AFRICAN QUEEN MINES LTD. announced the closing of the first tranche of its previously announced nonbrokered private placement which has raised gross proceeds of Cad$2,041,465. Under the terms of the private placement, the Company has issued 3,140,716 Units at Cad$0.65 per Unit. The Cad$2 million raised will cover the budgeted exploration programs for 2011.
African Queen Mines announced that after an extensive review, it has elected to pare down its portfolio by relinquishing certain gold permits and abandoning the Earn-In/JV. It has also elected to abandon the Okavango Diamond Project in Northwest Botswana to focus on its Tsau Diamond Project in Western Botswana and its Namibia Diamond Project based upon disappointing results from exploration at Okavango.
Announced that results of geochemical sampling from Okavango property in the Ngamiland area of Northwest Botswana have now confirmed the presence of G10 garnets and other kimberlitic indicator minerals on its key diamond targets.
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