African Queen Mines Reports Latest Ground Magnetic Survey Results

The data has been collected, processed and a detailed interpretation has been prepared by the Geophysics Division of Remote Exploration Services ("RES") of Cape Town. The high resolution ground magnetic survey utilizing 50 m line spacing was completed utilizing grids over the three most encouraging targets identified to date, namely the Mankombiti, Kazito and Eiland targets. The magnetic data strongly support the mapped geology and have revealed a marked coincidence between the anomalous zones delineated in the survey and the sampled areas reflected in prior strong rock sample results reported by the company. RES modeled the anomalous zone at depth and concluded that the mineralized zone is essentially continuous at surface and appears to continue at depth.

These three target areas have revealed the most anomalous grab rock sample as well as gold in soil sample results, as well as anomalous base metal results. The highest values obtained from any single sample reported therein were No. 038L: 12.75 g/t Au, 4.55 percent Cu, and 255.5 ppm Ag. The King Solomon Project is located within the central parts of the Mesoproterozoic Fingoe Belt in western Tete Province, Mozambique. These rocks consist of metavolcanics, metasediments and intrusive granitic and gabbroic rocks. The license is the subject of the Earn-in and Joint Venture Agreement dated July 10, (the "Agreement"), with Swiss-based Opti Metal Trading, covering exploration, development and exploitation of Prospecting License No. 884L held by Optimetal's Mozambique subsidiary (the "License"). The License covers an area of approximately 230 km2 in the center of the Fingoe Belt, adjacent to permits which are the subject of existing earn-in and joint venture Agreements between the company and Manica Minerals and African Eagle Resources, respectively, covering an aggregate of 1359 sq.km.

Recognition of an extensive skarn setting for the gold mineralization has encouraged the company in its exploration efforts. Recent site visits by two independent geological consultants, including Dr. Peter Christopher of Vancouver who is preparing a Technical Report in accordance with N.I. 43-101, has supported this view while also demonstrating the additional importance of remobilization into structurally controlled shears.

African Queen Mines is an exploratory resource company with diversified mineral properties in Southern and Central Africa. It is exploring its properties in Botswana and Namibia for diamonds, and it is exploring its properties in Mozambique and Ghana for gold and other metals.

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