Canada’s African Queen Mines sells shares to invest in mine prospecting in Mozambique and other African countries

21 October 2010

Vancouver, Canada, 21 Oct – Canada’s African Queen Mines announced in Vancouver that it has privately placed 7.5 million shares, earning 4.875 million Canadian dollars to be used for company operations in Mozambique and other African countries.

A company note stated that the amount will be used to finance gold exploration projects in Mozambique, Kenya and Ghana and to look for diamonds in Botswana and Namibia, and also to eventually acquire assets and serve as working capital.

Early this month the company announced that prospective drilling at the Rei Solomao project in Mozambique’s Tete province indicated the presence of significant amounts of copper, gold and silver.

African Queen Mines is involved in the project in partnership with the Swiss company Opti Metal Trading Ltd and has concessions to exploit gold in Mozambique, Kenya and Ghana, and diamonds in Botswana and Namibia.

In the latter two countries the company holds concessions for an area of 9,200 square km. In Mozambique its concession covers 230 square km and in Kenya it holds 112 square km to exploit gold and other minerals. (macauhub)