2012-04-17 14:50 ET - News Release

 

Mr. Irwin Olian reports

AFRICAN QUEEN APPOINTS JENNIFER TODHUNTER AS NEW CFO AND DIRECTOR

African Queen Mines Ltd. has appointed Jennifer Todhunter to serve as the new chief financial officer of the company and as a director, replacing Mark Lotz. Mr. Lotz has resigned as chief financial officer and as a director in order to pursue other professional and personal interests, including the development of his own accounting practice. He will remain as a financial consultant for the company until August, 2012.

Ms. Todhunter has recently served as the company's vice-president, financial administration, and, prior to that, served as the finance manager of both the company and its predecessor, Pan African Mining Corp., since May, 2005. Ms. Todhunter has extensive accounting and finance experience, dealing with the complexities of both private and public corporations. She has spent the last 13 years working with public companies, predominantly those in the mining industry.

In connection with the appointment of Ms. Todhunter as chief financial officer and as a director, the company has granted her incentive stock options, subject to any necessary regulatory approvals, to purchase up to 75,000 shares of its common stock. The options are exercisable for a term of three years at a price of 22 cents per share.

In addition to the incentive stock options granted to Ms. Todhunter, the company has granted, subject to any necessary regulatory approvals, incentive stock options to consultants of the company to purchase up to a total of 150,000 shares of its common stock. The options are exercisable for a term of three years at a price of 22 cents per share.

Irwin Olian, chief executive officer of the company, said: "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 endeavours. 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."