News & Articles

March 04, 2014


Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce that it has entered into a letter agreement dated March 2, 2014 with XORTX Pharma Corp. (“XORTX”) relating to a transaction (the “XORTX Transaction”) pursuant to which the Company proposes to acquire all of the issued and outstanding securities of XORTX in exchange for the issuance of securities of the Company. Trading in the shares of the Company has been halted in accordance with the policies of the TSX Venture Exchange (the “Exchange”) and will remain halted until such time as all required documentation has been filed with and accepted by the Exchange and permission to resume trading has been obtained from the Exchange.

XORTX Pharma Corp.

XORTX is a Calgary-based, bio-pharmaceutical company, incorporated August 2012 and is dedicated to innovation, discovery, development and commercialization of therapies that will improve patient health throughout the world. XORTX is founded on patents and patent applications that include US and worldwide rights for the development of uric acid lowering agents to treat diabetic nephropathy, hypertension, insulin resistance, metabolic syndrome and diabetes. Basic and clinical science underpinning XORTX patent applications and innovative technology has recently been confirmed by successful phase II pilot trials in adolescent hypertension and chronic kidney injury showing that when uric acid levels are decreased, clinically meaningful benefit reduction in hypertension occurs. XORTX is a phase II clinical stage company focused on developing treatments for hypertension and diabetic nephropathy.

XORTX is a private CBCA company with approximately 38 shareholders, of which Dr. Allen Davidoff is the only significant shareholder. Following the merger, it is anticipated that Dr. Allen Davidoff – current Director, President and CEO of XORTX, Irwin Olian – current Chairman of the Company and Jennifer Todhunter – current CFO of the Company, will constitute principals of the resulting company, with no individual or entity holding greater than 10% of the outstanding shares.

Transaction Summary

The XORTX Transaction is expected to be effected by way of a share exchange agreement where the holders of all of the issued and outstanding securities of XORTX will receive securities in the Company. XORTX will become a wholly-owned subsidiary of the Company, which will change its name to reflect its new business (the “Resulting Issuer”). Under the terms of the XORTX Transaction:

Prior to the completion of the XORTX Transaction (the “Closing”), the Company will effect a consolidation of its common shares, with each 10 common shares being consolidated into one common share (the post-consolidation shares are called the “Resulting Issuer Shares”), and all outstanding options and warrants to purchase common shares of the Company will be adjusted accordingly;

Prior to the Closing, members of the Company’s management may purchase from existing shareholders of XORTX up to 2,500,000 but not less than 1,750,000 XORTX shares (“Seed Shares”), of which 1,000,000 Seed Shares will be deposited into a voluntary escrow for a period of 24 months following the Closing;

On the Closing, each XORTX shareholder will receive one Resulting Issuer Share for every common share of XORTX (the “XORTX Shares”) held, which after completion of certain pre-closing transactions is expected to result in the issuance of 21,100,000 Resulting Issuer Shares at the deemed price of $0.30 per Resulting Issuer Share for total deemed consideration of $6,330,000;

On the Closing, members of the Company’s management will be granted options exercisable for one year to purchase up to 2,500,000 but not less than 1,750,000 Resulting Issuer Shares issued under paragraph 3 above at the price of $0.18 per Resulting Issuer Share; and

Incentive stock options to purchase Resulting Issuer Shares at the lowest price permitted by the Exchange will be granted to management, directors, officers, employees and advisors of the Resulting Issuer, entitling such persons to purchase such aggregate number of shares of the Company as does not exceed 10% of the number of common shares of the Company then issued and outstanding.

Following the Closing, the Resulting Issuer will carry on the business of XORTX described above. Management believes the XORTX Transaction will be deemed to be a Change of Business (COB) under the policies of the Exchange.

The XORTX Transaction is an arm’s length transaction.

The Company is required to obtain the approval of the Exchange, which in turn may require the approval of the Company’s shareholders, in order to complete the XORTX Transaction.

Private Placement

In connection with or prior to the Closing, the Company will complete a brokered private placement (the “Private Placement”) to raise not less than CDN$3,000,000 and not more than CDN$6,000,000 through the issuance of units of the Resulting Issuer (the “Units”) at an approximate price of $0.50 per Unit. Each Unit will be comprised of one Resulting Issuer Share and one-half of one Resulting Issuer share purchase warrant entitling the holder to purchase one additional Resulting Issuer Share at an exercise price and for a term to be agreed upon by the Company and XORTX. In connection with the Private Placement, the Company may pay to finders a cash commission equal to 7% of the gross proceeds of the Private Placement, and may also issue warrants to the finders.

