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MOZAMBIQUE | KENYA | GHANA | BOTSWANA | NAMIBIA African Queen Fundamentals  Excellent Management with Proven Track Record and Ability to Raise Capital.

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Presentation on theme: "MOZAMBIQUE | KENYA | GHANA | BOTSWANA | NAMIBIA African Queen Fundamentals  Excellent Management with Proven Track Record and Ability to Raise Capital."— Presentation transcript:

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2 MOZAMBIQUE | KENYA | GHANA | BOTSWANA | NAMIBIA

3 African Queen Fundamentals  Excellent Management with Proven Track Record and Ability to Raise Capital  Outstanding Technical Team  Diversified Properties in 5 Countries with World Class Mining Potential  Tight Share Structure & Debt Free Balance Sheet  Strong Stock Performance

4 Management Team  Irwin Olian, Chairman, CEO and President, Entrepreneur with strong background in Finance and Law. Co-founder of successful NASDAQ company. Chairman & CEO of Sacre-Coeur Minerals, Ltd. Mr. Olian was the founder and served as CEO and Chairman of Pan African until its acquisition by ATM in June  Limor Rubin, Director, CFO, Chartered Accountant with substantial audit, finance and accounting experience.  Dr. Andy Moore, VP Exploration, Senior diamond geologist specializing in the application of Geochemistry and Geomorphology to Kimberlitic exploration. Over 25 years experience, largely in Africa, having worked on major exploration projects for the highly successful Falconbridge diamond team, which discovered five virgin kimberlite fields in Botswana, and consulted for a wide range of companies including, Rio Tinto, Trans Hex Group and de Beers.  Dr. Edward A. Schiller, Director, Senior Consultant for Diamond, Gemstone & Uranium Programs. Supervised Drilling of Dia Met’s Ekati Diamond Discovery in Canada  Greg Sparks, Director, P. Eng. formerly VP Development of Echo Bay Mines Ltd., 25 Years Experience.  Ardito Martohardjono, Director, VP Lab Services, experienced supervisor of sample preparation and quality control with North America’s leading geo-chemical laboratories.

5 Geological Team  Peter Siegfried, P.Geol., Senior Exploration Geologist, Over 15 years exploration experience in Southern Africa. Project Manager for Ghana and Mozambique projects and consulting geologist on our Namibian diamond projects.  Dr. M.J.McFarlane, Exploration Consultant, specializing in geomorphology and residual deposits, with over 45 years experience, largely in East and Southern Africa.  Dr. Frank Eckhardt, Exploration Consultant, University of Cape Town, Internationally recognized geomorphologist, has published numerous scientific papers on landforms of northwest Botswana. Has commenced a programme to develop criteria for identifying kimberlites on the basis of their surface expressions.  Gregory Nowak, P.Geol., Senior Geologist and Country Manager for Ghana. On-Site Project Manager for the Noyem Gold Project. with more than 25 years experience, largely in exploration and project development. Most of his work has been in gold exploration in the West African countries of Ghana, Burkina Faso, Mali, Cote d’Ivoire, Liberia and Sierra Leone, as well as the western United States, Canada and South America. He is a Certified Professional Geologist and is a Qualified Person under N.I

6 Corporate Communications  Carrie Howes, London and Dusseldorf, Corporate Communications in Europe. Experienced in investor relations and has served as a registered representative.  Scott Young, Toronto, Business Development in Canada. Experienced entrepreneur with mining industry investor relations background.  Lee Dunston, Vancouver, Marketing Director in North America. Twenty-five years of experience in marketing, management and business development with mining investor relations background.. Europe Canada

7 Exploration for Gold, Metals and Diamonds in Southern Africa Land Position in Southern Africa:  Prospecting Gold Licenses, 230 sq. km. in aggregate in Mozambique.  2,890 sq. km. of diamond licenses in Botswana and 6,268 sq. km. Namibia.  On June 27, 2008 the Company received the Southern African assets in a spin-off transaction related to the acquisition of Pan African Mining Corp. By Asia Thai Mining Co., $4.50 per share.

