before the end of the month, with drilling slated to begin in mid-February, the company said.

An initial 2,000 metre program is planned, with further metres to be added by the company on a "result contigent basis", it added.

The company has executed a formal deal with E-Drilling Ghana and E.Global Drilling Corp, units of Energold Drilling (CVE:EGD), with the program to be overseen by African Queen's senior technical team and by consulting firm Remote Exploration Services.

The initial holes are to range from 100 to 200 metres in depth, and will focus on testing the gold mineralization previously discovered by prior owners Newmont Mining Corp on the Noyem A reef on the eastern portion of the concession, where a historic inferred resource of around 1.1 million ounces of gold was established.

The drilling campaign will also test new targets elsewhere on the license area, developed through the company's own exploration program over the past two years.

"After many months of exploratory work and protracted negotiations with the local community and small scale miners, we are delighted to be able to move forward now with drilling at the Noyem-Nyanfoman Project," said CEO Irwin Olian.

"We view this as a unique opportunity to build value for our shareholders and joint venture partner, Akan Exploration, as well as the local community.

"Our hope is that our drilling and exploration efforts will lead to development of a successful commercial mining operation that will contribute significantly to the economic growth of the region as well as the well-being and prosperity of the local community and Nyanfoman people."

The Noyem-Nyanfoman gold project license currently covers an area of approximately 28.9 square kilometres, located within the Birim North District of Ghana's Eastern Region, approximately 130 kilometres northwest of Accra.

It is at the northeastern end of Ghana's well-known, gold-producing Ashanti Belt, near Newmont's Akyem deposit, which is now under development for production with a stated resource in excess of 8 Million ounces of gold.

The project has also long been host to large numbers of artisanal miners, the company said.

African Queen, under a joint venture agreement with Akan Exploration, can earn a 75 percent interest in the Noyem-Nyanfoman gold project by funding prescribed stages from exploration through feasibility. African Queen is designated as manager and operator of the project, and holds the license on behalf of the joint venture partners.

Last September, African Queen arrived at a settlement for an additional 12 mining claims at its Noyem-Nyanfoman gold project in Ghana. The 12 claims cover approximately 300 acres on the Noyem A reef in Ghana's Ashanti Belt. This followed settlements in July 2011 for an additional seven of the 26 mining claims that conflicted with its prospecting license for the gold property.

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Thu, 19 Jan 2012 09:19:00 -0500 http://www.proactiveinvestors.com/companies/news/82939/african-queen-mines-inks-drilling-contract-for-noyem-nyanfoman-project-23716.html
<![CDATA[News - African Queen's 2011 drilling finds mineralization for over 2km at King Soloman ]]> http://www.proactiveinvestors.com/companies/news/82627/african-queens-2011-drilling-finds-mineralization-for-over-2km-at-king-soloman-23190.html African Queen Mines (CVE:AQ) said late Friday that it has received analytical results from its 2011 core drilling program at its King Soloman project in Mozambique, confirming the regional continuity of gold and copper anomalies previously traced at surface.

A total of 18 holes were drilled as part of last year's "dry season" program, totaling roughly 2,346 metres. The campaign was designed to test the Bulasho target and several others on trend, and included step-out drilling from the Mankombiti Zone.

The company said gold, copper and silver mineralization continued to be intersected in most of the holes, but the grades and widths intersected were not seen as significantly advancing the size of the potential resource at the project.

However, African Queen also said drilling did in fact confirm the regional continuity of the gold and copper anomalies previously traced on surface, with in excess of three kilometres of strike length remaining to be tested, as well as other regional targets to be explored.

The King Solomom project is located within the central parts of the Mesoproterozoic Fingoe Belt in western Tete Province, Mozambique.

The company has been engaged in considerable exploration at the site, including detailed mapping, ground geophysics and detailed grab sampling, over the last two years, as well as the completion of over 5,000 metres of diamond core drilling from 2010 to 2011.

The 2011 drill program was focused on extending the known mineralization towards the west, as well as testing the importance of structural shoots which may have developed during later deformation.

The company said the results of the latest drill program confirmed the presence of mineralization for over two kilometres along strike and down dip, similar to the mineralization found in 2010.

In addition, a second style of mineralization, similar to that encountered last year at the Eiland prospect, was also drilled. This target, known as the Bulasho target, comprises narrow shear zones associated with pervasive iron carbonate alteration, African Queen said.

Significant intersections from the 2011 program at Bulasho include 0.20 metres of 4.10 parts per million (ppm) of gold and 1.9 ppm silver, as well as 1.6% copper in hole B07, and 0.20 metres of 30.94 ppm gold, 10.3 ppm silver, and 0.42% copper in hole B01.

The 2011 program also included drilling on Mankombiti East, where a substantial conductor was apparent on the IP data that had not been previously drilled. Two boreholes were targeted to hit this conductor, and only the second hole did this. Anomalous gold values ranging between 0.2 grams per tonne (g/t) and 0.4 g/t characterised this entire interval, while within this interval two zones of copper enrichment occured and included 3.5 metres at 1% copper, and a narrower zone 5 metres below with one metre at 1.2% copper.

This target will form part of the exploration focus for further drill planning next year, the company said.

“The results of our 2011 drill program at King Solomon did not encounter the grades and widths of mineralization hoped for at the new targets, but were productive in confirming continuation of the gold, copper and silver mineralization which characterizes this regional trend," said CEO Irwin Olian.

"We will embark on further ground exploration and mapping next dry season in order to identify new drill targets.  There’s a lot of smoke at King Solomon; now we’ve got to find the fire.”

The King Soloman project is the subject of a joint venture agreement signed in July 2009 with Optimetal, covering the exploration and development of prospecting license No. 884L, which spans an area of roughy 230 square kilometres.