The use of proceeds from the Private Placement, along with the existing working capital in the Company (which is expected to be approximately $5,400,000 at the Closing of the XORTX Transaction, assuming the maximum Private Placement) is currently intended to be allocated as follows:

Manufacturing $550,000

Clinical Trials $4,000,000

Working capital $850,000

Directors and Officers of the Resulting Issuer

The board of directors of the Resulting Issuer will initially be comprised of Irwin Olian, Dr. Allen Davidoff, Robert Rieder, Dr. Alan Moore and one more person to be agreed upon by the Company and XORTX. The Company will procure duly executed resignations and releases in favour of the Resulting Issuer, effective at the Closing, from each director and officer of the Company who will no longer be serving in such capacities. On the Closing, Irwin Olian will continue as the Resulting Issuer’s Chairman, Jennifer Todhunter will continue as its Chief Financial Officer and Dr. Allen Davidoff will be appointed Chief Executive Officer of the Resulting Issuer.

The nominees of XORTX that will initially comprise the board of directors and management of the Resulting Issuer are:

Dr. Allen Davidoff – Chief Executive Officer and Director of XORTX Pharma Corp., was formerly the Chief Scientific Officer, VP Product Development and co-founder of Stem Cell Therapeutics Corp. (seven yrs). Prior to that, he was Senior Scientist and Head of Pharmacology at Cardiome Pharma Corp. (“Cardiome”). His overall experience includes over 10 years of drug development experience with broad clinical and regulatory leadership experience. Senior management experience in pharmaceutical R&D includes two investigational new drug (“IND”) applications or supplemental IND’s, two phase I studies (four multi-country), seven phase II studies, and one NDA. Dr. Davidoff has previously served as Director of Neurogenesis (predecessor of Stem Cell Therapeutics Corp.), and is currently a Director of Patient Stem Cell Resource Inc.

Robert Rieder – Director of XORTX Pharma Corp. is an experienced C-level executive in the pharmaceutical industry. Mr. Rieder is currently the CEO of ESSA Pharma Inc. and Chairman of the Board for Cardiome. From 1998 to 2009, Mr. Rieder was the CEO of Cardiome, a NASDAQ-traded public pharmaceutical company. Under his leadership, Cardiome negotiated partnerships with two leading pharmaceutical companies, Merck Frost & Co and Estella’s Pharmaceuticals, and raised over $250 million from public capital markets. Mr. Rieder led that company from the pre-clinical research stage to NDA submission. He has been a Director for nine public and private technology companies. In 2009, he was recognized as “Executive of the Year” by Life Sciences BC and in 2007 was named Ernst and Young “Entrepreneur of the Year” for the Medical Products area in the Pacific Region.

Dr. Alan Moore, Ph.D. – Director of XORTX Parma Corp. has extensive clinical development, regulatory and leadership experience and 23 years of senior management experience in pharmaceutical R&D with Procter and Gamble. Dr. Moore served as Chief Clinical and Regulatory Officer with Cardiome, then President and CEO of Stem Cell Therapeutics Corp. and subsequently CEO of Beta Stem Therapeutics and Charge Therapeutics. During his career, he has completed 11 IND applications or supplemental IND’s, 15 phase I studies, 12 phase II studies, seven phase III studies and two new drug applications.

Dr. Grace Jung, Ph.D. - Management - Chemistry and Manufacturing has 21 years of experience in drug discovery and development. She was formerly Senior Director of Research (Chemistry) at Cardiome. During her 14 years at Cardiome, she led the chemistry team in the discovery of antiarrhythmic vernakalant and in process research efforts to devise a scalable manufacturing route for vernakalant. Before joining Cardiome, Grace spent seven years at Boehringer Ingelheim (Laval, QC, Canada), where she was a medicinal chemist working on renin inhibitors as antihypertensive drugs.

