AFRICAN QUEEN MINES CLOSES $252,000 PRIVATE PLACEMENT

Vancouver, British Columbia - AFRICAN QUEEN MINES LTD. (the 'Company')has closed its previously announced non-brokered private placement, which has raised gross proceeds of $252,000. Under the terms of the private placement, the company has issued 7.2 million common shares at 3.5 cents per share.

The company paid cash finders' fees of $1,225, representing 0.49 per cent of the aggregate proceeds of the offering. The shares are subject to a four-month hold period in Canada expiring on April 24, 2017.

Proceeds from the private placement will be primarily utilized to maintain and preserve the company's existing operations, activities and assets on the company's recently acquired Yellowjacket gold project in Atlin, B.C.

The company has cancelled its previously announced flow-through private placement due to market conditions.

About African-Queen

The Company is an exploratory resource company engaged in exploration and development of mineral properties in Canada and Africa. It is presently focusing on development of its Yellowjacket Gold Project in Atlin, British Columbia, which covers an aggregate of approximately 271 km2. The Company has its executive offices in Vancouver, Canada. The Company was incorporated under the laws of the Province of British Columbia, Canada, on April 30, 2008, and received certain southern African assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd.

We seek Safe Harbor.

ON BEHALF OF THE BOARD OF DIRECTORS OF AFRICAN QUEEN MINES, LTD.

'Irwin Olian'
Irwin Olian
Chairman & CEO

For more information, contact:

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

Carrie Howes
Corporate Communications
Email: carrie@africanqueenmines.com
Phone:
Dubai - +971 55 997 0427
London - +44 (0) 7780 602 788
Germany - +49 (0) 21141 740411
U.K. - +44 (0) 870 490 5443

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. published this content on 23 December 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 January 2017 00:48:09 UTC.

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