2009-11-27 09:05:02 -

AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce a non-brokered private placement offering to raise gross proceeds of up to CAD $3.0 million. Under the terms of the private placement, the Company will offer for sale a maximum of 5,000,000 Units (the “Units”) at CAD $0.60 per Unit to institutional and private investors. The minimum subscription amount shall be $25,000.

Each Unit will consist of one Common Share of the Company and one-half of one share purchase warrant (the “Warrants”), where each whole Warrant will allow the subscriber to purchase one additional Common Share of the Company for a period of two years from the date of closing. The exercise price shall be CAD $0.80 per Share. The Company

may, in its discretion, pay a cash finders fee of up to 7% of the total gross proceeds of the offering and may issue finders warrants exercisable for two years at $0.70 per Share in an aggregate amount equal to 7% of the number of Units sold. The Company may, in its discretion, elect to increase the size of the offering by up to 20% to meet additional demand.

The Units issued upon the closing of the private placement will be subject to a 4-month hold period. The private placement is subject to the acceptance of the TSX Venture Exchange.

Proceeds from the private placement will be utilized for acceleration of work programs on the Company’s gold projects in Africa as well as potential property acquisitions and working capital.



About African Queen

The Company is an exploratory resource company with diversified mineral properties in Southern and West Africa. It is exploring its properties in Mozambique and Ghana for gold and other metals and it is exploring its properties in Botswana and Namibia for diamonds. The Company’s licenses in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 1689 sq km of gold and other metals licenses under agreements with three 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.; its operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada and its operations in Ghana are carried out through its subsidiary AQ Ghana Gold Limited. The Company has its executive offices in Vancouver, Canada.



ON BEHALF OF THE BOARD OF DIRECTORS OF



AFRICAN QUEEN MINES, LTD.

“Irwin Olian”


Irwin Olian


Chairman & CEO


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.



African Queen Mines Ltd.Irwin Olian, President and CEOE-mail:
tigertail@africanqueenmines.com : mailto:tigertail@africanqueenmines.com Phone:

(604) 899-0100Fax: (604) 899-0200orCarrie Howes,
Corporate CommunicationsEmail: carrie@africanqueenmines.com : mailto:carrie@africanqueenmines.com Phone:

Düsseldorf - +49 (0) 1722 1234 47Phone: London - +44 (0) 7780 602
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