ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

AQ African Queen Mines Ltd. (delisted)

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
African Queen Mines Ltd. (delisted) TSXV:AQ TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Kenyan Partners of Linear Metals and African Queen Mines Settle Kenya Property Dispute

28/11/2011 1:18pm

Marketwired Canada


Linear Metals Corporation (TSX:LRM)(PINK SHEETS:LMTCF) and African Queen Mines
Ltd. (TSX VENTURE:AQ) are pleased to announce that their respective joint
venture partners, B&M Mining Company Limited ("B&M") and Abba Mining Company
Limited ("Abba"), have reached a settlement agreement relating to the previously
announced dispute over certain mineral claims in southwest Kenya (the
"Agreement"). Linear and African Queen have consented to and were parties to the
Agreement.


Pursuant to the terms of the Agreement, Linear's partner, B&M, will remain the
beneficial owner of Special License No. 214 covering an area of 15 square
kilometers in the Rongo area, Migori District, Kenya ("SPL 214"), subject to 1%
NSRs which have been granted to each of African Queen and Abba. The Agreement
also provides that African Queen's partner, Abba will remain the beneficial
owner of Special License No. 287 covering an approximate area of 97 square
kilometers surrounding SPL 214. All parties have agreed to withdraw their
respective Civil Actions relating to Special Licenses No. 214 and No. 287.


The Agreement has been approved by the Ag. Commissioner of Mines and Geology of
the Government of the Republic of Kenya, Mr. Moses N. Masibo. 


In connection with the Agreement, Linear will also acquire technical information
pertaining to SPL 214 and will reimburse African Queen US$500,000 as follows:




a.  US$150,000 payable upon receipt of the technical information; 
b.  Subject to regulatory approval, US$200,000 payable in common shares of
    Linear based on the 10 day Volume Weighted Average Price immediately
    preceding the date of this press release; and 
c.  US$150,000 payable 12 months from the date of the first payment.



The Agreement will allow Linear and African Queen to move forward with their
respective exploration programs on this very prospective area of Kenya with
Linear retaining rights to the Kamwango prospect while African Queen retains
rights to the Odundu prospect.


1 Year African Queen Mines Ltd. Chart

1 Year African Queen Mines Ltd. Chart

1 Month African Queen Mines Ltd. Chart

1 Month African Queen Mines Ltd. Chart

Your Recent History

Delayed Upgrade Clock