African Queen Mines Ltd.: Legal Settlement Process Successfully Completed at African Queen's Rongo Gold Fields Project In Kenya
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African Queen Mines Ltd.: Legal Settlement Process Successfully Completed at African Queen's Rongo Gold Fields Project In Kenya
Feb 03, 2012 -- Vancouver, British Columbia -- AFRICAN QUEEN MINES LTD. (the "Company") is pleased to announce that the details of the legal settlement process relating to the land dispute over certain areas of the Rongo Gold Fields Project in southwest Kenya have now been successfully completed. On November 28, 2011, it was announced that B & M Mining Company Limited ("B&M") and Abba Mining Company Limited ("Abba") had reached a settlement agreement relating to their land dispute. Linear Metals Corporation ("Linear") and the Company had consented to and were parties to such settlement agreement between their respective joint venture partners.
The High Court of Kenya in Kisumu has now issued orders effectuating the settlement and ending the litigation. Included is an order effectively splitting the property in question whereby Special License No. 287 issued in favor of the Company's partner Abba is varied by reducing it by 15 sq. km to 97 sq. km, which 15 sq. km area is now covered exclusively by Special License No. 214 issued in favor of Linear's partner B&M. The area reserved to Abba includes the target known as Odundu, while the area reserved to B&M includes the target known as Kamwango.
In addition, the Company has now furnished Linear with all of its technical information related to Special License No. 214 and has now received the sum of U.S. $150,000 in cash plus 949,658 shares of Common Stock of Linear as consideration therefor. A final payment of $150,000 is due in 12 months from Linear.
According to Irwin Olian, CEO of the Company, "We are delighted that legal details of the Rongo settlement are now complete and are looking forward to commencing our core drilling program at Odundu in the near future."
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 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 certain southern African assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd.
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(at)africanqueenmines.com
Phone: (604) 899-0100
Fax: (604) 899-0200
Carrie Howes
Corporate Communications
Email: carrie(at)totumos.com
Phone:
Düsseldorf +49 (0) 1722 1234 47
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.
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AFRICAN QUEEN MINES LTD.
Datum: 06.02.2012 - 01:42 Uhr
Sprache: Deutsch
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