Brian Mangal, MSc. Biostatistics - Management - Business Development and Product Development has 12 years of clinical development experience. He was formerly Director of Biostatistics for Cardiome and responsible for all biometric activities related to the advancement of Cardiome’s clinical programs. His clinical development experience includes design, analysis and reporting on over 50 clinical trials, three FDA submissions, one TPD submission and a successful EMEA submission. Prior to Cardiome, he worked on building a CRO – Everest Clinical Research, specializing in dealings with NIH in the US, and as a Biostatistician at Pharmacia/Pfizer, working on the successful sundae for Linezolid and numerous successful trials with Celecoxib. Mr. Mangal brings extensive industry contacts to the XORTX team.

Selected Financial Information of XORTX

The following unaudited financial information for the period ended December 31, 2013 has been provided by XORTX. Such information is subject to all other information contained in the relevant financial statements disclosed in the disclosure document to be prepared in connection with the XORTX Transaction.

During the period from incorporation through February 28, 2014, XORTX raised cash net proceeds of approximately CDN$821,000 from the issuance of XORTX Shares and debt and used these funds for aggregation of intellectual property, pre-clinical studies, and activities supporting future clinical studies on behalf of XORTX. As at December 31, 2013, XORTX had approximately $174,000 of cash.

Capitalization of XORTX

Currently, there are:

1) 20,060,667 XORTX Shares issued and outstanding;

2) warrants issued and outstanding which are exercisable for two years from the date of issue to purchase an aggregate of 29,760 XORTX Shares at $0.50 per XORTX Share; and

3) options issued and outstanding to purchase an aggregate of 1,500,000 XORTX Shares at $0.10 per share.

Other than the above, no other stock options, warrants or other securities entitling holders to acquire XORTX Shares are outstanding. XORTX is not a reporting issuer and its securities are not listed or posted for trading on any stock exchange.

Capitalization of the Resulting Issue

Assuming the completion of the share consolidation and the maximum amount of the Private Placement, the Resulting Issuer is expected to have at Closing approximately 41,000,000 issued common shares, 8,800,000 warrants and 1,750,000 options outstanding.


The Company does not intend to retain a sponsor unless it is required to do so by the Exchange.

Conditions Precedent to Completing the XORTX Transaction

The parties’ obligations to complete the XORTX Transaction are subject to the satisfaction of a number of conditions including, but not limited to, completion of satisfactory due diligence reviews, completion of the Private Placement, Exchange approval, any required approval of the shareholders of the Company, and other conditions customary for a transaction of this type.

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.


“Irwin Olian”
Irwin Olian
Chairman & CEO

For more information, contact:

Irwin Olian
President and CEO
Phone: (604) 899-0100
Fax: (604) 899-0200

Carrie Howes
Corporate Communications
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
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GEOLOGICAL SURVEY REPORTS NEW LODE GOLD DISCOVERY IN ATLIN DISTRICT; AFRICAN QUEEN SEES THE REPORT AS VALIDATING ITS PROPERTY ACQUISITION AND EXPLORATION PROGRAMS 01/18/17 - AFRICAN QUEEN ADDS FURTHER ATLIN DISTRICT MINERAL TENURES COVERING THE HISTORIC PICTOU AND GOLDEN VIEW SHOWINGS 12/23/16 - AFRICAN QUEEN MINES CLOSES $252,000 PRIVATE PLACEMENT 10/05/16 -AFRICAN QUEEN ACHIEVES IMPORTANT ADVANCES IN ITS YELLOWJACKET GOLD PROJECT DURING SUMMER 2016 WORK PROGRAM 09/28/16 -INITIAL DIAMOND DRILLING BY AFRICAN QUEEN AT YELLOWJACKET GOLD PROJECT CONFIRMS DOWN-DIP CONTINUATION OF GOLD MINERALIZED ZONE; RESULTS INCLUDE 37.1 G/T AU OVER 1.08 M 09/21/16 -AFRICAN QUEEN ADDS MINERAL TENURES COVERING TWO FURTHER KEY AREAS IN ATLIN DISTRICT 09/06/16 -AFRICAN QUEEN FURTHER EXPANDS LAND POSITION SOUTH OF YELLOWJACKET GOLD PROJECT 07/25/16 -DRILLING COMMENCES ON AFRICAN QUEEN’S YELLOWJACKET GOLD PROJECT 07/11/16 -DR. REINHARD RAMDOHR TAKES REINS OF AFRICAN QUEEN’S YELLOWJACKET GOLD PROJECT 07/06/16 -PLACER MINING OPERATIONS COMMENCE AT AFRICAN QUEEN’S YELLOWJACKET GOLD PROJECT 06/27/16 -AFRICAN QUEEN CLOSES $450,000 PRIVATE PLACEMENT 06/21/16 -AFRICAN QUEEN CEO TO PRESENT AT RICHMOND CLUB LUNCHEON ON JUNE 22, 2016 06/17/16 -AFRICAN QUEEN MINES EXPANDS LAND POSITION IN ATLIN DISTRICT WITH STRATEGIC CLAIMS ACQUISITION 05/31/16 -AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT 05/20/16 -AFRICAN QUEEN MINES COMMENCES 2016 EXPLORATION PROGRAM AT YELLOWJACKET GOLD PROJECT WITH DRONE AERIAL SURVEY  02/16/16 -AFRICAN QUEEN MINES CONCLUDES AGREEMENT WITH NORRIS FOR PLACER MINING OPERATIONS AT YELLOWJACKET GOLD MINE 12/8/15 -AFRICAN QUEEN DROPS KENYAN OPERATIONS INCLUDING ODUNDU PROJECT 11/17/15 -AFRICAN QUEEN MINES PRESENTING AT CHICAGO NATURAL RESOURCE AND TECHNOLOGY EXPO ON NOVEMBER 20, 2015 10/22/15 -AFRICAN QUEEN MINES RECIEVES MINING PERMIT FOR YELLOWJACKET GOLD PROJECT 10/14/15 -AFRICAN QUEEN MINES HIRES FIONNUALA DEVINE TO OVERSEE YELLOWJACKET GOLD PROJECT 10/1/15 -AFRICAN QUEEN MINES ACQUIRES ADDITIONAL GROUND AT YELLOWJACKET GOLD PROJECT IN BRITISH COLUMBIA  08/11/15 -AFRICAN QUEEN MINES COMPLETES ACQUISITION OF YELLOWJACKET GOLD PROJECT IN BRITISH COLUMBIA  08/05/15 - AFRICAN QUEEN MINES SIGNS FORMAL ASSET PURCHASE AGREEMENT TO ACQUIRE YELLOWJACKET GOLD PROJECT IN BRITISH COLUMBIA  06/25/15 - AFRICAN QUEEN MINES ENTERS INTO AGREEMENT TO ACQUIRE YELLOWJACKET GOLD PROJECT IN BRITISH COLUMBIA 01/27/15 - AFRICAN QUEEN CLOSES SALES OF GHANA SUBSIDIARY AND ASSETS 09/16/14 - AFRICAN QUEEN ENTERS INTO CONDITIONAL AGREEMENT COVERING SALE OF ITS GHANA ASSETS 07/31/14 - AFRICAN QUEEN AND XORTX PHARMA TERMINATE PROPOSED MERGER TRANSACTION 07/07/14 - African Queen Updates Status of Acquisition of XORTX Pharma Corp. 06/04/14 - African Queen Closes $50,000 First Tranche of Private Placement 06/03/14 - African Queen Announces Private Placement 03/04/14 - AFRICAN QUEEN TO ACQUIRE XORTX PHARMA CORP. 10/10/13 - African Queen Closes $300,415 First Tranche Of Private Placement 10/02/13 - African Queen Announces Private Placement 08/07/13 - African Queen Files Application to Extend Warrants 05/28/13 - African Queen Grants Stock Options 03/25/13 - 2013 Field Exploration Program Commences at African Queen's