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October 15, 2008

AFRICAN QUEEN MINES LTD. - COMMENCES TRADING

Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce that effective at the opening on Thursday, October 16, 2008, its Common Shares will commence trading on the TSX Venture Exchange under the symbol “AQ”. The Company presently has 34,465,292 Common Shares outstanding. The Company’s Common Shares were distributed to the former shareholders of Pan African Mining Corp. in connection with its acquisition by Asia Thai Mining Co., Ltd. on June 27, 2008. 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 licences in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 2,000 sq km of licences under agreements with three other companies to explore for gold and other metals. 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

Irwin A. Olian
Chief Executive Officer

For Further Information, Contact:

Irwin Olian
President and CEO
Phone: (604) 899-0100
Fax: (604) 899-0200
tigertail@africanqueenmines.com

Limor Rubin
CFO and Director
Phone: (604) 899-0100
Fax: (604) 899-0200
limor@africanqueenmines.com

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.
Press Release Archive
02/03/12 - Legal Settlement Process Successfully Completed at African Queen's Rongo Gold Fields Project in Kenya 01/19/12 - African Queen Aecures Driller for Noyem-Nyanfoman Project on Ghana's Ashanti Belt; February Date Set 01/06/12 - African Queen Reports Results From 2011 Reconnaissance Drill Program at King Solomon Focusing on New Targets and Step-Outs form Mankombiti Zone 12/30/11 - African Queen Sets Drilling Plans for Ghana and Kenya Gold Properties; Abandons Two Diamond Prospects 11/28/11 - Kenyan Partners of Linear Metals and African Queen Mines Settle Kenya Property Dispute 09/13/11 -AFRICAN QUEEN ACHIEVES BREAKTHROUGH IN SETTLEMENT NEGOTIATIONS AT NOYEM-NYANFOMAN PROJECT; 12 MORE KEY SMALL SCALE LICENSES RELINQUISHED 08/26/11 -AFRICAN QUEEN APPOINTS MARK LOTZ AS NEW CFO AND DIRECTOR 08/26/11 -AFRICAN QUEEN APPOINTS JENNIFER TODHUNTER AS VP FINANCIAL ADMINISTRATION 08/08/11 -AFRICAN QUEEN CLOSES $2.4 MILLION PRIVATE PLACEMENT 07/27/11 -SETTLEMENT PROCESS PROGRESSING AT AFRICAN QUEEN’S NOYEM-NYANFOMAN PROJECT; 3 MORE SMALL SCALE LICENSES RELINQUISHED 07/15/11 -AFRICAN QUEEN REACHES ACCORD WITH NYANFOMAN CHIEF AT NOYEM-NYANFOMAN GOLD PROJECT IN GHANA, LEADING TO RELINQUISHMENT OF FIRST GROUP OF SMALL-SCALE LICENSES 07/08/11 -AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT 06/14/11 - GROUND GEOPHYSICS SURVEY UNDERWAY AT AFRICAN QUEEN’S RONGO GOLD FIELDS PROJECT IN KENYA’S LAKE VICTORIA GREENSTONE BELT 06/03/11 - 2011 CORE DRILLING PROGRAM NOW UNDERWAY AT AFRICAN QUEEN'S KING SOLOMON PROJECT IN MOZAMBIQUE 06/01/11 - AFRICAN QUEEN GRANTED PROSPECTING LICENSE FOR NEW KARAMERI METALS PROJECT IN KENYA 05/23/11 - AFRICAN QUEEN COMMENCES 2011 FIELD PROGRAM AT NOYEM-NYAFOMAN GOLD PROJECT IN GHANA 04/27/11 - FIELD WORK UNDERWAY AT AFRICAN QUEEN’S UGUNJA GOLD PROJECT IN KENYA’S LAKELAND DISTRICT 04/21/11 - AFRICAN QUEEN GRANTED