8  Long History of artisanal gold mining.  Political stability since new Government entered in 2004, with strong support from the World Bank  The Company’s interests in the Fingoe Belt, encompass approximately 230sq.km.of gold and other metals properties.  Gold and metals properties arise from Earn-In and Joint Venture Agreement with OptiMetal Trading Limited (“Optimetal”) under which the Company can earn up to an 85% interest.  The King Solomon Project is the focal point for our work on Mozambique’s Fingoe Belt.  Broad-based exploration is underway. Mozambique King Solomon Project

9  The initial reconnaissance drill program of approximately m is being conducted on a contract basis for the Company and its partner, Swiss-based Opti Metal Trading Limited (“Optimetal”), by Resource Drilling Mozambique Lda. of Tete, Mozambique.  Resource Drilling has been active in most parts of Africa over the past 15 years and has a fleet of some 20 drill rigs.  The drilling program began with the construction of all necessary access tracks, selection of drill sites and mobilization of the drill rig to site.  The Project is being managed on behalf of the Company by Senior Consulting Geologist Mr. Pete Siegfried (M.Sc., MAusIMM), a qualified person  Initial analytical results from the first three reconnaissance drill holes from the western portion of the first target (Mankombiti Target), have been received from Genalysis Laboratories of Johannesburg, S.A.  Drilling of 12 additional reconnaissance boreholes have been completed for this first pass program to a depth of approximately m with addition drill holes ongoing.  Analytical results for the completed dill holes are pending. Initial Reconnaissance Drill Program Underway KING SOLOMON PROJECT, MOZAMBIQUE

10 INITIAL DISCOVERY HOLES AT AFRICAN QUEEN'S KING SOLOMON PROJECT REVEAL SIGNIFICANT COPPER, GOLD AND SILVER MINERALIZATION AND SUGGEST ROBUST POLYMETALLIC SYSTEM; RESULTS INCLUDE 7.73 m of 1.51% Cu, 1.32 g/t Au and 27.6 g/t Ag (October 4, 2010) HOLEFROM (m)TO (m) INTERVAL (m) Cu (%)Au (g/t)Ag (g/t)Bi (ppm) MW MW MW MW MW Note: Intercepts are not resolved to true width. HIGHLIGHTS OF RESULTS RECEIVED HOLEFROM (m)TO (m) INTERVAL (m) Cu (%)Au (g/t)Ag (g/t)Bi (ppm) MW MW MW MW MW Note: Intercepts are not resolved to true width.

11 KN01/KN02 Mankombiti Target KN03/KN04 E01/E01A/E04E02E03 ME01/ME02/ME02A ME03/ME04 MW03/MW04 Kazito North Target West East Eiland Target MW01/MW02 King Solomon Project : Initial Drill Targets - Collar Locations

12 Mankombiti Target Bulasho Target Kazito Target Eiland Target WestEast South Central North King Solomon Project : Geochemical and Stream AU Sample Results

13 King Solomon Project – Drill Rig Mankombiti East

14  To date 85 grab samples have been analyzed and a total of 3400 soil samples collected as part of the Phase 1 exploration program on its King Solomon Project on the Fingoe Belt in western Tete Province, Mozambique. 17 reported gold values > 3 g/t Au 5 reported copper values > 10% Cu 4 reported silver values > 200 ppm AG Zinc was present in many of the samples, ranging nearly 40% Zn in the case of one sample  The highest values obtained from any single sample were; No. 055L: g/t Au, 23.3% Cu and ppm Ag; and No. 038L: g/t Au, 4.55 % Cu and ppm Ag.  Samples were collected from disparate outcroppings over a strike extent of approximately 10 km and are believed to represent fairly typical examples of the mineralization exposed.  Gold was analyzed using fire assay techniques, while the Cu, Pb, Zn, Ag and Mn values were completed by Atomic Absorption (AA). Phase I Initial Assay Results 85 GRAB SAMPLE RESULTS SUMMARY KING SOLOMON PROJECT, MOZAMBIQUE

15 King Solomon Project / Initial Results TABLE OF SELECTED GRAB SAMPLE RESULTS KING SOLOMON PROJECT, MOZAMBIQUE SAMPLEPROSPECT Au (g/t)Cu (%)Pb(ppm)Zn(ppm)Mn(ppm)Ag(ppm) 038LKazito LKazito LKazito LKazito < LKazito LKazito LKazito < LKazito LMankombiti < < LMankombiti < LMankombiti FMankombiti LMankombiti LKazito LKazito LKazito < LKazito

