African Queen Mines Upgrades School, Shares Rise Over 34%

Sep. 25, 2012 11:58 AM ET
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African Queen Mines (CVE:AQ) share price rose over 34 per cent in Friday afternoon trade after saying it reconstructed and upgraded an elementary school near its Rongo Gold project, in Kenya.

Shares surged 34.38 per cent to reach 21.5 cents apiece on the TSX Venture Exchange.

The Nyopuge Primary School, located 1.6 kilometres south of African Queen's Odundu property where it has carried out a 2,000 metre drill core program, lies in the Nyanza province.

African Queen expects results from the initial drill core program in October. Samples have been sent to Genalysis Laboratory Services in South Africa.

Reconstruction and upgrades of a three-classroom block at the school took place over several months, the company said.

The company said it has always recognized its responsibility to play a role in local infrastructure, health, safety and education to raise the standard of living of the community in its project area.

Community leader John Mollo Kiriago said: "The Nyopuge Primary School Community especially the children and all stake-holders are deeply indebted to AQ Kenya Gold Limited for their great help."

African Queen's chief executive, Irwin Olian, said: "We are delighted that the Nyopuge school rehabilitation project has met with such a warm reception."

"It gives us great pleasure to be contributing to the welfare of the local community at Odundu, as we strive to do in all projects we are developing across Africa."

The Rongo project rests 380 kilometres from Nairobi, and just 60 km north of the border with Tanzania, forming the rich Lake Victoria Greenstone Belt.

Vancouver-based African Queen is exploring its properties in Mozambique, Ghana and Kenya for gold and other metals and it is undertaking exploration in Botswana and Namibia for diamonds, gold and other metals.

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