African Queen has diversified mineral properties in Southern, East and West Africa. It is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

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Mon, 09 Jan 2012 09:32:00 -0500 http://www.proactiveinvestors.com/companies/news/82627/african-queens-2011-drilling-finds-mineralization-for-over-2km-at-king-soloman-23190.html
<![CDATA[News - African Queen prioritizes 2 gold projects, abandons 2 diamond properties ]]> http://www.proactiveinvestors.com/companies/news/82506/african-queen-prioritizes-2-gold-projects-abandons-2-diamond-properties-22941.html After completing a review of its portfolio of exploration properties, African Queen Mines (CVE:AQ) said Friday it has established plans to develop two gold projects in Ghana and Kenya, while abandoning plans for two diamond properties in Africa.

In order to prioritize its projects for development in 2012, as well as to build shareholder value, African Queen said it will begin core drilling programs at its Noyem-Nyanfoman gold project in Ghana, and at the Odundo target on its Rongo gold field project in Kenya.

However, its Tsau diamond project in Botswana and its Namibian diamond project did not survive the chopping block.

In a statement to investors, African Queen said: "As a junior resource company with a large portfolio of highly prospective exploration properties and seasoned technical team, but facing relatively difficult industry financial conditions, management believes it is important to prioritize our projects.

"We can best build shareholder value by focusing our efforts and financial resources on those projects holding out the most promise and periodically dropping projects which do not demonstrate sufficiently positive results to warrant our continued development efforts."

Since the diamond projects failed to meet the necessary milestones, African Queen will relinquish its licenses to the properties, it said.

In Botswana, two features were identified on the Tsau project as a possible source of diamond soil anomalies. However, soil sampling, magnetic and gravity ground geophysical surveys, as well as core drilling found no anomalies.

Similarly, at the Namibian project, aeromagnetic data uncovered 18 targets. Follow up exploration, however, did not intersect any diamond-bearing anomalies.

At the two gold properties, African Queen said it has already identified drill targets through work programs completed in 2011. Legal settlements in the regions have also cleared the way for accelerated exploration and development.

Preparation is currently underway, and drilling is slated to begin in the first quarter of 2012.

African Queen also said that further exploration programs during 2012 will be undertaken at the King Solomon project in Mozambique, and at its Ugunjka gold project and the Karameri metals project, each in Kenya. The company is currently studying these assets to determine optimal programs for each project.

On the TSX-Venture Exchange, African Queen shares spiked 18.52 percent to $0.16, as of 11:42 am EDT Friday.

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Fri, 30 Dec 2011 13:38:00 -0500 http://www.proactiveinvestors.com/companies/news/82506/african-queen-prioritizes-2-gold-projects-abandons-2-diamond-properties-22941.html
<![CDATA[News - African Queen inks settlement regarding land dispute in Kenya ]]> http://www.proactiveinvestors.com/companies/news/81773/african-queen-inks-settlement-regarding-land-dispute-in-kenya-21709.html African Queen Mines (CVE:AQ) said Monday that, together with its joint venture (JV) partner, Abba Mining, it has reached a settlement agreement related to its land dispute with Linear Metals Corp (TSE:LRM), and Linear's JV partner, B&M Mining, earlier this year.

In February, African Queen and Abba filed for a prohibition order, claiming that the 15-square kilometre area covered by Linear and B&M's Special License No. 214, is also covered by its own Special License No. 287, which African Queen and Abba had received in January.

The area in question covers the Kamwango prospect in the Rongo area of the Migori mining district in Kenya.

Under the terms of the new agreement, B&M will remain the beneficial owner of the license No. 214, covering the area of 15 square kilometers in the Rongo area, subject to a one percent net smelter royalty (NSR) payable to African Queen, and a one percent NSR payable to Abba.

Abba will, meanwhile, remain the beneficial owner of the license No. 287, which roughly covers 97-square kilometres surrounding the No. 214 area.

All parties involved have also agreed to withdraw all civil actions related to the licenses.

Additionally, Linear will acquire the technical information related to the license No. 214 area from African Queen, for $500,000 in total. Upon receipt of the information, African Queen will receive $150,000 in cash. Subject to regulatory approvals, it will receive $200,000 in Linear common shares, with the remaining $150,000 cash payable 12 months following the date of the first payment.

The agreement allows Linear and African Queen to move forward with their respective exploration programs in Kenya, with Linear retaining rights to the Kamwango prospect while African Queen retains rights to the Odundu prospect.

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Mon, 28 Nov 2011 14:39:00 -0500 http://www.proactiveinvestors.com/companies/news/81773/african-queen-inks-settlement-regarding-land-dispute-in-kenya-21709.html
<![CDATA[News - African Queen receives additional 12 claims at Noyem-Nyanfoman gold project ]]> http://www.proactiveinvestors.com/companies/news/79774/african-queen-receives-additional-12-claims-at-noyem-nyanfoman-gold-project-18277.html
African Queen Mines (CVE:AQ) announced Tuesday it arrived at a settlement for an additional 12 mining claims at its Noyem-Nyanfoman gold project in Ghana.

The 12 claims cover approximately 300 acres on the Noyem A reef in Ghana's Ashanti Belt. In July, the company reached settlements for an additional seven of the 26 mining claims that conflict with its prospecting license for the gold property.

In March, African Queen received a one-year extension on its prospecting license that covers 28.9 square kilometres in the Birim north district of Ghana's eastern region, and in the northeastern end of the gold-producing Ashanti Belt.

Since then, 26 small-scale mining claims were identified that could conflict with the development of African Queen's planned large-scale mining project. The company has since been in negotiations with the owners of the claims to achieve settlements.

In consideration for the claims, the company will make a one-time, undisclosed cash payment to the small-scale mining groups that held the claims, including Nana Boafo Kesse Ventures, Boafo Kesse Enterprise, A.D. Mohammed Enterprise, Evelyn Korang Enterprise, Obiri Anima Enterprise, Torgbor Laryea Enterprise, Akroman Enterprise, Abrimpong F/C Enterprise, Nabaab Mining Company, Abass Torgbor Enterprise, M. Boaheman Enterprise, and Bamab Enterprise.

African Queen said its subsidiary, AQ Ghana Gold, may purchase certain mining equipment currently on site, and will attempt to hire as many of the miners already employed at the properties.

The transaction is subject to the approval of the Ghana Mining Commission. Negotiations with the holders of the remaining seven mining claims continue.

The company said it will begin drilling at its key target areas this year, adding that its ground exploration tem is currently at work on the property.

