AFRICAN QUEEN APPOINTS JENNIFER TODHUNTER AS NEW CFO AND DIRECTOR
AFRICAN QUEEN MINES LTD. (the "Company") is pleased to
announce that Ms. Jennifer Todhunter has been
appointed to serve as the new Chief Financial Officer of the Company and as a
Director, replacing Mr. Mark Lotz. Mr. Lotz has resigned as CFO and as a Director in order to
pursue other professional and personal interests, including the development
of his own accounting practice. He will remain as a Financial
Consultant for the Company until August 2012.
Ms. Todhunter has recently served as the
Company's VP Financial Administration, and prior to that served as the
Finance Manager of both the Company and its predecessor, Pan African Mining
Corp., since May 2005. Ms. Todhunter has
extensive accounting and finance experience, dealing with the complexities of
both private and public corporations. She has spent the last thirteen
years working with public companies, predominantly those in the mining
industry.
In connection with the appointment of Ms. Todhunter
as CFO and as a Director, the Company has granted her incentive stock
options, subject to any necessary regulatory approvals, to purchase up to
75,000 shares of its Common Stock. The options are exercisable for a
term of three years at a price of CAD $0.22 per share.
In addition to the incentive stock options granted to Ms. Todhunter, the Company has granted, subject to any
necessary regulatory approvals, incentive stock options to consultants of the
Company to purchase up to an aggregate of 150,000 shares of its Common
Stock. The options are exercisable for a term of three years at a price
of CAD $0.22 per share.
According to Mr. Irwin Olian, CEO of the
Company, "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. 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."
About African-Queen
The Company is an exploratory resource company with 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. In Mozambique the Company has approximately 230 sq. km. under license
for gold and metals under an agreement with another company. In Ghana it has
28.9 sq. km. under license for gold. In Kenya it has approximately 850 sq.
km. under license for gold and metals, and a further 737 sq. km. of gold and
other minerals licenses under agreements with two other companies. The
Company's licenses in Botswana comprise approximately 2890 sq. km. of Diamond
prospects. The Company's operations in Mozambique are carried out through its
subsidiary PAM Mocambique Limitada
and its operations in Ghana are carried out through its subsidiary AQ Ghana
Gold Limited. Its operations in Kenya are being carried out through its
operating subsidiary AQ Kenya Gold Limited. Its operations in Botswana
are carried out through its operating subsidiary, PAM Botswana (Pty) Ltd.;
its operations in Namibia are carried out through its operating subsidiary
PAM Minerals Namibia (Pty) Ltd. The Company has its executive offices in
Vancouver, Canada. The Company was incorporated under the laws of the
Province of British Columbia, Canada on April 30, 2008 and received the
southern African net assets in a spin off transaction related to the
acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd.
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