African Queen reaches settlement for 4 claims at Noyem-Nyanfoman gold project

Mineral explorer African Queen Mines (CVE:AQ) announced Friday it has reached a settlement with the chief of the Nyanfoman community in regards to the conflicting mining claims with respect to its Noyem-Nyanfoman prospecting license in Ghana.
The chief, Nana Ansah Sasraku Nipa Pepprah IV, signed an accord that will see African Queen earn four of the 26 licenses in question, paving the way for speedy settlements of the remaining conflicting licenses, it said. The four small-scale mining licenses cover 88.78 acres in close proximity to the Noyem A reef.
In March, African Queen received a one-year extension on its prospecting license that covers 28.9 square kilometres in the Birim north district of Ghana's eastern region, and in the northeastern end of the gold-producing Ashanti Belt.
Since then, 26 small-scale mining claims have been identified that are potentially in conflict with the development of African Queen's planned large-scale mining project. The company has since been in negotiations with the owners of the claims to achieve settlements.
In exchange for the four licenses, the Vancouver, B.C.-based company will make a one-time cash payment to each of the groups owning the four claims, including Nana Ansah Sasraku Mining Group, Kwadzo Frimpong Mining Group, Ntoboase Bethel Mining Company, and Nyanfomang Youth Mining Group.
"The current settlement marks an important milestone for African Queen and sets the stage for accelerated exploration and development of the Noyem-Nyanfoman Gold Project, with core drilling slated for later this year," said African Queen CEO, Irwin Olian, who expressed the company's gratefulness towards the Nyanfoman Chief.
"[The Chief's] vision of a large-scale gold project benefiting his community and the region as a whole contributed to this initial settlement and should lead to strong cooperation between the company and its joint venture partner, Akan, with the local community going forward."
The settlement also provides for African Queen's operating subsidiary, AQ Ghana Gold, to purchase certain mining equipment on site. AQ Ghana Gold will also endeavor to hire as many small-scale miners who are giving up their rights to the property as possible, it said.
African Queen, under a joint venture agreement with Akan Exploration, can earn a 75% interest in the Noyem-Nyanfoman gold project. African Queen is designated as manager and operator of the project, and holds the license on behalf of the joint venture partners.