CEO Irwin Olian said: "We are delighted that the settlement process at Noyem-Nyanfoman has been proceeding in a positive manner and are particularly grateful for the support of Nana Boafo Kesse and the Nyanfoman Chief."

African Queen, under a joint venture agreement with Akan Exploration, can earn a 75% interest in the Noyem-Nyanfoman gold project. African Queen is designated as manager and operator of the project, and holds the license on behalf of the joint venture partners.

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Tue, 13 Sep 2011 09:18:00 -0400 http://www.proactiveinvestors.com/companies/news/79774/african-queen-receives-additional-12-claims-at-noyem-nyanfoman-gold-project-18277.html
<![CDATA[News - African Queen Mines makes two senior appointments ]]> http://www.proactiveinvestors.com/companies/news/79401/african-queen-mines-makes-two-senior-appointments-17648.html African Queen Mines (CVE:AQ) announced on Friday it has made two senior appointments, including for a new CFO and director, as well as a VP of financial administration.

Mark Lotz will serve as the new CFO and director of the company, replacing Limor Rubin, who has resigned to pursue other interests as she re-locates overseas. Rubin will remain on as financial consultant for the company for one year.

Lotz is a chartered accountant, with more than 17 years of experience in the minerals sector and related securities business.

He has held CFO and other senior financial positions with many well known mining and exploration companies, as well as two Vancouver-based securities firms.

Prior to that, Lotz served as a financial compliance officer for the Vancouver Stock Exchange, after four years as a senior auditor with Coopers and Lybrand, focusing on the mining and tax sectors.

The second appointment is Jennifer Todhunter, who will now become VP of Financial Administration, having served as finance manager for the company since 2005.

Todhunter, who has spent the last 10 years working with publicly traded companies mostly within the mining industry, has knowledge in accounting and finance dealing.

"Jennifer has contributed significantly to our success over the years and we are delighted to recognize her contributions through this appointment,” said African Queen's CEO, Irwin Olian.

Vancouver-based African Queen is an exploratory resource company with diversified mineral properties in Southern West Africa. It is exploring its properties in Mozambique, Kenya and Ghana for gold and other metals.

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Fri, 26 Aug 2011 14:11:00 -0400 http://www.proactiveinvestors.com/companies/news/79401/african-queen-mines-makes-two-senior-appointments-17648.html
<![CDATA[News - African Queen Mines closes $2.4m financing, Pinetree Capital ups stake ]]> http://www.proactiveinvestors.com/companies/news/79059/-african-queen-mines-closes-24m-financing-pinetree-capital-ups-stake-17057.html African Queen Mines (CVE:AQ) said late yesterday that it closed its previously announced $2.4 million non-brokered private placement financing, with it being oversubscribed.

Under the terms of its private placement, the company issued 9.6 million units at $0.25 each.

Each unit consists of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional  share of the company at a price of C$0.40 until August 8, 2013.

"We are grateful to the 36 investors who, individually and collectively, have chosen to support our efforts during this most difficult and volatile financial environment," said CEO Irwin Olian.

"This has led to the offering being oversubscribed, to the extent that we exercised the full 20% over-allotment option.

"The funds raised today will permit the company to move forward aggressively with our planned exploration and drilling programs in Mozambique, Ghana and Kenya.”

Pinetree Capital acquired 2 million shares and one million share purchase warrants, giving the small-cap investor a near 11% stake, if warrants are exercised.

African Queen Mines has diversified mineral properties in Southern and West Africa, exploring for diamonds, gold and other metals.

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Tue, 09 Aug 2011 16:15:00 -0400 http://www.proactiveinvestors.com/companies/news/79059/-african-queen-mines-closes-24m-financing-pinetree-capital-ups-stake-17057.html
<![CDATA[News - African Queen, mineral exploration company set for upside ]]> http://www.proactiveinvestors.com/companies/news/78755/african-queen-mineral-exploration-company-set-for-upside--16520.html African Queen Mines (CVE:AQ) is an exploratory resource company focused in Africa, with loads of development potential. Being at its lowest share price in two years due a recent hammering of small-cap junior mining stocks, the company is set for significant upside potential, asserted CEO Irwin Olian to Proactiveinvestors.

By investing in the stock of the company, which has gold and other metal properties in southern, east and west Africa, one would gain access to five major resource projects led by a strong geological team and management, with two large drill programs being conducted this year, and possibly even a third in the works.

At its King Solomon gold project in Mozambique, African Queen just started a 2011 core drilling program covering around 3,000 metres, focused on four major targets.

The project, which covers an area of 230 square kilometres, is under a joint venture agreement with Swiss-based Opti Metal Trading, and so far, African Queen has earned a 51% interest, with the potential to gain up to 85% by funding additional prescribed stages through feasibility.

Last year, African Queen completed its initial 3,000 metre drilling program, encompassing a total of 19 holes ranging from 120 to 200 metres in depth. Significant copper, gold and silver was found at the Mankombiti West target, including 7.73 metres of 1.51% copper, 1.32 grams per tonne (g/t) of gold, and 27.6 g/t silver, along with 4.79 metres of 1.63% copper, 1.13 g/t gold and 32.2 g/t silver.

2011 drilling will mainly focus to the west of the 2010 program, where geophysics has suggested the potential for better mineralization and thickening of the zone, the company said. Three kilometres of strike remains to be tested at the prospect.

Perhaps one of its most promising projects is the 1 millon ounce plus Noyem-Nyafoman gold project in Ghana, for which the prospecting license was transferred over from Newmont Mining in a purchase and sale deal. The project, which is under a joint venture agreement with Akan Exploration, could see African Queen earn up to 75%.

The license, which hosts a historical resource of over 1 million inferred ounces of gold at a grade of around 6.67 g/t from just 12 holes in one small corner of the property, covers an area of 28.9 square kilometres, located within the Birim North District of eastern Ghana. It is also at the northeastern end of the country's prolific gold-producing Ashanti Belt, nearby Newmont's Akyem deposit, which is due to go into production next year.