16 King Solomon Project Table of Verification Chip Samples Taken by PAC Geological Consulting Sample Id. No.UTM E/NType Width (m.) Au g/t Cu % Ag g/tComments Eiland Prospect E N Chip Shear Z. gabbro to S. & Lms. To N. QV + cpy/mal; El. 775m Kazito Prospect E N Chip also 12.92% Zn; Bi 142.7ppm; El. 775m Mankombiti Prospect E N Chip Magnetite + Mal. In sheared granite (East) E N Chip Massive Magnetite + Mal. (West) E N Chip *Trench 0-2m from N. (West) E N Chip *Trench 2-4m Bi 374.7ppm E N Chip Adjacent to decline Bi 223.7ppm

17 GEOPHYSICS DATA FROM GROUND MAGNETIC SURVEY AT KING SOLOMON GOLD PROJECT REVEAL STRONG ANOMALIES ASSOCIATED WITH PRIOR ROCK SAMPLES; CONFIRM POTENTIAL FOR HOSTING LARGE-SCALE MINERALISATION Diagram 1: Interpretation and Analytical Signal magnetic image of the Mankombiti Target.

18 Bagging Samples from King Solomon Project

19 Exploration for Gold in Kenya Land Position in Kenya:  Prospecting Gold Licenses- Rongo Gold Field Project 112 sq km..  Within the NW trending Nyanza Greenstone belt, Kenya  Earn-In and Joint Venture Agreement (the “Agreement”) between the Company and Abba Mining Company Limited (“Abba”), pursuant to which the Company may earn up to an 85% interest in the Project Abba Mining Company Limited.

20  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.  Historical records of gold production are known. Numerous Artisanal Gold Mines excavating alluvial and in-situ vein quartz.  Phase 1 sampling, trenching and pitting program is now underway includes: (i) comprehensive rock and soil sampling, trenching and pitting over the license area; (ii) geological mapping and evaluation; and (iii) airborne geophysical studies.  Phase 1 Exploration Program is underway to assess the overall geologic structure of the License area and the likelihood of a commercially viable gold deposit within the License area, as well as to identify discreet drill targets for a Phase 2 core drilling program. Rongo Gold Field Project Kenya Lake Victoria Greenstone Belt

21 Rongo Gold Field Project License Area

22 Regional Mapping of Kamwango

23 Trench Summary (24 Sept 2010) Trench Number Orientati on from True North Total Metres Metres Excavated Metres Mapped Metres Sampled Samples Taken Metres Rehabilitated TR0111 o TR01B11 o TR TR0311 o TR04A110 o TR04B110 o TR04C N/A TR05~11 o TR06~ TOTALN/A Trenches - 5 Large (>20 meters) and 4 Small ( ≤ 20 meters) meters of trenching A total of 718 trench samples taken to date An estimated total of 750 samples will be taken

24 First Vein Strike on First Trench – Rongo Gold Fields Project, Kenya

25 Visible Gold in Quartz Vein – Rongo Gold Fields Project, Kenya

26 Exploration for Gold in Ghana Land Position in Ghana:  Prospecting Gold Licenses- Noyem Gold Project 28.9 sq km. in Ghana.  Being acquired from Newmont Mining Corporation. Earn-In and Joint Venture with Akan Exploration Ltd.  African Queen Mines may earn up to 75% interest

27 GHANA – Gold Program Noyem Gold Project  License covers approx Sq. Km. situated on tarred road 130 km. NW of Accra in the famous Ashanti Gold Belt; 20km. from Newmont’s Akyem deposit (approx. 7.6 mm Oz. Au), approx. 80km from AngloGold’s world-class Obuasi Mine ( approx. 41mm Oz. Au) and 45km from the old Konongo open pit gold mine.  Being acquired from Newmont Mining Corporation. Earn-In and Joint Venture with Akan Exploration Ltd. African Queen Mines may earn up to 75% interest.  Historic Inferred gold resource of approximately 1.1 Million Oz. AU (5.2 million 6.67 g/t au) down to 550 meters.  Tarkwaian-hosted palaeoplacer and hydrothermal gold mineralization.  The finalization of the transfer of the License from NGGL to AQGGL has been pending since November 2009 pursuant to the executed Purchase & Sale Agreement. Negotiations are underway with local communities to define small-scale mining rights.. The Company is hoping for a speedy resolution of these issues to enable field work on the Project to get underway in the near future..

