African Queen Mines (CVE:AQ) announced Tuesday that Jennifer Todhunter has been appointed to serve as the new CFO and director, following the resignation of Mark Lotz.
The company’s shares rose 13.51 percent to 21 cents late Tuesday.
The company said Todhunter has recently served as the VP of financial
administration, and served as the finance manager of both African Queen
and its predecessor, Pan African Mining Corp., since May 2005.
Todhunter has extensive accounting and finance experience, dealing
with the complexities of both private and public corporations, said
African Queen, adding that she has spent the last thirteen years working
with public companies, predominantly those in the mining industry.
"We are grateful to Mark Lotz for his contributions to African Queen
over the past nine months and wish him all the best in his other
endeavors," said the company’s CEO Irwin Olian.
"At the same time, Jennifer Todhunter has been a very able and
popular member of our senior financial administration for the past seven
years. She is well qualified to move into her new position as CFO, and
we welcome her in this role."
Lotz will remain as a financial consultant for African Queen until August 2012.
Vancouver-based African Queen is exploring its properties in
Mozambique, Ghana and Kenya for gold and other metals and it is
undertaking exploration in Botswana and Namibia for diamonds, gold and
other metals. Its operations in Kenya are being carried out through its
operating subsidiary AQ Kenya Gold Limited.
On Monday, the company announced that Alkili Minerals Services has
initiated its 2,000 metre core drilling program at the company’s Odundu
property in southwest Kenya's Rongo Gold Fields.
African Queen, which said that core drilling of the first hole is now
underway, previously completed a program of regional exploration
including mapping, sampling trenching and ground and airbourne
In February and March of this year, seven trenches totaling 520
metres and covering a northwest-southeast strike of approximately 580
metres were excavated perpendicular to the main shear zone.
Broad zones of mineralized material were recorded in all seven trenches, as wide as 40 metres, the company said.
month, the company closed the second tranche of a private placement
financing, raising a total of $2.41 million in proceeds.
Funds will be used for the drill program at Odundu, as well as the
current drill program at its Noyem-Nyanfoman project on Ghana’s Ashanti
Belt, and for potential property acquisitions and working capital.