As part of the license transfer agreement with Newmont, the two companies agreed that the product from Noyem-Nyafoman would eventually be trucked over to Newmont's Akyem, meaning no capex is associated with African Queen's project, said Olian.

And the company is certainly progressing the endeavour. Just last Friday, African Queen announced that it reached a settlement with the chief of the Nyanofoman community in regards to four mining claims that were in conflict.

Since African Queen received the prospecting license, 26 small-scale mining claims have been identified that are potentially in conflict with the development of its planned large-scale project, and it has since been in negotiations with the owners of the claims to achieve settlements.

The chief, Nana Ansah Sasraku Nipa Pepprah IV, signed an accord that will see African Queen earn four of the 26 licenses in question, paving the way for speedy settlements of the remaining conflicting claims, it said. This is because the chief gave up his own family claims, which is expected to have a domino effect within the tribe.

Still, the company has identified other targets that are not in dispute, and until settlement is completed, it will focus this year's work program on other prospects.

In addition to these two projects, the company also has three in Kenya, including the Rongo gold project, under a joint venture with Abba Mining. Work at this property is now underway with a ground geophysics survey to assist in targeting an upcoming potential drill project this year.

To fund all this work, the company announced earlier this month a planned $2 million private placement offering, which will consist of 8 million units, at $0.25 each. African Queen is also able to increase the size of the placement to 9.6 million units, it said.

Vancouver-based African Queen spun out of Pan African Mining Corp in 2008, when Pan African was acquired by Asia Thai Mining Co.

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Thu, 21 Jul 2011 09:51:00 -0400 http://www.proactiveinvestors.com/companies/news/78755/african-queen-mineral-exploration-company-set-for-upside--16520.html
<![CDATA[News - African Queen reaches settlement for 4 claims at Noyem-Nyanfoman gold project ]]> http://www.proactiveinvestors.com/companies/news/78662/african-queen-reaches-settlement-for-4-claims-at-noyem-nyanfoman-gold-project--16356.html Mineral explorer African Queen Mines (CVE:AQ) announced Friday it has reached a settlement with the chief of the Nyanfoman community in regards to the conflicting mining claims with respect to its Noyem-Nyanfoman prospecting license in Ghana.

The chief, Nana Ansah Sasraku Nipa Pepprah IV, signed an accord that will see African Queen earn four of the 26 licenses in question, paving the way for speedy settlements of the remaining conflicting licenses, it said. The four small-scale mining licenses cover 88.78 acres in close proximity to the Noyem A reef.

In March, African Queen received a one-year extension on its prospecting license that covers 28.9 square kilometres in the Birim north district of Ghana's eastern region, and in the northeastern end of the gold-producing Ashanti Belt.

Since then, 26 small-scale mining claims have been identified that are potentially in conflict with the development of African Queen's planned large-scale mining project. The company has since been in negotiations with the owners of the claims to achieve settlements.

In exchange for the four licenses, the Vancouver, B.C.-based company will make a one-time cash payment to each of the groups owning the four claims, including Nana Ansah Sasraku Mining Group, Kwadzo Frimpong Mining Group, Ntoboase Bethel Mining Company, and Nyanfomang Youth Mining Group.

"The current settlement marks an important milestone for African Queen and sets the stage for accelerated exploration and development of the Noyem-Nyanfoman Gold Project, with core drilling slated for later this year," said African Queen CEO, Irwin Olian, who expressed the company's gratefulness towards the Nyanfoman Chief.

"[The Chief's] vision of a large-scale gold project benefiting his community and the region as a whole contributed to this initial settlement and should lead to strong cooperation between the company and its joint venture partner, Akan, with the local community going forward."

The settlement also provides for African Queen's operating subsidiary, AQ Ghana Gold, to purchase certain mining equipment on site. AQ Ghana Gold will also endeavor to hire as many small-scale miners who are giving up their rights to the property as possible, it said.

African Queen, under a joint venture agreement with Akan Exploration, can earn a 75% interest in the Noyem-Nyanfoman gold project. African Queen is designated as manager and operator of the project, and holds the license on behalf of the joint venture partners.

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Fri, 15 Jul 2011 14:28:00 -0400 http://www.proactiveinvestors.com/companies/news/78662/african-queen-reaches-settlement-for-4-claims-at-noyem-nyanfoman-gold-project--16356.html
<![CDATA[News - African Queen Mines starts ground survey at Rongo Gold Fields ]]> http://www.proactiveinvestors.com/companies/news/78087/african-queen-mines-starts-ground-survey-at-rongo-gold-fields-15445.html Vancouver-based African Queen Mines (CVE:AQ), a mineral exploration company focused in southern Africa, reported Tuesday that work is underway for a ground geophysics survey at its Rongo Gold Fields project in southwest Kenya, near Lake Victoria.

The Rongo gold project covers an area about 112 kilometres in the Kanango gold mining area of the Migori district of Nyanza Province and is situated some 380 kilometres by road from the capital city of Nairobi.

The purpose of the survey is suss out drill targets and delineate the sulphide rich zone, where previous ground magnetic surveys and field exploration work have shown gold content as high as 669 parts per billion (ppb), the company said.

The ground geophysics survey is a 3-D resistivity and induced polarization survey of key targets, comprised of 5 lines measuring a total of 3,375 linear meters. The survey will be conducted by Akili Minerals Services, a Kenyan-based company, and is expected to wrap up in 30 days.

African Queen's rights to the Rongo Gold Fields project stem from a joint venture agreement with Kenyan-based Abba Mining, under which the company can earn an 85% stake in the property by funding stages from exploration through feasibility. As part of the joint venture, African Queen has been designated as manager and operator of the project.

Currently, however, a licensing dispute between Abba and B & M Mining continues to be adjudicated by the High Court of Kenya in Kisumu, over a 15 square kilometre portion of Abba's project's license for Rongo.

On March 31, the High Court granted Abba an interim right to continue work on the Kamwango prospect of the Rongo Gold Fields property without interference from B&M Mining.

African Queen said today it expects a favourable outcome for Abba from such litigation, but in any event, has identified "highly prospective targets" outside of the disputed area.