28 GHANA – Noyem Gold Project Ashanti Belt Noyem is Situated: 20km. from Newmont’s Akyem deposit (7.6 million Oz. Au) 80km. from AngloGold’s Obuasi Mine (approx. 41 million Oz. Au) Obuasi (Ashanti) Newmont Akyem Konongo NOYEM

29 Diamond Projects Namibia / Botswana Tsau Kimberlite Project consists of a block of three contiguous Prospecting Licences with a combined area of approximately 2,890 sq. km., adjacent to the Botswana-Namibia border, in the Ngamiland District of NW Botswana. The Namibian Kimberlite Project consists of a block of seven contiguous Exploration Prospecting Licences with a combined area of approximately 6,268 sq. km., adjacent to the Botswana- Namibia border in eastern Namibia.

30 Diamond Program Botswana – Tsau Kimberlite Project  Licensed block possess characteristics closely comparable to those associated with known sub- Kalahari kimberlites. The model for target selection was developed by Dr. Andy Moore, (VP, Exploration - Diamonds) in collaboration with the Company’s consultants, Drs. Marty McFarlane and Frank Eckardt. All three have carried out extensive research on the geomorphology of Ngamiland and the origin of the Kalahari sand cover over a period of many years.  Existing geochemical data has revealed the presence of a sizeable anomalous surface concentration of diamonds and G10 garnets to the west of the Company’s prospects across the border in Namibia, near the village of Tsumkwe.  The Company has completed its First Phase Geochemical Sampling on Key Botswana Diamond Licenses; 113 Circular Magnetic Anomalies Identified. In-house screening of the magnetic data has identified 28 targets for first phase follow-up.  A total of 6 holes were drilled on 5 different aeromagnetic and photo anomalies, and samples dispatched for chemical and petro graphic analysis. No kimberlites were intersected during this initial drilling phase.  Follow-up drilling of further photo-features within the Tsau Property is planned during the next three-month period.

31 Tsau Diamond Project Priority Targets Fieldwork in the Tsau Licence block Property to date has included surface loam sampling and ground geophysics (magnetic and gravity surveys) over targets that were selected in-house from an aeromagnetic survey flown by the Botswana Government. In addition, geophysical surveys and sampling were carried out over a number of circular photo-features. A number of the aeromagnetic targets investigated are characterized by bulls-eye magnetic highs with coincident gravity bulls-eye features, comparable to those associated with sub-Kalahari kimberlite pipes. No kimberlitic minerals were recovered, over the aeromagnetic targets, but low counts were recorded over two of the nearby photo-features, providing encouragement for the existence of sub-Kalahari kimberlites. Based on these results, a cross-section of geophysical targets were selected for a drilling programme.

32 Tsau Area Photo Features - Potential Virgin Kimberlite Fields

33 Diamond Program Namibia  Namibian and Botswana licences are proximal to a major unexplained surface concentration of kimberlitic minerals in the vicinity of the village of Tsumkwe in northeast Namibia. The strategic location of the licences is underlined by an in-house reconstruction of ancient drainage lines. This indicates that the Tsumkwe anomaly lies astride an ancient river system, with headwaters to the east within the company’s Namibian and Botswana licences, and provides encouragement that the primary kimberlite source of these minerals is to be found within these licences..  The Company’s diamond exploration in Namibia is overseen by Dr. Andy Moore, V.P Exploration – Diamonds, and Senior Consulting Geologist Pete Siegfried, M. Sc., both of whom are Qualified Persons.  Ground geophysical follow-up, both magnetic and gravity, and soil sampling has recently been carried out over selected aeromagnetic bulls-eye anomalies and photo features within the Namibia project ground. The results have been evaluated with the view to ranking targets for a drilling programme scheduled to commence in the fall of 2010.

34 Diamond Distribution Potential Source(s) Tsumkwe diamonds and G10 garnets found to the NW of our licenses. The line of diamonds in Figure I reflects an old drainage direction which must therefore have been from the SE to the NW. General thickening of the Kalahari sand cover from east to west further supports a prominent ESE-WNW trend. General slope of the ground is from east to west, the diamonds could be derived from a source(s) in our prospect areas. Figure 1

35 Capital Structure Shares Outstanding: 43,262,930 Options: 3,137,500 Warrants: 3,781,961 Fully Diluted: 50,182,391 Most Recent Financing – December 23, 2009: $ Million Private Placement On June 27, 2008 the Company received the Southern African net assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd. TSX Venture Exchange: AQ Frankfurt: QM0

36 African Queen Mines Ltd. (TSX.V: AQ) Historic Stock Chart

37 Statements in this presentation that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. African Queen Mines Ltd. does not assume the obligation to update any forward-looking statement. Forward Looking Statements African Queen Mines Ltd.

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