Vancouver, Canada — MININGREVIEW.COM — 14 July 2009 – African Queen Mines Limited “’ a company engaged in the acquisition, exploration and development of potential gold properties in Southern Africa “’ has entered into an earn-in and joint venture agreement with Swiss-based Opti Metal Trading Limited, covering exploration, development and exploitation of a prospecting licence in the centre of the Fingoe belt in Mozambique.
A statement issued here revealed that inn the terms of the agreement, the company could earn up to an 85% interest in the licence and related project by funding prescribed stages from exploration through feasibility. Opti Metal had the right to participate at its election pro-rata after the company had reached 51% ownership interest.
It added that African Queen had been designated as manager and operator of the project. Phase 1 of the project, now getting underway, was a ground exploration programme comprising soil and rock sampling, mapping, trenching and sample analysis, together with additional studies including ground geophysics as the parties would agree.
The objective of Phase 1 is to assess the overall geologic structure of the licence area and the likelihood of commercially viable hard-rock gold deposits, as well as to identify discreet drill targets for a Phase 2 reconnaissance core drilling programme.
The costs for Phase 1 “’ estimated at up to US $300 000 (R2.5 million) are being shared equally by the parties. By paying its 50% share of these costs, African Queen would earn a 25% interest in the project.
African Queen CEO Irwin Olian commented: “We are excited to be adding the highly prospective Opti Metal ground to the growing opportunity now developing at our Fingoe gold project. Our exploration team is now at work on the new license area and we are looking forward to favourable findings in the near future.”