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Kenyan Partners of Linear Metals and African Queen Mines Settle Kenya Property Dispute
Published : November 28, 2011
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HALIFAX, NOVA SCOTIA and VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2011) - Linear Metals Corporation (News - Market indicators)(PINK SHEETS:LMTCF) and African Queen Mines Ltd. (TSX VENTURE:AQ) are pleased to announce that their respective joint venture partners, B&M Mining Company Limited ("B&M") and Abba Mining Company Limited ("Abba"), have reached a settlement agreement relating to the previously announced dispute over certain mineral claims in southwest Kenya (the "Agreement"). Linear and African Queen have consented to and were parties to the Agreement.

Pursuant to the terms of the Agreement, Linear's partner, B&M, will remain the beneficial owner of Special License No. 214 covering an area of 15 square kilometers in the Rongo area, Migori District, Kenya ("SPL 214"), subject to 1% NSRs which have been granted to each of African Queen and Abba. The Agreement also provides that African Queen's partner, Abba will remain the beneficial owner of Special License No. 287 covering an approximate area of 97 square kilometers surrounding SPL 214. All parties have agreed to withdraw their respective Civil Actions relating to Special Licenses No. 214 and No. 287.

The Agreement has been approved by the Ag. Commissioner of Mines and Geology of the Government of the Republic of Kenya, Mr. Moses N. Masibo.

In connection with the Agreement, Linear will also acquire technical information pertaining to SPL 214 and will reimburse African Queen US$500,000 as follows:

  1. US$150,000 payable upon receipt of the technical information;
  2. Subject to regulatory approval, US$200,000 payable in common shares of Linear based on the 10 day Volume Weighted Average Price immediately preceding the date of this press release; and
  3. US$150,000 payable 12 months from the date of the first payment.

The Agreement will allow Linear and African Queen to move forward with their respective exploration programs on this very prospective area of Kenya with Linear retaining rights to the Kamwango prospect while African Queen retains rights to the Odundu prospect.

The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Linear Metals Corporation
Brian MacEachen
President and Chief Executive Officer
(902) 482-1240
www.linearmetals.com
or
African Queen Mines Ltd.
Irwin Olian
Chairman and Chief Executive Officer
(604) 899-0100
www.africanqueenmines.com
Données et statistiques pour les pays mentionnés : Kenya | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Kenya | Tous

Linear Metals Corporation

EXPLORATEUR
CODE : LRM.TO
ISIN : CA8613081048
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Linear Metals est une société d’exploration minière d'argent et d'or basée au Canada.

Linear Metals détient divers projets d'exploration au Canada et au Mexique.

Ses principaux projets en exploration sont LA MORENA et COBRE GRANDE au Mexique et SEYMOUR LAKE et KM61 au Canada.

Linear Metals est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 3,2 millions CA$ (3,1 millions US$, 2,4 millions €).

La valeur de son action a atteint son plus haut niveau récent le 18 janvier 2008 à 1,14 CA$, et son plus bas niveau récent le 22 mai 2013 à 0,04 CA$.

Linear Metals possède 80 331 000 actions en circulation.

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Financements de Linear Metals Corporation
11/02/2011Announces $1,000,000 Private Placement
04/08/2009Announces Completion of Private Placement
22/07/2009Announces $900,000 Private Placement
Attributions d'options de Linear Metals Corporation
09/08/2011Retains Alliance Advisors as US Investor Relations Consultan...
Nominations de Linear Metals Corporation
26/03/2008Appoints Dr. James W. Gill as Director
11/12/2007Announces New Appointments
Projets de Linear Metals Corporation
10/05/2011Provides An Update On Its Nyanza Project Exploration Program...
31/03/2011(Seymour Lake)Agrees to Option Agreement on Seymour Lake Project
09/02/2011Signs Option Agreement To Acquire Large Gold And Base Metal ...
07/01/2010Additional High Grade Drill Results
07/10/2009(Seymour Lake)Provides An Update on the Seymouth Lake Lithium Project
10/09/2009(Seymour Lake)Reports Additional Beryllium And Tantalum Results Compiled F...
24/07/2009(Cobre Grande)Provides Update onCobre Grande Purchase Option
09/12/2008(Km61)Reports 43-101 Mineral Resources at KM61 Project
24/11/2008(Km61)Reports Positive Metallurgical Results and Significant Deep ...
24/09/2008(Km61)Deep Holes at Linear Metals KM61 Project Show Molybdenum Min...
03/09/2008(Km61)Encounters Strong Molybdenum Mineralization in Offsets to Hi...
20/08/2008(Cobre Grande)Extends Copper-Molybdenum Mineralization in El Oso Zone at C...
23/07/2008(Km61)Intersects Longest Molybdenum-Copper-Silver Intervals to Dat...
02/07/2008(Km61)Continues to Intersect Long Intervals of Molybdenum-Copper-S...
18/06/2008(Cobre Grande)Intersects High Grade Copper-Silver in Northwest Skarn at Co...
15/05/2008(Km61)Intersects High-Grade Molybdenum in the Main Zone at KM61 Pr...
13/05/2008(Cobre Grande)Announces New Discovery at Cobre Grande Copper-Molybdenum Si...
09/05/2008(Km61)Connects Mineralization Across the Main Zone and Makes a New...
05/03/2008(Km61)Reports Additional Molybdenum-Copper-Silver Mineralization a...
12/02/2008(Km61)Continues to Intersect Wide Intervals of Molybdenum-Copper-S...
01/02/2008(Cobre Grande)Extends Mineralization by 200 Metres and Intersects New Zinc...
04/10/2007Drilling Intersects Significant Mo-Cu-Ag Mineralization
Communiqués de Presse de Linear Metals Corporation
24/04/2012Announcement
09/01/2012Reports Gold Mineralization in Kamwango Core Samples-Assays ...
28/11/2011Kenyan Partners of Linear Metals and African Queen Mines Set...
22/08/2011Increases Nyanza Gold and Base Metal Property Portfolio by 6...
06/07/2011Commences Drilling on Its Nyanza Project in Kenya
03/09/2009Additional Results Announced From Linear
25/08/2009Reactivates Seymour Lake Lithium/Tantalum/Beryllium Project
09/02/2008To Begin Trading on the Toronto Stock Exchange And Commences...
11/01/2008Plans Aggressive 2008 Work Programs
18/12/2007ACQUISITION OF SHARES OF LINEAR METALS CORPORATION
09/11/2007Mineralization Extended Over One Kilometre at LinearMetals?C...
16/08/2007Sampling of Historic Core at Linear Metals' KM61 Project Inc...
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