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African Queen Mines Limited

Publié le 24 février 2009

ABANDONS CAZULA PROJECT IN MOZAMBIQUE TO FOCUS ON HIGHLY PROSPECTIVE FINGOE BELT GOLD PROJECT

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Mots clés associés :   Botswana | Canada | Copper | Mozambique |
African Queen Mines Ltd.

African Queen Mines Ltd.
Suite 1925, Box 11553
650 West Georgia Street
Vancouver, BC
V6B 4N8

FOR IMMEDIATE RELEASE

 

February 24, 2009

TSX.V: AQ               Frankfurt: QM0

 

AFRICAN QUEEN ABANDONS CAZULA PROJECT IN MOZAMBIQUE TO FOCUS ON HIGHLY PROSPECTIVE FINGOE BELT GOLD PROJECT

 

Vancouver, British Columbia - AFRICAN QUEEN MINES LTD. (the "Company") announces that it has provided formal notice of abandonment to Manica Minerals Ltd.

("Manica") with respect to the Cazula Gold Project in Mozambique (the "Project").  The Company has the right to earn up to an 85% interest in the Project pursuant to the Letter Agreement dated August 9, 2006, between Pan African Mining Corp., predecessor to the Company, and Manica, as supplemented on August 8, 2007 (the "Agreement").  By abandoning the Project at this time, the Company is relinquishing all rights with respect to the underlying property licenses and otherwise relating to the Project.

 

The Agreement covered exploration and development of the historic Machinga gold mine district made up of nine Prospecting Licenses encompassing approximately 350 sq km situated near the town of Tete in central Mozambique. Gold and minor amounts of copper were mined in the area during the 1910's and again more recently prior to 1978.

 

During the past two years, the Company carried out exploration activities on the Project under the guidance of Senior Consulting Geologist Pete Siegfried, P. Geol., a qualified person.  Work included detailed mapping and sampling of the old workings, ground geophysics, trenching, channel sampling of old adits and limited reconnaissance drilling.

The prospecting operations were carried out on behalf of the Company by Remote Exploration Services of Cape Town, South Africa.  An aggregate of approximately $600,000 was expended on the exploratory program.

 

While surface sampling of the area reflected the presence of gold with grades typically ranging from 0.1 g/t Au to 1.0 g/t Au, trench sampling and limited reconnaissance drilling did not provide encouragement for the existence of a commercially viable primary deposit in the area.  Gold mineralization below surface associated with quartz veining and hydrothermally altered and brecciated host rocks was generally found to be sporadic and discontinuous.

 

Due to the results of the exploration program to date, management of the Company has concluded that no further work on the Project is recommended and the Project should be abandoned. According to Irwin Olian, CEO of the Company, "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 this rather difficult economic environment it is important that we prioritize our projects with a view toward committing our resources to those projects most likely to add value long-term for our shareholders.  In addition to the Fingoe Belt Gold 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."

 

 

About African-Queen

The Company 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. The Company licences in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 1350 sq km of gold and other metals licences under agreements with two other companies. 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.; and its operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada.

The Company has its executive offices in Vancouver, Canada.

ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES, LTD.

 

"Irwin Olian"                         
Irwin Olian
Chairman & CEO

For more information, contact:

 

Irwin Olian, President and CEO

E-mail: tigertail@africanqueenmines.com

Phone: (604) 899-0100

Fax: (604) 899-0200

Carrie Howes, Corporate Communications

Email: carrie@africanqueenmines.com

Phone: D�sseldorf - +49 (0) 1722 1234 47

Phone: London - +44 (0) 7780 602 788

 

 

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein.  The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties.  Actual events or results may differ from the Company's expectations.

 

 

 



. <
Données et statistiques pour les pays mentionnés : Botswana | Canada | Mozambique | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Botswana | Canada | Mozambique | Tous

African Queen Mines Limited

EXPLORATEUR
CODE : AQ.V
ISIN : CA00830C1095
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African Queen est une société d’exploration minière d'or basée au Canada.

African Queen détient divers projets d'exploration au Botswana, au Mozambique et en Namibie.

Ses principaux projets en exploration sont KING SOLOMON et CAZULA au Mozambique, NOYEM NYAFOMAN au Ghana et OKAVANGO KIMBERLITE et TSAU KIMBERLITE au Botswana.

African Queen est cotée au Canada et en Allemagne. Sa capitalisation boursière aujourd'hui est 2,5 millions CA$ (2,0 millions US$, 1,6 millions €).

La valeur de son action a atteint son plus haut niveau récent le 08 octobre 2010 à 0,75 CA$, et son plus bas niveau récent le 11 septembre 2015 à 0,01 CA$.

African Queen possède 101 190 000 actions en circulation.