African Queen Mines has diversified mineral properties in Southern and West Africa, exploring for diamonds, gold and other metals.

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Tue, 14 Jun 2011 16:34:00 -0400 http://www.proactiveinvestors.com/companies/news/78087/african-queen-mines-starts-ground-survey-at-rongo-gold-fields-15445.html
<![CDATA[News - African Queen receives exploration license for Kenyan area ]]> http://www.proactiveinvestors.com/companies/news/77855/-african-queen-receives-exploration-license-for-kenyan-area-15070.html African Queen Mines (CVE:AQ) said Wednesday that it has received a special license from the Kenyan government, giving the company exclusive rights to prospect and explore for copper, gold and other minerals for a period of two years in an 850 square kilometre area.

The region is known as Karameri in the West Pokot District in Western Kenya, near the border with Uganda.

The license area is roughly 240 kilometres north of the city of Kisumu, where the company maintains its principal base of operations in the region and manages joint ventures for the Rongo and Ugunja projects.

Karameri is said to be prospective for copper, gold, iron ore and nickel, and remains largely underexplored, with the last comprehensive exploration work conducted during the 1930s.

The company's planned upcoming exploration program on the license area will include detailed mapping and dating of rock types, which are similar to the rocks observed at African Queen's King Solomon project in Mozambique, it said.

The phase one campaign is now being laid out, and will begin after the company receives all required environmental permits.

“We are very gratified to have been granted the Karameri License by the Commissioner," said CEO Irwin Olian.

"This allows us to expand our gold and metals exploration efforts in Western Kenya.

"We are now working on three properties in the region out of our Kisumu headquarters and are striving to create a success for all concerned through well-conceived and funded programs.”

African Queen explores for diamonds, gold and other metals through mineral properties in Southern and West Africa.

In Kenya, aside from the 850 square kilometre license, it has a further 737 sq. km. of gold and other minerals licenses.

Shares in the company rose more than 3% to $0.33 as of 12:37pm EST.

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Wed, 01 Jun 2011 14:24:00 -0400 http://www.proactiveinvestors.com/companies/news/77855/-african-queen-receives-exploration-license-for-kenyan-area-15070.html
<![CDATA[News - African Queen Mines begins first phase of exploration work at Noyem-Nyafoman ]]> http://www.proactiveinvestors.com/companies/news/77752/african-queen-mines-begins-first-phase-of-exploration-work-at-noyem-nyafoman-14893.html Mineral explorer African Queen Mines (CVE:AQ) reported Wednesday that it has started the first phase of its exploration program on its Noyem-Nyafoman gold project in Africa, and plans to conduct an airborne survey of the license area.

The Noyem-Nyafoman gold project covers an area of about 28.9 square kilometres, located inside the Birim North district of Ghana’s Eastern Region, about 130 kilometres northwest of Accra.

The phase one work program will cover a geological mapping of the license area, paying particular attention to the location of all current and historical artisanal mining sites. Mapping will be designed to also provide information on the strike extent of the project.

This work will be followed by extensive soil sampling, trenching and pitting, with particular focus on the hinge zone previously identified on the Noyem A target, and the highly prospective areas of Noyem B.

In addition, the company has now signed a contract to carry out an airborne geophysical survey, comprising up to 2370 line kilometres, over the license area.

The company said the work will look for future targets for a core drilling program, planned for later this year.

The Noyem-Nyafoman license area has long been host to large numbers of artisanal miners, and in October 2008, a shed-off area of 8.98 square kilometres was reserved for small scale mining.

However, issues still remain unresolved with a number of the local small scale miners whose claims may be in conflict with the “contemplated” development of a large scale project.  Settlement negotiations are continuing.

African Queen said though in a statement today that it has identified other prospective targets on the license area, which will be the focus of the 2011 work program, and will not involve any areas of potential conflict.

The news prompted a 40% increase in the company's shares on Wednesday, to trade at $0.35 near market close.

African Queen is exploring its properties in various regions of Africa for diamonds, gold and other metals.

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Wed, 25 May 2011 15:37:00 -0400 http://www.proactiveinvestors.com/companies/news/77752/african-queen-mines-begins-first-phase-of-exploration-work-at-noyem-nyafoman-14893.html
<![CDATA[News - African Queen begins exploration work at Ugunja ]]> http://www.proactiveinvestors.com/companies/news/77313/-african-queen-begins-exploration-work-at-ugunja-14123.html Junior mineral explorer African Queen Mines (CVE:AQ) said Wednesday that phase one exploration work is now underway at the Ugunja gold project, which stretches over 625 square kilometres north of the shores of Lake Victoria, in Western Kenya.

Initial work includes ongoing stream and termite-mound soil sampling, along with detailed mapping, designed to identify potential targets at the site for a later drill program, the conmpany said.

To date, more than 1,100 termite-mound soil samples have been collected, as well as more than 150 stream samples from the license area. All samples will be sent to a lab in Cape Town, South Africa for gold and base metals analysis. Mapping should be completed this week.

Ugunja has been the site of significant artisanal mining, and and the company expects that the property will contain massive sulphide lenses, as well as gold-in-quartz veins.

Vacnouver-based African Queen, which is currently the operator of the project, can earn up to 85% of Ugunja from Kenya Discovery Limited by funding optional stages from exploration through feasibility.

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Wed, 27 Apr 2011 13:59:00 -0400 http://www.proactiveinvestors.com/companies/news/77313/-african-queen-begins-exploration-work-at-ugunja-14123.html
<![CDATA[News - African Queen attains permits for phase 1 exploration work at Noyem-Nyafoman ]]> http://www.proactiveinvestors.com/companies/news/77250/african-queen-attains-permits-for-phase-1-exploration-work-at-noyem-nyafoman-14025.html Mineral explorer African Queen Mines (TSE:VX) said Thursday that it has now received the necessary permits for its phase one 2011 exploration program at the company's Noyem-Nyafoman gold project in Ghana.

The prospecting permits cover ground exploration work, as well as airborne geophysical survey on the license, comprising up to 2,370 line kilometres.

The company said equipment and personnel are now being mobilized, with a view toward beginning work as soon as possible. A core drilling program is planned for this year after the preliminary targeting work is completed.

