African Barrick Gold Acquiring Interests in Ground Adjacent to African Queen’S Ugunja Gold Project in West Kenya
(via Thenewswire.ca)
Vancouver, British Columbia -- AFRICAN QUEEN MINES LTD. (the "Company") reports that AFRICAN BARRICK GOLD PLC ("ABG", LSE: ABG) has announced that it has entered into an agreement with AVIVA CORPORATION LIMITED ("Aviva", ASX: AVA), to acquire all of the stock of Aviva Mining (Kenya) Limited for initial cash consideration of A$20 Million, with a further contingent payment of A$10 Million. The Shareholders of Aviva have approved the transaction at a General Meeting of Shareholders held September 11, 2012. Included are interests in a joint venture with LONMIN PLC ("Lonmin", LSE: LMI) covering the Ndori and Siaya Special Licenses. The Siaya Special License is contiguous to the Company's Ugunja Gold Project, which lies just to the North and West of Siaya on trend under the Company's geologic interpretation of the region.
The Ugunja Project encompasses approximately 370 sq. km in the Busia, Siaya and Kakamega areas (aka the Lakeland District) located N of the shores of Lake Victoria in Western Kenya. It is situated approximately 100 km to the NW of the Company's Odundu Project in the Rongo Gold Fields. It is underlain by Kavirondian meta-sediments and Nyanzian meta-volcanics, and represents the western extension of the Kakamega gold field, host to the historical Rosterman Mine located approximately 50km due east. Ugunja's low-grade metasedimentary rocks, chiefly argillites, sandstones and conglomerates, overlie Nyanzian age greenstones which include banded iron formation (BIF) and dominantly metabasaltic lithologies. Recent structural studies by the Companys's geological team have revealed the existence of WNW-ESE regional shear zones controlling the mineralization from the Kakamega Gold field to the Ugunja property. Ground exploration work at Ugunja is ongoing.
Under the terms of its Earn-In and JV Agreement with Kenya Discovery Limited, the Company, through its wholly-owned operating subsidiary AQ Kenya Gold Limited, may earn up to an 85% interest in the Ugunja Project by funding prescribed optional stages from exploration through feasibility. The Company serves as manager and operator of the Project. The Project is being managed on behalf of the Company on site by Senior Exploration Geologist Ms. Marthe Archambault, (P.Geol), who has reviewed and approved the contents of this press release, with general project oversight by Mr. Pete Siegfried (M.Sc., MAusIMM). Both are qualified persons under N.I. 43-101.
According to Irwin Olian, CEO of the Company, "It is gratifying to see important companies like African Barrick, which is one of Africa's five largest gold producers, recognize the opportunities for gold and metals exploration in Kenya. As an early mover, African Queen has established a portfolio of highly prospective properties in West Kenya and we are working as expeditiously as possible to develop them into viable commercial projects."
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:
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|Irwin Olian, President and CEO |Carrie Howes, Corporate |
|E-mail: |Communications |
|tigertail@africanqueenmines.com|Email: |
|Phone: (604) 899-0100 |carrie@africanqueenmines.com |
|Fax: (604) 899-0200 |Phone: Germany - +49 (0) 21141|
| |740411 |
| |U.K. - +44 (0) 870 490 5443 |
| |Canada - +1 416 900 3634 |
| |Dubai - +971 55 997 0427 |
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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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