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Financements de African Queen Mines Limited
06/03/2012ANNOUNCES PRIVATE PLACEMENT
Nominations de African Queen Mines Limited
18/04/2012APPOINTS JENNIFER TODHUNTER AS NEW CFO AND DIRECTOR
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14/01/2013EXPLORATION LICENSE FOR AFRICAN QUEEN?S NOYEM-NYANFOMAN
13/11/2012INITIAL CORE DRILL RESULTS AT AFRICAN QUEEN?S NOYEM-NYAN
12/07/2012ENCOUNTERS BROAD ZONES OF MINERALIZATION AT
16/04/2012CORE DRILLING COMMENCES AT AFRICAN QUEEN?S ODUNDU PROPER
22/02/2012COMMENCES DRILLING AT NOYEM-NYANFOMAN GOLD P
19/02/2012FAVORABLE EXPLORATION RESULTS AT AFRICAN QUEEN?S ODUNDU
19/01/2012SECURES DRILLER FOR NOYEM-NYANFOMAN PROJECT
06/01/2012(King Solomon)REPORTS RESULTS FROM 2011 RECONNAISSANCE DRILL PROGRAM AT KI...
25/05/2011COMMENCES 2011 FIELD PROGRAM AT NOYEM-NYAFOMAN GOLD PROJECT ...
24/02/2009(Cazula)ABANDONS CAZULA PROJECT IN MOZAMBIQUE TO FOCUS ON HIGHLY PRO...
05/02/2009(Okavango Kimberlite)Executes Contract for Core Drilling at Its Okavango Diamond ...
15/12/2008(Okavango Kimberlite)SAMPLING YIELDS G10 GARNETS AND OTHER KIMBERLITIC INDICATORS...
Communiqués de Presse de African Queen Mines Limited
26/07/201607/25/16 -DRILLING COMMENCES ON AFRICAN QUEEN’S YELLOWJACKET...
12/07/201607/11/16 -DR. REINHARD RAMDOHR TAKES REINS OF AFRICAN QUEEN’...
07/07/201607/06/16 -PLACER MINING OPERATIONS COMMENCE AT AFRICAN QUEEN...
28/06/201606/27/16 -AFRICAN QUEEN CLOSES $450,000 PRIVATE PLACEMENT
22/06/201606/21/16 -AFRICAN QUEEN CEO TO PRESENT AT RICHMOND CLUB LUNC...
18/06/201606/17/16 -AFRICAN QUEEN MINES EXPANDS LAND POSITION IN ATLIN...
01/06/201605/31/16 -AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT
23/05/201605/20/16 -AFRICAN QUEEN MINES COMMENCES 2016 EXPLORATION PRO...
01/12/201511/17/15 -AFRICAN QUEEN MINES PRESENTING AT CHICAGO NATURAL ...
15/10/201510/14/15 -AFRICAN QUEEN MINES HIRES FIONNUALA DEVINE TO OVER...
08/10/201510/1/15 -AFRICAN QUEEN MINES ACQUIRES ADDITIONAL GROUND AT Y...
19/08/201508/05/15 - AFRICAN QUEEN MINES SIGNS FORMAL ASSET PURCHASE A...
19/08/201508/11/15 -AFRICAN QUEEN MINES COMPLETES ACQUISITION OF YELLO...
09/02/2015IIROC Trading Resumption - WOW.P; PEP; AQ; MTH; LBI.H
04/02/2015IIROC Trading Halt - AQ, CPP, PKS, SPF
08/08/2014IIROC Trading Resumption - AQ
04/04/2012SECURES DRILLER FOR ITS ODUNDU PROPERTY IN KENYA; MOBILIZATI...
31/03/2012CLOSES SECOND TRANCHE OF $2.417 MILLION PRIVATE PLACEMENT
17/03/2012CLOSES $1.7 MILLION FIRST TRANCHE OF PRIVATE PLACEMENT
02/06/2011JOIN AFRICAN QUEEN MINES AT THE 2011 WORLD RESOURCE INVESTME...
02/03/2011JOIN SACRE - COEUR & AFRICAN QUEEN MINES AT THE 2011 PDAC CO...
22/01/2011GHANA MINISTRY CONSENTS TO TRANSFER OF NOYEM LICENSE FROM NE...
21/02/2009ACCELERATING WORK PROGRAM ON KEY GOLD TARGET
13/02/2009AMENDS STOCK OPTION PLAN
24/01/2009ENGAGES CARRIE HOWES FOR INVESTOR RELATIONS TEAM
08/01/2009shifts to gems
27/12/2008Abandons Braganza Gold Project in Mozambique to Focus on Pri...
17/12/2008COMMENCES TRADING ON THE FRANKFURT STOCK EXCHANGE
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