News & Articles >AFRICAN QUEEN SECURES DRILLER FOR NOYEM-NYANFOMAN PROJECT ON GHANA’S ASHANTI BELT; FEBRUARY START DATE SET
News & Articles

January 19, 2012

AFRICAN QUEEN SECURES DRILLER FOR NOYEM-NYANFOMAN PROJECT ON GHANA’S ASHANTI BELT; FEBRUARY START DATE SET

Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce that it has now executed a formal agreement with E-Drilling Ghana Limited and E. Global Drilling Corp., affiliated with Energold Drilling Corp. (TSX.V: EGD), to undertake a core drilling program at its Noyem-Nyanfoman Project on Ghana’s Ashanti Belt. Mobilization is to be commenced prior to the end of January, with drilling slated to start in mid-February. An initial 2000 m program is contemplated with further meterage to be added by the Company on a result contingent basis. The drill program will be overseen by the Company’s senior technical team and by personnel from consulting firm Remote Exploration Services of Cape Town, S.A.

The initial holes are planned to range generally from 100 to 200 m in depth, with a view toward: (i) testing and confirming the gold mineralization previously discovered and announced by predecessors of Newmont Mining Corp. on the Noyem A reef on the eastern portion of the concession, where an historic inferred gold resource of approximately 1.1 million oz. au (5.2 million tonnes grading 6.67 g/t au) was established down to a depth of 550 m within reefs of the Tarkwaian conglomerates through exploration including a prior core drilling program during 1996-1997, by Bonsai Gold Holdings (see our PR dated October 19, 2009); and (ii) testing new targets elsewhere on the license area developed through the Company’s own exploration programs over the past 24 months.

According to Irwin Olian, CEO of the Company, “After many months of exploratory work and protracted negotiations with the local community and small scale miners, we are delighted to be able to move forward now with drilling at the Noyem-Nyanfoman Project. We view this as a unique opportunity to build value for our shareholders and joint venture partner, Akan Exploration, as well as the local community. Our hope is that our drilling and exploration efforts will lead to development of a successful commercial mining operation that will contribute significantly to the economic growth of the region as well as the well-being and prosperity of the local community and Nyanfoman people.”

The Noyem-Nyanfoman Gold Project

The License currently covers an area of approximately 28.9 sq. km. located within the Birim North District of Ghana’s Eastern Region, approximately 130 km. NW of Accra. It is at the northeastern end of Ghana’s well-known, gold-producing Ashanti Belt, near Newmont’s Akyem deposit which is presently under development for production with a stated resource in excess of 8 Million oz Au. In addition to its close proximity to Accra which facilitates access, the Project is bisected in a NE-SW direction by a tarred road. It has long been host to large numbers of artisanal miners.

The Akan Agreement

The Company’s rights to the Project are subject to an Earn-In and Joint Venture Agreement (the “Akan Agreement”), with Marshall Islands’ private company Akan Exploration Ltd. (“Akan”), under which the Company may earn up to a 75% interest in the Noyem Gold Project by funding prescribed stages from exploration through feasibility. Akan has the right to participate at its election pro-rata after the Company has reached 60% ownership interest. The Company is designated as manager and operator of the Project.

About African-Queen

The Company is an exploratory resource company with diversified mineral properties in Southern, East and West Africa. It is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals. In Mozambique the Company has approximately 230 sq. km. under license for gold and metals under an agreement with another company. In Ghana it has 28.9 sq. km. under license for gold. 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 Mozambique are carried out through its subsidiary PAM Mocambique Limitada and its operations in Ghana are carried out through its subsidiary AQ Ghana Gold Limited. Its operations in Kenya are being carried out through its operating subsidiary AQ Kenya Gold Limited. 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. 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) 899-0100
Fax: (604) 899-0200

Carrie Howes
Corporate Communications
Email: carrie@africanqueenmines.com
Phone:
Dubai - +971 55 997 0427
London - +44 (0) 7780 602 788
Germany - +49 (0) 21141 740411
U.K. - +44 (0) 870 490 5443
 


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.

 

Press Release Archive
08/07/18 - DESERT MOUNTAIN ENERGY ENTERS INTO AGREEMENT TO SELL ITS YELLOWJACKET GOLD PROJECT AND ATLIN, B.C. PROPERTIES TO BRIXTON METALS  08/02/18 - SOREN CHRISTIANSEN JOINS DESERT MOUNTAIN ENERGY BOARD OF DIRECTORS 07/30/18 - ARDITO MARTOHARDJONO RESIGNS AS A DIRECTOR OF DESERT MOUNTAIN ENERGY 07/23/18 - DESERT MOUNTAIN ENERGY CLOSES $640,500 FIRST TRANCHE OF PRIVATE PLACEMENT 06/10/18 - DESERT MOUNTAIN ENERGY ACQUIRES FURTHER TRANCHE OF 12,228 ACRES OF STRATEGIC HELIUM LEASES IN ARIZONA’S HOLBROOK BASIN  06/07/18 - DESERT MOUNTAIN ENERGY ANNOUNCES PRIVATE PLACEMENT 05/29/18 - DESERT MOUNTAIN ENERGY ACQUIRES ADDITIONAL 12,219 ACRES OF STRATEGIC HELIUM LEASES IN ARIZONA'S HOLBROOK BASIN, INCLUDING ZONE WITH ORIGINAL DISCOVERY WELL 05/08/18 - DESERT MOUNTAIN ENERGY SELLS ITS PLACER MINING INTERESTS AT ATLIN, B.C. 04/18/18 - GREG NOWAK JOINS DESERT MOUNTAIN ENERGY'S TECHNICAL TEAM 04/09/18 - AFRICAN QUEEN NAME CHANGE TO DESERT MOUNTAIN, ROLLBACK 02/27/18 - AFRICAN QUEEN MINES ACQUIRES KEY HELIUM LEASES IN ARIZONA’S PROLIFIC HOLBROOK BASIN 02/19/18 - AFRICAN QUEEN MINES SIGNS AGREEMENT FOR ACQUISITION OF THE KIGHT GILCREASE SAND UNIT OIL & GAS PROJECT IN OKLAHOMA 01/31/18 - AFRICAN QUEEN MINES EMBARKS ON DIVERSIFICATION PROGRAM WITH ESTABLISHMENT OF NEW U.S. OPERATIONS 11/13/17 - AFRICAN QUEEN MINES REPORTS RESULTS FROM ITS DRILLING PROGRAM AT GOLD RUN PROSPECT IN ATLIN, BC 09/18/17 - AFRICAN QUEEN MINES COMMENCES DIAMOND DRILLING AT GOLD RUN PROSPECT AT ITS YELLOWJACKET GOLD PROJECT 09/08/17 - AFRICAN QUEEN MINES TARGETS GOLD RUN PROSPECT FOR DRILLING AT YELLOWJACKET GOLD PROJECT
Articles
Sign-Up for Email Alerts and automatic notifications on information and events about Desert Mountain Energy Corp.



Contact Information For investment information please contact our investor relations group.

Marketing Director - Canada
Lee Dunston
(604) 788-0300
lee@desertmountainenergy.com

Corporate Communications, Europe
Carrie Howes
London: +44 7780 602 788
Dubai: +971 55 997 0427
carrie@desertmountainenergy.com

 
Contact Site Index