Canada’s African Queen Mines has decided to stop exploration of its Rei Salomão project in Mozambique’s Tete province, and bring an end to all of its business in the country, the group said in a statement issued Monday in Vancouver.
The Rei Salomão project covered an area of approximately 230 square kilometres in the western region of Tete province and was being developed in partnership with Swiss-based group Opti Metal Trading Limited, in which the Canadian group had a stake of 51 percent.
“Over the last three years we have carried out prospecting work as well as geophysical and geochemical surveys that have had no positive results that showed there may be gold or other commercially-viable deposits,” the statement said.
The decision to leave Mozambique came after the group’s board analysed its project portfolio for Southern, West and East Africa in detail in order to reduce costs and set priorities for 2013.
It decided to give up on its projects in Mozambique, where it operated via PAM Moçambique Limitada and to focus its efforts on gold projects in Kenya and Ghana. (macauhub)