African Queen Mines
African Queen Mines Ltd. (TSX.V - AQ) is an exploratory resource company with diversified mineral properties in Southern Africa. It is exploring its properties in Botswana and Namibia for diamonds, and it is exploring its properties in Mozambique for gold and other metals.
African Queen Mines shifting Mozambique gold focus to Fingoe Belt project
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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Other African Queen Mines articles
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19/10/09 African Queen in JV deal with Akan Exploration over Newmont’s Noyem-Nyafoman license in Ghana
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15/12/08 African Queen Mines' Sampling Yields G10 Garnets at Okavango Project in Botswana
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10/11/08 African Queen Mines– two diamond geezers on board
Other African Queen Mines news
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11/01/10 African Queen Mines eyes up drilling King Solomon Project, Mozambique
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15/12/09 African Queen to Close Private Placing On 21 December
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27/11/09 African Queen to raise up to C$3 mln in private placement to accelerate African gold projects
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14/10/09 African Queen says further samples from King Solomon in Mozambique confirm potential copper-gold-silver system
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17/09/09 African Queen Mines says samples from King Solomon in Mozambique indicate copper-gold-silver system
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25/05/09 African Queen Mines commences exploration at Fingoe Gold Project, Mozambique
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25/03/09 African Queen Mines to raise CDN$1.2 mln in private placing
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28/10/08 African Queen Mines Chairman and CEO snaps up 2.8% of Company
