African Queen Mines Limited: Announces Private Placements

Vancouver, December 1, 2016 - African Queen Mines Ltd. (the "Company") is pleased to announce that the TSX Venture Exchange (the "Exchange") has granted the Company a discretionary waiver pursuant to its Bulletin dated April 7, 2014 - Discretionary Waivers of $0.05 Minimum Pricing Requirement, whereby the Exchange maintains discretion to waive its $0.05 minimum pricing requirement on a case by case basis. As such, the Company is proceeding with a non-brokered private placement offering to raise gross proceeds of up to CAD $210,000. Under the terms of the private placement, the Company will offer for sale up to 6,000,000 common shares (the "Shares") at CAD $0.035 per Share to accredited investors and certain non-accredited investors pursuant to applicable exemptions in the rules and regulations of the Exchange. Proceeds from this private placement will be primarily utilized to maintain and preserve the Company's existing operations, as well as activities and assets on the Company's recently acquired Yellowjacket Project.

The Company will also be proceeding with a non-brokered flow-through private placement offering of up to 10,000,000 common shares to be issued on a "flow through" basis (the "Flow-Through Shares") pursuant to the Income Tax Act (Canada) at a price of $0.05 per Flow-Through Share for gross proceeds of up to CAD $500,000. The gross proceeds from the flow-through private placement will be used by the Company to incur eligible Canadian exploration and development expenses (as defined in the Income Tax Act (Canada)) on or before December 31, 2016. The purchasers of the shares will be entitled to renunciations from the Company of Canadian exploration and development expenses in an amount equal to the subscription amount effective December 31, 2016.

The Company may, in its discretion, pay a cash finder's fee of up to 7% of the total gross proceeds of each offering where applicable.

The Shares and Flow-Through Shares issued upon the closing of each private placement will be subject to a 4-month hold period. Each private placement is subject to the approval of the Exchange.


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 271 km2. 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:

African Queen Mines Ltd.
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.