The Noyem-Nyafoman gold license covers an area of roughly 28.9 square kilometres, located within the Birim North District of Ghana's eastern region. It is at the northeastern end of Ghana's gold-producing Ashanti Belt, near Newmont Mining's Akyem deposit, which is currently under development for production.

The property has long been host to a large number of artisanal miners. African Queen said there remain issues to be resolved with a number of these miners near one corner of the license area, whose claims may be in conflict with the company's planned development. Settlement negotiations are continuing.

African Queen, which holds the license to the project under a joint venture agreement, has the option to earn up to a 75% interest in the property from Akan Exploration.

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Thu, 21 Apr 2011 11:24:00 -0400 http://www.proactiveinvestors.com/companies/news/77250/african-queen-attains-permits-for-phase-1-exploration-work-at-noyem-nyafoman-14025.html
<![CDATA[News - African Queen's Noyem-Nyafoman license extended; 2011 work program to begin ]]> http://www.proactiveinvestors.com/companies/news/76837/-african-queens-noyem-nyafoman-license-extended-2011-work-program-to-begin-13268.html African Queen Mines (CVE:AQ) said Thursday that the Ghana mining commission has now extended the term of its prospecting license for the Noyem-Nyafoman gold project until March 2012.

The one-year extension sets the stage for the Vancouver-based company to begin its 2011 exploration program on the property, details of which have already been submitted to the mining commission. The company said work will begin once it receives approval.

The license, which was recently transferred to African Queen Mines' subsidiary from Newmont Mining, covers an area of approximately 28.9 square kilometres within the Birim north district of Ghana's eastern region.

The property lies at the northeastern end of Ghana's gold-producing Ashanti Belt, near Newmont's Akyem deposit, which is now under development for potential production.

The company said the license area has long been host to large numbers of artisinal miners, which could pose some challenges with respect to future development.

"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," African Queen Mines said in a statement Thursday.

The company, under a joint venture agreement with Akan Exploration, can earn a 75% interest in the Noyem-Nyafoman gold project. African Queen is designated as manager and operator of the project, and holds the license on behalf of the joint venture partners.

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Thu, 24 Mar 2011 14:52:00 -0400 http://www.proactiveinvestors.com/companies/news/76837/-african-queens-noyem-nyafoman-license-extended-2011-work-program-to-begin-13268.html
<![CDATA[News - African Queen Mines to earn up to 85% of Ugunja gold project ]]> http://www.proactiveinvestors.com/companies/news/76514/african-queen-mines-to-earn-up-to-85-of-ugunja-gold-project-12719.html Mineral explorer African Queen Mines (CVE:AQ) said Thursday that it has signed a joint venture agreement with private company Kenya Discovery Limited (KDL) to earn up to 85% of the Ugunja gold project.

The project is under a special license, which was given to KDl in 2005 by the Kenyan government and covers exclusive rights to explore an area of roughly 625 sq kilometres in the Busia, Siaya and Kakamega areas in western Kenya.

The license area has been the site of much artisanal mining, and is expected to contain massive sulphide lenses and gold-in-quartz veins. The Ugunja project is located in the Lakeland District, just to the north of Lake Victoria.

"The project is in close proximity to our new Kenya administrative headquarters in Kisumu, which is the focal point for our exploration activities in Western and Southwest Kenya including the Rongo Gold Fields Project," said African Queen CEO Irwin Olian.

"The geology is exciting and we have developed a strong relationship with our JV partner KDL as well as the Government of Kenya in the past few months during our preliminary studies and due diligence review."

Under the terms of the agreement, African Queen can earn up to 85% of the Ugunja project by funding optional stages through exploration to feasibility. African Queen is also required to make a total of four payments totaling $100,000 over the period.

African Queen will be the operator of the property, and will also be given rights to the license should the company choose to proceed to phase three of the agreement.

Phase one of the project, which is scheduled to begin shortly and is anticipated to cost US$200,000, will include a ground exploration program of stream, soil and rock sampling, mapping, trenching and sample analysis. The first part of the program will be designed to assess the overall geologic structure of the license area, as well as to identify drill targets for the next phase of the campaign.

In exchange for funding the first phase of the project, African Queen will hold a 25% stake.

Vancouver-based African Queen is exploring in Mozambique, Kenya and Ghana for gold and other metals and in Botswana and Namibia for diamonds.

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Thu, 03 Mar 2011 09:37:00 -0500 http://www.proactiveinvestors.com/companies/news/76514/african-queen-mines-to-earn-up-to-85-of-ugunja-gold-project-12719.html
<![CDATA[News - African Queen Mines' JV partner to apply for court order re licensing dispute in Kenya ]]> http://www.proactiveinvestors.com/companies/news/76459/-african-queen-mines-jv-partner-to-apply-for-court-order-re-licensing-dispute-in-kenya-12608.html African Queen Mines (CVE:AQ) said Friday that its joint venture partner Abba Mining has been given the Kenyan's court permission to apply for a prohibition order relating to a licensing dispute with another mining company for land in the Kamwango area.

The High Court of Kenya has "issued an order granting leave to Abba to apply for orders of certiorari, prohibition and mandamus in order to proceed with its action to quash" B&M Mining Company's License no 214, which covers 15 square kilometres in the Kamwango area - an area also covered by Abba's special license received in January.

If granted, the order will allow African Queen and Abba to continue work on the Kamwango prospect of their Rongo Gold Fields property without interference from B&M or its joint venture partner, Linear Metals Corp (TSE:LMR).

Abba's request for the prohibitive order will be heard on March 3, 2011, the company said.

To date, a phase 1 exploration program has been completed at Rongo, and the companies are now preparing targets for a core drilling program - expected to begin within the next few months.

Vancouver-based African Queen is exploring properties in Mozambique, Kenya and Ghana for gold and other metals, and in Botswana and Namibia for diamonds.  In Kenya, it has approximately 112 sq. km. of gold and other minerals licenses.  

