African Queen Signs Earn-in and Joint Venture Agreement with Optimetal Trading Covering Key Zone at Fingoe RegionalGoldProject in Mozambique

VANCOUVER--(Business Wire)--
AFRICAN QUEEN MINES LTD. (the "Company") is pleased to announce that it has now
entered into an Earn-in and Joint Venture Agreement dated July 10, 2009 (the
"Agreement"), with Swiss-based Opti Metal Trading Limited ("Optimetal"),
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 sq.km. in the center of the FIngoe Belt, now
called the "King Solomon Project," adjacent to permits which are the subject of
existing earn-in and joint venture Agreements between the Company and Manica
Minerals Ltd. and African Eagle Resources plc (AIM: AFE), respectively, covering
an aggregate of 1359 sq.km.

Under the terms of the Agreement, the Company may earn up to an 85% interest in
the License and related Project by funding prescribed stages from exploration
through feasibility. Optimetal has the right to participate at its election
pro-rata after the Company has reached 51% ownership interest. The Company is
designated as manager and operator of the Project. Phase 1 of the Project, now
getting underway, is a ground exploration program comprised of soil and rock
sampling, mapping, trenching and sample analysis, together with additional
studies including ground geophysics as the parties shall agree. The objective of
Phase 1 is to assess the overall geologic structure of the License area and the
liklihood of commercially viable hard-rock gold deposits within the License
area, as well as to identify discreet drill targets for a Phase 2 reconnaissance
core drilling program. The costs for Phase 1, estimated at up to U.S. $300,000,
are being shared equally by the parties. By paying its 50% share of said Phase 1
costs, the Company will earn a 25% interest in the Project.

Over the past three years, the Company and its predecessor, Pan African Mining
Corp., have been exploring a number of gold targets in Tete Province,
Mozambique, under the joint ventures previously noted. Exploration has been
focused on the bimodal suite of volcanic and volcanoclastic lithologies,
metasediments and late stage granites of the Mesoproterozoic age Fingoe Group.
During this time, the Company`s understanding of the regional geological
controls and setting has advanced significantly, with the result that the
License constituting the King Solomon Project, while outside the immediate area
of investigation, was identified as being highly prospective for potential gold
mineralisation. Accordingly, the Company has now entered into the Agreement with
a view toward including the License within the overall Fingoe Regional Project
area under study and evaluation.

A number of historical gold and copper showings are recorded within the License
for the King Solomon Project, some of which have been mined in the past. Many of
these showings are observed in the field to be associated with magnetite and
malachite. These magnetite showings formed the focus of previous investigations
during Portuguese colonial times. Although very little documented data is
available, it appears that iron ore as well as gold and copper were targeted by
these explorers. Mention of the Messeca iron ore deposit is made by various
authors and is located within the License Area.

A review of the geology which underlies the License Area shows a predominance of
carbonate lithologies. These rocks are regarded to be important in the genesis
of potential gold deposits within this geological setting due to their reactive
nature. Plotting of the documented historical showings reveals a clear
association at the contact of these carbonate units with both intrusive granitic
and intrusive gabbroic rocks. A number of skarn reaction zones are noted in the
area and therefore the association of gold with these alteration rock types is
strongly suggested. In one area extensive zones of grossular garnet as well as
tremolite and magnetite are present over 2 km of strike and it is anticipated
that other similar alteration zones exist in the area.

Work comprising the Phase 1 Exploration Program is being conducted by Remote
Exploration Services ("RES") of Cape Town, S.A. on behalf of the joint venture
partners. RES has been conducting field programs for the Company on the Fingoe
Regional Gold Project from the initiation of the program in 2006. The Project is
being managed on behalf of the Company by Senior Consulting Geologist Mr. Pete
Siegfried (M.Sc., MAusIMM), a qualified person.

According to Irwin Olian, CEO of the Company, "We are excited to be adding the
highly prospective Optimetal ground to the growing opportunity now developing at
our Fingoe Gold Project. Our exploration team is now at work on the new License
area and we are looking forward to favorable findings in the near future."

About African-Queen

The Company is an exploratory resource company with diversified mineral
properties in Southern Africa. It is exploring its properties in Botswana and
Namibia for diamonds, and it is exploring its properties in Mozambique for gold
and other metals. The Company`s licences 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 licences 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.;
and its operations in Mozambique are carried out through its subsidiary PAM
Mocambique Limitada. 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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.

African Queen Mines Ltd.
Irwin Olian, President and CEO
Phone: 604-899-0100
Fax: 604-899-0200
tigertail@africanqueenmines.com
or
Carrie Howes, Corporate Communications
Phone: Düsseldorf - +49 (0) 1722 1234 47
Phone: London - +44 (0) 7780 602 788
carrie@africanqueenmines.com

Copyright Business Wire 2009