News & Articles > African Queen Mines Ltd. - Grants Stock Options
News & Articles

December 1 , 2008

AFRICAN QUEEN MINES, LTD. – GRANTS STOCK OPTIONS

Vancouver, British Columbia — AFRICAN QUEEN MINES, LTD. (the “Company”) announces that it has granted, subject to any necessary regulatory approvals, incentive stock options to purchase up to an aggregate of 1,350,000 shares of its Common Stock. 600,000 of such options were granted to Mr. Irwin Olian, Chairman and CEO, 200,000 were granted to Dr. Edward Schiller, Director, 50,000 were granted to Mr. Benjamin Catalano, Director, 50,000 were granted to Ms. Jennifer Todhunter, Corporate Secretary, and 450,000 of such options were granted to various employees and consultants. The options are exercisable for a term of three years at the price of CAD $0.15 per share. The foregoing grant concludes the initial granting of options to the Company’s officers, directors, employees, and consultants.

The Company is an exploratory resource company with diversified mineral properties in Southern Africa. It is exploring its properties in Botswana and Namibia for diamonds, and it is exploring its properties in Mozambique for gold and other metals. The Company licences in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 2,000 sq km of gold and other metals licences under agreements with three other companies. 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.; and its operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada.

The Company has its executive offices in Vancouver, Canada.

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) 899-0100
Fax: (604) 899-0200

Limor Rubin, CFO and Director –
Email: limor@africanqueenmines.com
Phone: (604) 899-0100
Fax: (604) 899-0200


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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