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Fri, 25 Feb 2011 14:30:00 -0500 http://www.proactiveinvestors.com/companies/news/76459/-african-queen-mines-jv-partner-to-apply-for-court-order-re-licensing-dispute-in-kenya-12608.html
<![CDATA[News - African Queen Mines' CEO meets with Kenyan Prime Minister to discuss future projects ]]> http://www.proactiveinvestors.com/companies/news/76061/-african-queen-mines-ceo-meets-with-kenyan-prime-minister-to-discuss-future-projects-11980.html African Queen Mines said Wednesday that its chairman and CEO, Irwin Olian, met with Kenyan prime minister, Hon. Raila Odinga, to discuss the company's plans for exploration and development projects in the country.

"We are excited about our prospects for success in Kenya and are looking forward to our field exploration programs here in 2011," said Olian.

"We have received a warm welcome from the Kenyan Government at the highest levels and greatly appreciate the opportunity we have been granted to expand our operations here."

The meeting between Olian and the prime minister was one from a series due to take place this week between senior management of the company and various government officials.

The conversations will also focus on the future of the mining sector in Kenya in general, said African Queen.

Currently, African Queen is exploring its Rongo Gold Fields project, located in the Kanango gold mining area of the Migori district under a joint venture with Kenyan partner Abba Mining.

The company is also in negotiation on several joint ventures for other projects, and has applications pending for exploration licenses covering a number of prospective areas in the region.

Separately, the company said that CEO Olian will be appearing on national television in Kenya at 9:00 P.M. on Sunday, February 6, 2011, on KTN's "Money and Power."

Vancouver-based African Queen explores for gold and other metals at its properties in Mozambique, Kenya and Ghana, and for diamonds at its lands in Botswana and Namibia.

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Wed, 02 Feb 2011 17:18:00 -0500 http://www.proactiveinvestors.com/companies/news/76061/-african-queen-mines-ceo-meets-with-kenyan-prime-minister-to-discuss-future-projects-11980.html
<![CDATA[News - African Queen Mines announces significant copper-gold-silver mineralization at King Solomon ]]> http://www.proactiveinvestors.com/companies/news/76016/african-queen-mines-announces-significant-copper-gold-silver-mineralization-at-king-solomon-11905.html African Queen Mines (TSX-V:AQ) announced Monday that it has received the final results from its core drilling program at its King Solomon project in western Tete Province, Mozambique.

The initial 2,000 metre program was expanded to approximately 3,000 metres, encompassing a total of 19 holes. Results of the first three holes from the Mankombiti West target were reported last October, and included significant copper, gold and silver mineralization in all three holes, including an intersection of 7.73 m of 1.51% Cu, 1.32 g/t Au and 27.6 g/t Ag in hole MW03.

Today, African Queen has announced the remainder of the results, which confirm a potential mineralized zone of up to 4 kilometres in strike length.

Of the 19 holes, 12 were drilled into the West and East zones of the Mankombiti copper-gold target, while the remaining seven holes tested the Eiland and Kazito gold prospects to the Northeast.

Highlights from Mankombiti West in the current results include 6.02 m of 1.09% Cu, 0.88 g/t Au and 18g/t Ag in hole MW06, while the best intersection reported from Mankombiti East is 5.19 m of 1.10 g/t Au, 0.66% Cu and 9 g/t Ag in hole ME04.
The best gold intercept reported at Eiland is 7.41 g/t Au over 0.62 m in hole E03, while the notable intersections at Kazito include 4.0 g/t Au over 0.58 m in hole KN01.

"We are encouraged that current drill results continue to highlight the extensive Mankombiti zone at King Solomon, demonstrating the presence of significant copper, gold and silver mineralization," said CEO Irwin Olian.

A fourth major gold target, Bulasho, will be tested during the next phase of drilling this year, the company said. Meanwhile, the Mankombiti target remains open-ended along strike to the west and down-dip, with more than 3 km of untested strike still waiting to be tested.

The King Solomon project is located within the central parts of the Mesoproterozoic Fingoe Belt. The project is under an earn in and joint venture agreement with Optimetal.

Vancouver-based African Queen, through its operating subsidiaries, is exploring properties in Mozambique, Kenya and Ghana for gold and other metals and in Botswana and Namibia for diamonds.

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Mon, 31 Jan 2011 18:10:00 -0500 http://www.proactiveinvestors.com/companies/news/76016/african-queen-mines-announces-significant-copper-gold-silver-mineralization-at-king-solomon-11905.html
<![CDATA[News - African Queen Mines completes phase 1 exploration of Rongo Gold project in Kenya ]]> http://www.proactiveinvestors.com/companies/news/74469/african-queen-mines-completes-phase-1-exploration-of-rongo-gold-project-in-kenya-9479.html African Queen Mines said Monday it has completed an airborne geophysical survey together with the first phase of ground exploration on its Rongo Gold Field project in Southwest Kenya.

The project covers an area of approximately 112 sq. km in the Kanango gold mining area of the Migori District of Nyanza Province.
The airborne survey and ground exploration program, which together comprise phase 1 of the project, were designed to identify areas of structural interest, as a way to confirm targets for follow-up exploration drilling and a reconnaissance core drilling program, the company said.

Although geological interpretation of the survey data has not yet been finalised, the company said it observed a number of features, including  the position of a major northwest trending structure, now termed the Kamwango Shear Zone, the contact of the granite with the greenstones, which is regarded as an important control of the gold mineralisation, and a number of smaller shears and faults related to the much larger Kamwango Shear Zone.

In addition, approximately 1200m of trenching at the Kamwango target was completed, together with related reconnaissance mapping, sampling and other ground exploration activities.

"These activities revealed extensive zones of silicification, epidotisation and carbonatisation of the basaltic andesites (greenstones), while a very large structure is clearly visible on the airborne magnetic data crossing the Kamwango area. Quartz veining was encountered in the trenching together with visible gold," the company said in a statement.

The Rongo Gold license is situated in south-western Kenya south of the town of Kisumu. A number of historical gold mines are known in the general area and include Migori, one of the earliest gold mines in Kenya.

Abba Mining currently holds the exploration license to the project, and African Queen can earn up to an 85% interest in the property under a joint venture agreement. African Queen is the operator of the site.

