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African Queen Announces Private Placement

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By Accesswire

Vancouver, British ColumbiaAFRICAN QUEEN MINES LTD. (the "Company") is pleased to announce a non-brokered private placement offering to raise gross proceeds of up to CAD $500,000. Under the terms of the private placement, the Company will offer for sale up to 10,000,000 Units (the "Units") at CAD $0.05 per Unit. The Company may, in its discretion, increase the size of this offering by up to 20% to a maximum of 12,000,000 Units.

Each Unit will consist of one Common Share of the Company and one-half of one share purchase warrant (the "Warrants"), where each whole Warrant will allow the subscriber to purchase one additional Common Share of the Company for a period of two years from the date of closing. The exercise price shall be CAD $0.075 per Share. The Company may, in its discretion, pay a cash finder’s fee of up to 7% of the total gross proceeds of the offering.

The Units issued upon the closing of the private placement will be subject to a 4-month hold period. The private placement is subject to the acceptance of the TSX Venture Exchange.

Proceeds from the private placement will be utilized for funding exploration of the Company’s properties as well as working capital.

About African-Queen

The Company is an exploratory resource company with diversified mineral properties in East and West Africa. It is exploring its properties in Ghana and Kenya for gold and other metals. In Ghana it has 30.23 sq. km. under license for gold under an agreement with another company. 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 Ghana are carried out through its subsidiary AQ Ghana Gold Limited. 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:


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 |Irwin Olian, President and CEO  |Carrie Howes, Corporate      |
 |E-mail:                         |Communications  Email:       |
 |tigertail@africanqueenmines.com |carrie@africanqueenmines.com |
 |Phone: (604) 899-0100 Fax: (604)|Phone:  Germany - +49 (0)    |
 |899-0200                        |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.

Not for release in the US or for distribution in the United States