Ugunja Gold Project in Kenya's Lakeland District 01/14/13 - Exploration License for African Queen's Noyem-Nyanfoman Gold Project on Ghana's Ashanti Belt Expaanded and Renewed for Two Years 01/02/13 - Initial Core Drill Results at African Queen Mines' Odundu Project in Kenya Reveal Extensive Zone of Near-Surface Gold-Bearing Mineralization 12/17/12 - African Queen Cuts Expenses and Streamlines Project Portfolio; Drops Mozambique Operations Including King Soloman Project 12/03/12 - African Queen Announces Closes First Tranche of Private Placement 11/23/12 - African Queen Announces Private Placement 11/13/12 - Initial Core Drill Results at African Queen's Noyem-Nyanfoman Gold Project on Ghana's Ashanti Belt are Consistent with Historic Results and Confirm Potential 10/26/12 - Continuing Field Work at African Queen's Ugunga Gold Projetc in Kenya's Lakeland District Generates 4 New Targets 10/19/12 - Rich Radez Joins African Queen Mines as Senior Financial Consultant 10/16/12 - African Barrick Gold Acquiring Interests in Ground Adjacent to African Queen's Uginja Gold Project in West Kenya 09/21/12 - African Queen Mines Contributes to Local Community at its Odundu Property in Kenya's Rongo Gold Fields 08/02/12 - Field Work at African Queen's Ugunja Gold Project in Kenya's Lakeland District Generates Strong Targets; Visible Gold Encountered 07/11/12 - African Queen Encounters Broad Zones of Mineralization at its Odundu Property in Kenya's Rongo Gold Fields 04/25/12 - Term of Exploration License Extended Two Years at African Queen's Odundu Property in Kenya's Rongo Gold Fields 04/17/12 - African Queen Appoints Jennifer Todhunter as New CFO and Director 04/16/12 - Core Drilling Commences at African Queen's Odundu Property in Kenya's Rongo Gold Fields 04/03/12 - African Queen Mine Secures Driller for its Odundu Property in Kenya; Mobilization Underway 03/30/12 - African Queen Closes Second Tranche of $2.417 Million Private Placement 03/16/12 - African Queen $1.7 Million First Tranche of Private Placement 03/06/12 - African Queen Announces Private Placement 02/22/12 - African Queen Commences Drilling at Noyem-Nyanfoman Gold Project on Ghana's Ashanti Gold Belt 02/16/12 - Favorable Exploration Results at African Queen's Odundu Prospect In Kenya Point to Highly Prospective Drill Targets for Upcoming Program 02/03/12 - Legal Settlement Process Successfully Completed at African Queen's Rongo Gold Fields Project in Kenya 01/19/12 - African Queen Secures Driller for Noyem-Nyanfoman Project on Ghana's Ashanti Belt; February Date Set 01/06/12 - African Queen Reports Results From 2011 Reconnaissance Drill Program at King Solomon Focusing on New Targets and Step-Outs form Mankombiti Zone 12/30/11 - African Queen Sets Drilling Plans for Ghana and Kenya Gold Properties; Abandons Two Diamond Prospects 11/28/11 - Kenyan Partners of Linear Metals and African Queen Mines Settle Kenya Property Dispute 09/13/11 -AFRICAN QUEEN ACHIEVES BREAKTHROUGH IN SETTLEMENT NEGOTIATIONS AT NOYEM-NYANFOMAN PROJECT; 12 MORE KEY SMALL SCALE LICENSES RELINQUISHED 08/26/11 -AFRICAN QUEEN APPOINTS MARK LOTZ AS NEW CFO AND DIRECTOR 08/26/11 -AFRICAN QUEEN APPOINTS JENNIFER TODHUNTER AS VP FINANCIAL ADMINISTRATION 08/08/11 -AFRICAN QUEEN CLOSES $2.4 MILLION PRIVATE PLACEMENT 07/27/11 -SETTLEMENT PROCESS PROGRESSING AT AFRICAN QUEEN’S NOYEM-NYANFOMAN PROJECT; 3 MORE SMALL SCALE LICENSES RELINQUISHED 07/15/11 -AFRICAN QUEEN REACHES ACCORD