The Vancouver-based company is exploring its properties in Mozambique, Kenya and Ghana for gold and other metals and its properties in Botswana and Namibia for diamonds. It was up nearly 2% to $0.56 as of 1:24pm ET on Monday.

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Mon, 25 Oct 2010 19:28:00 -0400 http://www.proactiveinvestors.com/companies/news/74469/african-queen-mines-completes-phase-1-exploration-of-rongo-gold-project-in-kenya-9479.html
<![CDATA[News - African Queen announces C$4.9m private placement ]]> http://www.proactiveinvestors.com/companies/news/74358/african-queen-announces-c49m-private-placement-9293.html African Queen Mines said Monday it will raise around C$4.9 million through a non-brokered private placement.

Under the terms of the offering, the company will offer up to 7.5 million units at C$0.65 per unit. The company could, at its discretion, increase the size of the offering by up to 20% to a maximum of 9 million units.

Each unit will consist of one common share of the company and one-half of one share purchase warrant, where each whole warrant will allow the subscriber to purchase one additional common share of the company for a period of two years from the date of closing at a price of C$0.85 per share.

The new funds will be used for work programs on the company’s gold projects in Mozambique, Kenya and Ghana, and on its diamond projects in Botswana and Namibia, as well as potential property acquisitions and working capital.

The deal is anticipated to close in one or more tranches, with the first closing expected to take place this month.
 
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, while in Kenya it has approximately 112 sq. km. of gold and other minerals licenses.  

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Mon, 18 Oct 2010 20:17:00 -0400 http://www.proactiveinvestors.com/companies/news/74358/african-queen-announces-c49m-private-placement-9293.html
<![CDATA[News - African Queen's initial holes at King Solomon project in Mozambique show significant copper, gold and silver values ]]> http://www.proactiveinvestors.com/companies/news/74102/-african-queens-initial-holes-at-king-solomon-project-in-mozambique-show-significant-copper-gold-and-silver-values-8886.html Explorer African Queen Mines said Monday that all the three first reconnaissance drill holes from its ongong core drilling program at The King Solomon project, located in western Tete Province, Mozambique, reported significant copper, gold and silver mineralization at depths less than 120m.

Hole 3 included an intersection of 7.73 m of 1.51% Cu, 1.32 g/t Au, 27.6 g/t Ag and 376 ppm Bi, while Hole 2 included three separate intersections ranging in width from 4 to 11m each of similar mineralization.

Individual metre by metre samples of a maximum 5.7% Cu as well as 70 ppm Ag were reported, but generally copper values recovered were between 1% and 2%. Noteworthy gold grades have also been recorded within the mineralized zones, the company said.

These first three holes were part of the initial 2000m reconnaissance core drilling program designed to test four distinct target zones at King Solomon, with holes ranging from 120 to 200m in depth. The three holes were all drilled into the western portion of the first target, the Mankombiti Target, which is regarded as a primary copper zone.

The results, the first of any drilling on record in the area, are consistent with previous surface exploration findings within the area, and confirm the presence of significant mineralization below surface, including copper, gold and silver, African Queen said.

The Mankombiti Target was defined through detailed geochemical surveys, geological mapping and ground magnetic surveys, all of which confirmed a potential mineralized zone of up to 4 km in strike extent. The mineralized zone is characterised by strong magnetic anomalies, which describe the contact of the overlying marble unit with underlying granite and gabbro.

Analytical results for the Mankombiti East target are still pending, along with the fourth hole drilled into the West target.
"Both of these targets have a similar geophysical expression and more drilling is warranted to test for further mineralization, which remains open-ended both along strike and down-dip," the company said in a statement.

Drilling of the Eiland and Kazito targets at King Solomon is currently in progress. Although similar in geological style to the Mankombiti target, these targets are primarily gold targets, associated with high gold values of up to 32 g/t from rock-grab sampling.

The King Solomon project is located within the central parts of the Mesoproterozoic Fingoe Belt. These rocks consist of metavolcanics, metasediments and intrusive granitic and gabbroic rocks. The property is the subject of an earn-in and joint venture agreement with Optimetal.

African Queen has 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, while in Kenya, it has approximately 112 sq. km. of licenses for gold and other minerals.

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Mon, 04 Oct 2010 13:40:00 -0400 http://www.proactiveinvestors.com/companies/news/74102/-african-queens-initial-holes-at-king-solomon-project-in-mozambique-show-significant-copper-gold-and-silver-values-8886.html
<![CDATA[News - African Queen Gets 5-Year Extension of King Solomon Prospecting License in Mozambique ]]> http://www.proactiveinvestors.com/companies/news/69172/african-queen-gets-5-year-extension-of-king-solomon-prospecting-license-in-mozambique-8577.html African Queen Mines has said that its earn-in and joint venture partner, Swiss-based Opti Metal Trading, has been granted a five-year extension on its prospecting license no. 884L in Mozambique, through the company's operating subsidiary Opti Metal Trading Mocambique.

The license, which was issued by the Ministry of Mineral Resources of the Republic of Mocambique, is now effective for the period through to May 20, 2015. It covers an area of approximately 230 sq. km in the centre of the Fingoe Belt, which encompasses the King Solomon project.

It is expected that the license will eventually be transferred to the joint venture, and split between both African Queen Mines and Opti Metal Trading, according to their respective interests.

The King Solomon project is located within the central parts of the Mesoproterozoic Fingoe Belt in western Tete Province, Mozambique.

These rocks consist of metavolcanics, metasediments and intrusive granitic and gabbroic rocks.

As stated in the NI 43-101 compliant mineral resource report, surface exploration to date has yielded relatively high concentrations of copper, gold, zinc, silver, bismuth and other metals on at least four distinct regional targets.

The company's initial 2000 metre core drilling program is now underway on the key copper and gold targets and results are expected soon.

African Queen has diversified mineral properties in Southern, West and East 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.

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Tue, 21 Sep 2010 14:14:00 -0400 http://www.proactiveinvestors.com/companies/news/69172/african-queen-gets-5-year-extension-of-king-solomon-prospecting-license-in-mozambique-8577.html