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African Queen Mines Signs Earn-In and JV Agreement for Rongo Gold Field Project in Kenya's Lake Victoria Greenstone Belt
African Queen Mines Signs Earn-In and JV Agreement for Rongo Gold Field Project in Kenya's Lake V...
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nAfrican Queen Mines Signs Earn-In and JV Agreement for Rongo Gold Field Project in Kenya's Lake Victoria Greenstone Belt\n\n\n May 17, 2010 (Filing Services Canada) -- African Queen Mines Ltd. (AQ - TSX Venture, QM0 - FWB), (the \"Company\") is pleased to announce that it has now entered into an Earn-in and Joint Venture Agreement (the \"Agreement\") with Kenyan private company ABBA MINING COMPANY LIMITED (\"Abba\"), covering exploration, development and exploitation of   the Rongo Gold Field Project (the \"Project\"), which is the subject of Special License No. 287 (the \"License\"), granted to Abba by the Commissioner of Mines and Geology of the Government of the Republic of Kenya (the \"Commissioner\") on January 22, 2010.  The License grants full and exclusive rights to prospect and explore for all minerals for an initial period of two years within an area of approximately 112 sq. km. known as the Rongo Gold Field in the Kanango gold mining area of the Migori District of Nyanza Province in Southwest Kenya near Lake Victoria.  The Project is situated some 380 km. by road from the capital city of Nairobi and 60 km. N of the border with Tanzania, forming part of the rich Lake Victoria Greenstone Belt extending from Tanzania and hosting known world-class gold deposits including African Barrick Gold's Bulyanhulu and North Mara Mines, within approximately 100 km. of the  Project, and AngloGold Ashanti's Geita Mine. Under the terms of the Earn-In and Joint Venture Agreement with Abba, the Company may earn up to an 85% interest in the Project by funding prescribed optional stages from exploration through feasibility. In addition, the Company is required to make three payments to Abba to secure its rights under the Agreement in the sum of U.S. $100,000 each on the date of effectiveness of the Agreement (now), the commencement of Phase 2 and the commencement of Phase 3, respectively. The Company is designated as manager and operator of the Project on behalf of the joint venture partners, subject to full consultation with Abba on all material aspects of the Project. Abba has agreed to transfer the License to the Company's Kenyan operating subsidiary presently being formed upon the Company's election to proceed to Phase 3 and payment of the above three rights payments.  The Agreement h...