Proactiveinvestors recommends
Additional Information
Market: TSX-V
Sector: Diamonds & Gemstones
EPIC: AQ
Latest Price: 0.10  (0,00%)
52-week High: 0.35
52-week Low: 0.10
Market Cap: 7.04M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
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.

Full African Queen Mines profile here
Pdf

African Queen prioritizes 2 gold projects, abandons 2 diamond properties

30th Dec 2011, 1:38 pm by Olivia D'Orazio
African Queen prioritizes 2 gold projects, abandons 2 diamond properties

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.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.