PERMITS FOR 2011 WORK PROGRAM AT NOYEM-NYAFOMAN GOLD PROJECT IN GHANA 03/31/11 - KENYA’S HIGH COURT GRANTS INTERIM ORDER TO AFRICAN QUEEN’S JV PARTNER ABBA MINING AGAINST ADVERSE LICENSE CLAIMANT 03/24/11 - GHANA MINING COMMISSION EXTENDS TERM OF AFRICAN QUEEN’S NOYEM-NYAFOMAN LICENSE SETTING STAGE FOR 2011 WORK PROGRAM 03/03/11 - AFRICAN QUEEN MINES EXPANDS PRESENCE IN KENYA: SIGNS EARN-IN AND JV AGREEMENT FOR UGUNJA GOLD PROJECT IN KENYA’S LAKELAND DISTRICT 02/27/11 - AFRICAN QUEEN CORRECTS AND CLARIFIES PRESS RELEASE DATED FEBRUARY 24, 2011, CONCERNING ORDER BY KENYA’S HIGH COURT 02/24/11 - AFRICAN QUEEN’S JV PARTNER ABBA MINING WINS INTERIM ORDER IN KENYA’S HIGH COURT TODAY AGAINST ADVERSE LICENSE CLAIMANT 02/14/11 - AFRICAN QUEEN’S JV PARTNER ABBA MINING IN DISPUTE OVER PORTION OF RONGO LICENSE IN KENYA 02/02/11 - AFRICAN QUEEN’S CHAIRMAN MEETS WITH KENYA’S PRIME MINISTER 01/31/11 - FURTHER DRILLING AT AFRICAN QUEEN'S KING SOLOMON PROJECT CONFIRMS SIGNIFICANT COPPER, GOLD AND SILVER MINERALIZATION AT MANKOMBITI TARGET AND POINTS TO PROSPECTIVITY OF WESTERN ZONES; LATEST RESULTS INCLUDE 6.02 m of 1.09% Cu, 0.88 g/t Au and 18 g/t Ag 01/21/11 - Ghana Ministry Consents to Transfer of Noyem License from Newmont to African Queen 12/03/10 - African Queen Completes Second Tranche of $3.284 Million Private Placement 11/01/10 - African Queen CLOSES $2.04 Million First Tranche of Private Placement 10/25/10 - African Queen Mines Completes Airbourne Geophysical Survey and First Phase of Ground Exploration at Rongo Gold Field Project in Kenya's Lake Victoria Greenstone Belt 10/18/10 - African Queen Announces Private Placement 10/04/10 -Initial Discovery Holes at African Queen's King Solomon Project Reveal Significant Copper, Gold and Silver Mineralization and suggest Robust Polymetallic Sysytem: Results Include 7.73 m of 1.51% Cu, 1.32 g/t Au and 27.6 g/t Ag 09/20/10 - African Queen Mines Reports 5-Year Extension of the King Solomon Prospecting License 08/12/10 - African Queen Mines Commences Airbourne Geophysical Survey at Rongo Gold Field Project in Kenya's Lake Victoria Greenestone Belt 07/19/10 - African Queen Mines Commences Field Exploration at Rongo Gold Field Project in Kenya's Lake Victoria Greenestone Belt 06/28/10 - African Queen Mines Commences Core Drilling at King Solomon Project in Mozambique; Recent IP Survey Confirms Prospectivity 06/25/10 - African Queen Mines Hires Gregory Nowak as Ghana Country Manager and Noyem Project Manager 05/17/10 - African Queen Mines Signs Earn-In and JV Agreement for Rongo Gold Pield Project in Kenya's Lake Victoria Greenstone Belt 03/23/10 - African Queen Receives 43-101 Report on King Solomon Gold Project 03/06/10 - African Queen Pares Down Exploration Portfolio by Dropping Manica Fingoe Project in Mozambique and Okavango Diamond Project in Botswana 03/03/10 - Regional Soil Sampling Results from King Solomon Project Confirm Prospectivity and Set Stage for Upcoming Core Drill Program on Ket Targets 01/11/10 - Chip Samples from Independent Study of African Queen's King Soloman Project