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African Queen Amends Stock Option Plan

Wed. February 11, 2009; Posted: 04:15 PM
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Vancouver, British Columbia CANADA, Feb 11, 2009 (Filing Services Canada via COMTEX) -- AQ | Quote | Chart | News | PowerRating -- African Queen Mines Ltd. (AQ - TSX Venture, QM0 - FWB), is pleased to announce that the Board of Directors has approved an Amended and Restated 2008 Stock Incentive Plan. The amendments were adopted so the Company's plan would be consistent with recent changes made by the TSX Venture Exchange (the "Exchange") to its stock option policies. These changes included the deletion of certain provisions which are no longer required by the Exchange and increasing the maximum term of an option from five years to ten years. The maximum number of common shares which may be issued pursuant to options granted under the Plan remains at 10% of the number of common shares of the Company which are issued and outstanding. The Amended and Restated 2008 Stock Incentive Plan is subject to ratification by the shareholders of the Company and any necessary regulatory approvals.

About African-Queen

The Company is an exploratory resource company with diversified mineral properties in Southern Africa. It is exploring its properties in Botswana and Namibia for diamonds, and it is exploring its properties in Mozambique for gold and other metals. The Company's licences in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 1900 sq km of gold and other metals licences under agreements with two other companies. Its operations in Botswana are carried out through its operating subsidiary, PAM Botswana (Pty) Ltd.; its operations in Namibia are carried out through its operating subsidiary PAM Minerals Namibia (Pty) Ltd.; and its operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada. The Company has its executive offices in Vancouver, Canada.

ON BEHALF OF THE BOARD OF DIRECTORS OF

AFRICAN QUEEN MINES, LTD.

"Limor Rubin"

Limor Rubin

CFO & Director

For more information, contact:

Irwin Olian, President and CEO

E-mail: tigertail@africanqueenmines.com

Phone: (604) 899-0100

Fax: (604) 899-0200

Carrie Howes, Corporate Communications

Email: carrie@africanqueenmines.com

Phone: Dusseldorf - +49 (0) 1722 1234 47

Phone: London - +44 (0) 7780 602 788

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.

Source: African Queen Mines Ltd.

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www.usetdas.com

http://www.useTDAS.com

For full details for AQ click here.

    


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