WITH NYANFOMAN CHIEF AT NOYEM-NYANFOMAN GOLD PROJECT IN GHANA, LEADING TO RELINQUISHMENT OF FIRST GROUP OF SMALL-SCALE LICENSES 07/08/11 -AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT  06/14/11 - GROUND GEOPHYSICS SURVEY UNDERWAY AT AFRICAN QUEEN’S RONGO GOLD FIELDS PROJECT IN KENYA’S LAKE VICTORIA GREENSTONE BELT 06/03/11 - 2011 CORE DRILLING PROGRAM NOW UNDERWAY AT AFRICAN QUEEN'S KING SOLOMON PROJECT IN MOZAMBIQUE 06/01/11 - AFRICAN QUEEN GRANTED PROSPECTING LICENSE FOR NEW KARAMERI METALS PROJECT IN KENYA 05/23/11 - AFRICAN QUEEN COMMENCES 2011 FIELD PROGRAM AT NOYEM-NYAFOMAN GOLD PROJECT IN GHANA 04/27/11 - FIELD WORK UNDERWAY AT AFRICAN QUEEN’S UGUNJA GOLD PROJECT IN KENYA’S LAKELAND DISTRICT 04/21/11 - AFRICAN QUEEN GRANTED PERMITS FOR 2011 WORK PROGRAM AT NOYEM-NYAFOMAN GOLD PROJECT IN GHANA 03/31/11 - KENYA’S HIGH COURT GRANTS INTERIM ORDER TO AFRICAN QUEEN’S JV PARTNER ABBA MINING AGAINST ADVERSE LICENSE CLAIMANT 03/24/11 - GHANA MINING COMMISSION EXTENDS TERM OF AFRICAN QUEEN’S NOYEM-NYAFOMAN LICENSE SETTING STAGE FOR 2011 WORK PROGRAM 03/03/11 - AFRICAN QUEEN MINES EXPANDS PRESENCE IN KENYA: SIGNS EARN-IN AND JV AGREEMENT FOR UGUNJA GOLD PROJECT IN KENYA’S LAKELAND DISTRICT 02/27/11 - AFRICAN QUEEN CORRECTS AND CLARIFIES PRESS RELEASE DATED FEBRUARY 24, 2011, CONCERNING ORDER BY KENYA’S HIGH COURT 02/24/11 - AFRICAN QUEEN’S JV PARTNER ABBA MINING WINS INTERIM ORDER IN KENYA’S HIGH COURT TODAY AGAINST ADVERSE LICENSE CLAIMANT 02/14/11 - AFRICAN QUEEN’S JV PARTNER ABBA MINING IN DISPUTE OVER PORTION OF RONGO LICENSE IN KENYA 02/02/11 - AFRICAN QUEEN’S CHAIRMAN MEETS WITH KENYA’S PRIME MINISTER 01/31/11 - FURTHER DRILLING AT AFRICAN QUEEN'S KING SOLOMON PROJECT CONFIRMS SIGNIFICANT COPPER, GOLD AND SILVER MINERALIZATION AT MANKOMBITI TARGET AND POINTS TO PROSPECTIVITY OF WESTERN ZONES; LATEST RESULTS INCLUDE 6.02 m of 1.09% Cu, 0.88 g/t Au and 18 g/t Ag 01/21/11 - Ghana Ministry Consents to Transfer of Noyem License from Newmont to African Queen 12/03/10 - African Queen Completes Second Tranche of $3.284 Million Private Placement 11/01/10 - African Queen CLOSES $2.04 Million First Tranche of Private Placement 10/25/10 - African Queen Mines Completes Airbourne Geophysical Survey and First Phase of Ground Exploration at Rongo Gold Field Project in Kenya's Lake Victoria Greenstone Belt 10/18/10 - African Queen Announces Private Placement 10/04/10 -Initial Discovery Holes at African Queen's King Solomon Project Reveal Significant Copper, Gold and Silver Mineralization and suggest Robust Polymetallic Sysytem: Results Include 7.73 m of 1.51% Cu, 1.32 g/t Au and 27.6 g/t Ag 09/20/10 - African Queen Mines Reports 5-Year Extension of the King Solomon Prospecting License 08/12/10 - African Queen Mines Commences Airbourne Geophysical Survey at Rongo Gold Field Project in Kenya's Lake Victoria Greenestone Belt 07/19/10 - African Queen Mines Commences Field Exploration at Rongo Gold Field Project in Kenya's Lake Victoria Greenestone Belt 06/28/10 - African Queen Mines Commences Core Drilling at King Solomon Project in Mozambique; Recent IP Survey Confirms Prospectivity 06/25/10 - African Queen Mines Hires Gregory Nowak as Ghana Country Manager and Noyem Project Manager 05/17/10 - African Queen Mines Signs Earn-In and JV Agreement for Rongo Gold Pield Project in Kenya's Lake Victoria Greenstone Belt 03/23/10 - African Queen Receives 43-101 Report on King Solomon Gold Project 03/06/10 - African Queen Pares Down Exploration Portfolio by Dropping Manica Fingoe Project in Mozambique and Okavango Diamond Project in Botswana 03/03/10 - Regional Soil Sampling Results from King Solomon Project Confirm Prospectivity and Set Stage for Upcoming Core Drill Program on Ket Targets 01/11/10 - Chip Samples from Independent Study of African Queen's King Soloman Project Confirm the Company's Prior Findings and Point to Prospectivity 12/23/09 - African Queen Closes $2.36 Million Private Placement 11/27/09 - African Queen Announces Private Placement 11/18/09 - GEOPHYSICS DATA FROM GROUND MAGNETIC SURVEY AT KING SOLOMON GOLD PROJECT REVEAL STRONG ANOMALIES ASSOCIATED WITH PRIOR ROCK SAMPLES; CONFIRM POTENTIAL FOR HOSTING LARGE-SCALE MINERALISATION 10/19/09 - AFRICAN QUEEN SIGNS EARN-IN AND JV AGREEMENT WITH AKAN FOR KEY NOYEM GOLD PROJECT IN GHANA’S ASHANTI BELT; LICENSE BEING ACQUIRED FROM NEWMONT UNDER SEPARATE AGREEMENT 10/14/09 - FURTHER ROBUST ROCK SAMPLES FROM AFRICAN QUEEN’S KING SOLOMON PROJECT CONSISTENT WITH INITIAL RESULTS; CONFIRM POTENTIAL FOR SIZEABLE COPPER-GOLD-SILVER POLYMETALLIC REGIONAL SYSTEM 09/17/09 - INITIAL ROCK SAMPLES FROM AFRICAN QUEEN'S KING SOLOMON PROJECT IN MOZAMBIQUE INDICATE PROTENTIAL FOR SIZEABLE COPPER-GOLD-SILVER POLYMETALLIC REGIONAL SKARN SYSTEM 07/13/09 - AFRICAN QUEEN SIGNS EARN-IN AND JOINT VENTURE AGREEMENT WITH OPTI METAL TRADING COVERING KEY ZONE AT FINGOE REGIONAL GOLD PROJECT IN MOZAMBIQUE 05/25/09 - AFRICAN QUEEN'S FOLLOW-UP FIELD PROGRAM NOW UNDERWAY AT FINGOE GOLD PROJECT IN MOZAMBIQUE 05/15/09 - AFRICAN QUEEN COMPLETES $1.278 MILLION PRIVATE PLACEMENT 04/20/09 - AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT 03/24/09 - AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT 03/04/09 - CORE DRILLING COMMENCES ON AFRICAN QUEEN’S OK41 AT OKAVANGO DIAMOND PROJECT IN BOTSWANA 02/24/09 - AFRICAN QUEEN ABANDONS CAZULA PROJECT IN MOZAMBIQUE TO FOCUS ON HIGHLY PROSPECTIVE FINGOE BELT GOLD PROJECT 02/20/09 - AFRICAN QUEEN ACCELERATING WORK PROGRAM ON KEY GOLD TARGETS IN MOZAMBIQUE’S FINGOE BELT AS A RESULT OF FAVORABLE SAMPLING RESULTS 02/05/09 - AFRICAN QUEEN EXECUTES CONTRACT FOR CORE DRILLING AT ITS OKAVANGO DIAMOND PROJECT IN BOTSWANA; MOBILIZATION UNDERWAY 01/23/09 - AFRICAN QUEEN MINES ENGAGES CARRIE HOWES FOR INVESTOR RELATIONS TEAM 12/27/08 - AFRICAN QUEEN MINES ABANDONS BRAGANZA GOLD PROJECT IN MOZAMBIQUE TO FOCUS ON PRIORITY TARGETS 12/16/08 - AFRICAN QUEEN MINES COMMENCES TRADING ON THE FRANKFURT STOCK EXCHANGE 12/15/08 - AFRICAN QUEEN MINES’ SAMPLING YIELDS G10 GARNETS AND OTHER KIMBERLITIC INDICATORS OVER KEY DIAMOND TARGETS ON ITS OKAVANGO PROJECT IN BOTSWANA 12/02/08 - Irwin Olian Announces Filing of Additional Early Warning Report 12/01/08 - African Queen Mines Ltd. - Grants Stock Options 11/19/08 - African Queen Mines Ltd. - Grants Stock Options 11/04/08 - Irwin Olian Announces Filing of Additional Early Warning Report 10/27/08 - Irwin Olian Announces Filing of Early Warning Report 10/15/08 - AFRICAN QUEEN MINES LTD. - COMMENCES TRADING 06/27/08 - ACQUISITION OF PAN AFRICAN MINING CORP. BY ASIA THAI MINING CO., LTD. CLOSED TODAY IN ACCORDANCE WITH PLAN OF ARRANGEMENT
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Marketing Director - Canada
Lee Dunston
(604) 899-0100 ext. 5

Corporate Communications, Europe
Carrie Howes
London: +44 7780 602 788
Dubai: +971 55 997 0427

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