Confirm the Company's Prior Findings and Point to Prospectivity 12/23/09 - African Queen Closes $2.36 Million Private Placement 11/27/09 - African Queen Announces Private Placement 11/18/09 - 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 10/19/09 - AFRICAN QUEEN SIGNS EARN-IN AND JV AGREEMENT WITH AKAN FOR KEY NOYEM GOLD PROJECT IN GHANA’S ASHANTI BELT; LICENSE BEING ACQUIRED FROM NEWMONT UNDER SEPARATE AGREEMENT 10/14/09 - FURTHER ROBUST ROCK SAMPLES FROM AFRICAN QUEEN’S KING SOLOMON PROJECT CONSISTENT WITH INITIAL RESULTS; CONFIRM POTENTIAL FOR SIZEABLE COPPER-GOLD-SILVER POLYMETALLIC REGIONAL SYSTEM 09/17/09 - INITIAL ROCK SAMPLES FROM AFRICAN QUEEN'S KING SOLOMON PROJECT IN MOZAMBIQUE INDICATE PROTENTIAL FOR SIZEABLE COPPER-GOLD-SILVER POLYMETALLIC REGIONAL SKARN SYSTEM 07/13/09 - AFRICAN QUEEN SIGNS EARN-IN AND JOINT VENTURE AGREEMENT WITH OPTI METAL TRADING COVERING KEY ZONE AT FINGOE REGIONAL GOLD PROJECT IN MOZAMBIQUE 05/25/09 - AFRICAN QUEEN'S FOLLOW-UP FIELD PROGRAM NOW UNDERWAY AT FINGOE GOLD PROJECT IN MOZAMBIQUE 05/15/09 - AFRICAN QUEEN COMPLETES $1.278 MILLION PRIVATE PLACEMENT 04/20/09 - AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT 03/24/09 - AFRICAN QUEEN ANNOUNCES PRIVATE PLACEMENT 03/04/09 - CORE DRILLING COMMENCES ON AFRICAN QUEEN’S OK41 AT OKAVANGO DIAMOND PROJECT IN BOTSWANA 02/24/09 - AFRICAN QUEEN ABANDONS CAZULA PROJECT IN MOZAMBIQUE TO FOCUS ON HIGHLY PROSPECTIVE FINGOE BELT GOLD PROJECT 02/20/09 - AFRICAN QUEEN ACCELERATING WORK PROGRAM ON KEY GOLD TARGETS IN MOZAMBIQUE’S FINGOE BELT AS A RESULT OF FAVORABLE SAMPLING RESULTS 02/05/09 - AFRICAN QUEEN EXECUTES CONTRACT FOR CORE DRILLING AT ITS OKAVANGO DIAMOND PROJECT IN BOTSWANA; MOBILIZATION UNDERWAY 01/23/09 - AFRICAN QUEEN MINES ENGAGES CARRIE HOWES FOR INVESTOR RELATIONS TEAM 12/27/08 - AFRICAN QUEEN MINES ABANDONS BRAGANZA GOLD PROJECT IN MOZAMBIQUE TO FOCUS ON PRIORITY TARGETS 12/16/08 - AFRICAN QUEEN MINES COMMENCES TRADING ON THE FRANKFURT STOCK EXCHANGE 12/15/08 - AFRICAN QUEEN MINES’ SAMPLING YIELDS G10 GARNETS AND OTHER KIMBERLITIC INDICATORS OVER KEY DIAMOND TARGETS ON ITS OKAVANGO PROJECT IN BOTSWANA 12/02/08 - Irwin Olian Announces Filing of Additional Early Warning Report 12/01/08 - African Queen Mines Ltd. - Grants Stock Options 11/19/08 - African Queen Mines Ltd. - Grants Stock Options 11/04/08 - Irwin Olian Announces Filing of Additional Early Warning Report 10/27/08 - Irwin Olian Announces Filing of Early Warning Report 10/15/08 - AFRICAN QUEEN MINES LTD. - COMMENCES TRADING 06/27/08 - ACQUISITION OF PAN AFRICAN MINING CORP. BY ASIA THAI MINING CO., LTD. CLOSED TODAY IN ACCORDANCE WITH PLAN OF ARRANGEMENT
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Contact Information For investment information please contact our investor relations group.

Marketing Director - Canada
Lee Dunston
(604) 899-0100 ext. 5
lee@africanqueenmines.com

Corporate Communications, Europe
Carrie Howes
London: +44 7780 602 788
Dubai: +971 55 997 0427
carrie@africanqueenmines.com
 
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