African Queen Mines Recieves Mining Permit for Yellowjacket Gold Project
Vancouver, British Columbia / TheNewswire / October 22 2015 -- African Queen Mines Ltd. (the "Company") is pleased to announce that it has now been issued Major Mine Permit No: M-235 by the B.C. Ministry of Energy and Mines approving the Mine Plan and Reclamation Program for the Yellowjacket Gold Mine. The Permit contains various terms and conditions applicable to future work programs and mine operations, including timely filing of various periodic reports. Issuance of the Permit to the Company was effectuated by way of amendment to the original Mining Permit for the Project dated July 10, 2009, issued to predecessors.
The Yellowjacket Gold Project now covers an area of approximately 79.56 sq. km of strategic ground 9 km East of Atlin. It includes both hard rock as well as placer gold prospects, and has been the subject of various historic mining operations over a period of in excess one hundred years. The mine plant and equipment from a hard rock operation established at the Project in the past decade remains in situ. Mining was suspended by previous operators for a variety of reasons including engineering and equipment problems as well as financial issues arising from the recession in the industry.
According to Irwin Olian, CEO of the Company, "We are very gratified to have been issued our Mining Permit for Yellowjacket by the B.C. Mines Branch so expeditiously and look forward to moving ahead with our plans to explore, redevelop and potentially recommence mining operations in the future. Much of the ground covered by the Project
remains underexplored and appears to be on strike, suggesting the potential for highly prospective exploration targets. Our first priority will be development of a new geologic
model for the Project through exploration, whilst at the same time we are evaluating the utility of plant and equipment on site and undertaking engineering studies designed to optimize results from future mining operations. We are delighted to have acquired what is now a permitted mining operation for the benefit of our shareholders and look forward to the challenge of developing the Project."
About African-Queen
The Company is an exploratory resource company with diversified mineral properties in Canada and East Africa. It is presently engaged in exploration and development of its Yellowjacket Gold Project in British Columbia, which covers an aggregate of approximately 79.56 sq. km. It is also exploring its Rongo (Odundu) Gold Project comprising approximately 97 sq.km. in Kenya for gold and other metals under a joint venture with a Kenyan company. Its operations in Kenya are carried out through its operating subsidiary AQ Kenya Gold Limited. 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@africanqueenmines.com Phone: (604) 788-0300 | Carrie Howes, Corporate Communications Email: carrie@africanqueenmines.com Phone : U.K. - +44 (0) 870 490 5443 Canada - +1 416 900 3634 |
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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