Placer Mining Operations Commence at African Queen's Yellowjacket Gold Project
Vancouver, British Columbia / TheNewswire / July 6, 2016 - African Queen Mines Ltd. (the "Company") is pleased to announce that placer mining operations have now commenced on an area of approximately 39.46 hectares of Placer Lease 361733 of its Yellowjacket Gold Project, which covers an aggregate of 228.04 sq. km in in the historic Pine Creek and Spruce Creek areas 9 km East of Atlin, B.C. (the "Project"). The placer mining operations are being conducted by Mr. Matt Norris and his affiliates under a five year placer mining agreement with the Company which provides for successive one-year lease renewals and a 10% Gross Royalty payable to the Company on all production, as further described in the Company's PR dated February 16, 2016. Rights to hard rock deposits in the bedrock underlying the placer targets are reserved to the Company.
The current placer operations are subject to Permit No. P-1-814 issued to Norris by the B.C. Ministry of Energy and Mines. Said Permit authorizes approved placer mining operations at the Project at four specific areas for the approximate 5-year period ending March 31, 2021, together with related exploration activities such as test pits and processing infrastructure. Initial operations comprise test mining on the South Bank of Pine Creek and will be expanded on a result contingent basis. Placer mining equipment on site now includes a new Macon Welding Ltd. Super Sluice 800 capable of processing approximately 150 yards of gravels per hour, a 450 Hitachi excavator, a Cat 966 loader and a Cat D8 bulldozer. The water pumping system on site is capable of pumping 4000 gallons/minute through the 10" waterline. The operation can be expanded on a modular basis by adding further units as desired.
According to Irwin Olian, CEO of the Company, "We are excited that placer mining operations have now commenced at Yellowjacket which can potentially contribute to our cash flow and provide additional funds for exploration. Our priority remains exploration, development and potential exploitation of hard-rock gold deposits in the license area and our 2016 exploration program is underway with an objective of identifying new zones of dilation with potential to host commercially viable hard-rock deposits."
About African Queen
The Company is an exploratory resource company engaged in exploration and development of mineral properties in Canada and Africa. It is presently focusing on development of its Yellowjacket Gold Project in Atlin, British Columbia, which covers an aggregate of approximately 228.04 sq. km in the historic Pine Creek and Spruce Creek areas. 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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