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Additional Information
Market: TSX-V
Sector: Diamonds & Gemstones
EPIC: AQ
Latest Price: 0.21  (-2.38% Descending)
52-week High: 0.55
52-week Low: 0.14
Market Cap: 11.94M
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African Queen Mines
www.africanqueenmines.com

African Queen Mines Ltd. and its subsidiaries acquire, explore and develop mineral properties in areas of Africa deemed to have relatively high potential for mining success and relatively low political risk.

The Company is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in Africa, initially focusing on exploration for diamonds in Botswana and Namibia, and gold in Mozambique. The Company has approximately 5,500 sq. km. of contiguous diamond licenses in Botswana and 6,200 sq. km. in Namibia, and is exploring for gold and metals in Mozambique under agreements with other companies.

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African Queen Mines shifting Mozambique gold focus to Fingoe Belt project

25th Feb 2009, 12:00 am by Andre Lamberti

African Queen Mines Ltd said it is shifting its gold focus in Mozambique to the Fingoe Belt project and for which it has an earn-in agreement with Manica Minerals Ltd to gain up to an 85 percent interest.

It said it is abandoning the Cazula gold project in the country as results from trench sampling and limited reconnaissance drilling do not point to the existence of a commercially viable primary deposit in the area. African Queen is thus relinquishing its rights for Cazula, which envisaged an earn-in deal with Manica at comparable terms as for the Fingoe property.

CEO Irwin Olian said: “Results from Cazula to date do not justify further expenditure of time, energy and funds on the part of the company.  Recent encouraging results from our Fingoe Belt gold project make it clear that our financial and personnel resources are best allocated toward that more highly prospective project.

“In addition to the Fingoe Belt project in Mozambique, we remain very excited about our diamond projects in Botswana and Namibia, which will be the principal focus of our activities in the coming months,” he added.

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