MOZAMBIQUE | KENYA | GHANA | BOTSWANA | NAMIBIA

African Queen Fundamentals

Excellent Management with Proven Track Record and Ability to Raise Capital

Outstanding Technical Team

Diversified Properties in 5 Countries with World Class Mining Potential

Tight Share Structure & Debt Free Balance Sheet

Strong Stock Performance

Management Team

Irwin Olian, Chairman, CEO and President, Entrepreneur with strong background in Finance and Law. Co-founder of successful NASDAQ company. Chairman & CEO of Sacre-Coeur Minerals, Ltd. Mr. Olian was the founder and served as CEO and Chairman of Pan African until its acquisition by ATM in June 2008.

Limor Rubin, Director, CFO, Chartered Accountant with substantial audit, finance and accounting experience.

Dr. Andy Moore, VP Exploration, Senior diamond geologist specializing in the application of Geochemistry and Geomorphology to Kimberlitic exploration.  Over 25 years experience, largely in Africa, having worked on major exploration projects for the highly successful Falconbridge diamond team, which discovered five virgin kimberlite fields in Botswana, and consulted for a wide range of companies including , Rio Tinto, Trans Hex Group and de Beers.

Dr. Edward A. Schiller, Director, Senior Consultant for Diamond, Gemstone & Uranium Programs. Supervised Drilling of Dia Met’s Ekati Diamond Discovery in Canada

Greg Sparks, Director, P. Eng. formerly VP Development of Echo Bay Mines Ltd., 25 Years Experience.

Ardito Martohardjono, Director, VP Lab Services, experienced supervisor of sample preparation and quality control with North America’s leading geo-chemical laboratories.

Geological Team

Peter Siegfried, P.Geol., Senior Exploration Geologist, Over 15 years exploration experience in Southern Africa. Project Manager for Ghana and Mozambique projects and consulting geologist on our Namibian diamond projects.

Dr. M.J.McFarlane, Exploration Consultant, specializing in geomorphology and residual deposits, with over 45 years experience, largely in East and Southern Africa.

Dr. Frank Eckhardt, Exploration Consultant, University of Cape Town, Internationally recognized geomorphologist, has published numerous scientific papers on landforms of northwest Botswana. Has commenced a programme to develop criteria for identifying kimberlites on the basis of their surface expressions.

Gregory Nowak, P.Geol., Senior Geologist and Country Manager for Ghana. On-Site Project Manager for the Noyem Gold Project. with more than 25 years experience, largely in exploration and project development. Most of his work has been in gold exploration in the West African countries of Ghana, Burkina Faso, Mali, Cote d’Ivoire, Liberia and Sierra Leone, as well as the western United States, Canada and South America. He is a Certified Professional Geologist and is a Qualified Person under N.I. 43-101.

Corporate Communications

Carrie Howes, London and Dusseldorf, Corporate Communications in Europe. Experienced in investor relations and has served as a registered representative.

Scott Young, Toronto, Business Development in Canada. Experienced entrepreneur with mining industry investor relations background.

Lee Dunston, Vancouver, Marketing Director in North America. Twenty-five years of experience in marketing, management and business development with mining investor relations background..

Europe

Canada

Exploration for Gold, Metals and Diamonds in Southern Africa

Land Position in Southern Africa:

Prospecting Gold Licenses, 230 sq. km. in aggregate in Mozambique.

2,890 sq. km. of diamond licenses in Botswana and 6,268 sq. km. Namibia.

On June 27, 2008 the Company received the Southern African assets in a spin-off transaction related to the acquisition of Pan African Mining Corp. By Asia Thai Mining Co., Ltd. @ $4.50 per share.

Long History of artisanal gold mining.

Political stability since new Government entered in 2004, with strong support from the World Bank

The Company’s interests in the Fingoe Belt, encompass approximately 230sq.km.of gold and other metals properties.

Gold and metals properties arise from Earn-In and Joint Venture Agreement with OptiMetal Trading Limited (“Optimetal”) under which the Company can earn up to an 85% interest.

The King Solomon Project is the focal point for our work on Mozambique’s Fingoe Belt.

Broad-based exploration is underway.

MozambiqueKing Solomon Project

The initial reconnaissance drill program of approximately 2000-3000 m is being conducted on a contract basis for the Company and its partner, Swiss-based Opti Metal Trading Limited (“Optimetal”), by Resource Drilling Mozambique Lda. of Tete, Mozambique.

Resource Drilling has been active in most parts of Africa over the past 15 years and has a fleet of some 20 drill rigs.

The drilling program began with the construction of all necessary access tracks, selection of drill sites and mobilization of the drill rig to site.

The Project is being managed on behalf of the Company by Senior Consulting Geologist Mr. Pete Siegfried (M.Sc., MAusIMM), a qualified person

Initial analytical results from the first three reconnaissance drill holes from the western portion of the first target (Mankombiti Target), have been received from Genalysis Laboratories of Johannesburg, S.A.

Drilling of 12 additional reconnaissance boreholes have been completed for this first pass program to a depth of approximately 100-200m with addition drill holes ongoing.

Analytical results for the completed dill holes are pending.

Initial Reconnaissance Drill Program Underway

KING SOLOMON PROJECT, MOZAMBIQUE

INITIAL DISCOVERY HOLES AT AFRICAN QUEEN'S KING SOLOMON PROJECT REVEAL SIGNIFICANT COPPER, GOLD AND

SILVER MINERALIZATION AND SUGGEST ROBUST POLYMETALLIC SYSTEM; RESULTS INCLUDE 7.73 m of 1.51% Cu,

1.32 g/t Au and 27.6 g/t Ag (October 4, 2010)

HOLE FROM (m) TO (m)INTERVAL

(m)Cu (%) Au (g/t) Ag (g/t) Bi (ppm)

MW01 50.54 53.57 3.03 1.52 0.62 5.8 69

MW02 89.30 94.09 4.79 1.63 1.13 32.2 512

MW02 102.90 107.20 4.3 0.85 0.86 17.8 217

MW02 109.11 120.50 11.39 0.74 0.34 9.7 130

MW03 65.18 72.91 7.73 1.51 1.32 27.6 376

Note: Intercepts are not resolved to true width.

HIGHLIGHTS OF RESULTS RECEIVED

HOLE FROM (m) TO (m)INTERVAL

(m)Cu (%) Au (g/t) Ag (g/t) Bi (ppm)

MW01 50.54 53.57 3.03 1.52 0.62 5.8 69

MW02 89.30 94.09 4.79 1.63 1.13 32.2 512

MW02 102.90 107.20 4.3 0.85 0.86 17.8 217

MW02 109.11 120.50 11.39 0.74 0.34 9.7 130

MW03 65.18 72.91 7.73 1.51 1.32 27.6 376

Note: Intercepts are not resolved to true width.

KN01/KN02

Mankombiti Target

KN03/KN04

E01/E01A/E04E02 E03

ME01/ME02/ME02A

ME03/ME04

MW03/MW04

Kazito North Target

West

East

Eiland Target

MW01/MW02

King Solomon Project : Initial Drill Targets - Collar Locations

Mankombiti Target

Bulasho Target

Kazito Target

Eiland Target

West East

South

Central

North

King Solomon Project : Geochemical and Stream AU Sample Results

King Solomon Project – Drill Rig Mankombiti East

To date 85 grab samples have been analyzed and a total of 3400 soil samples collected as part of the Phase 1 exploration program on its King Solomon Project on the Fingoe Belt in western Tete Province, Mozambique.

• 17 reported gold values > 3 g/t Au

• 5 reported copper values > 10% Cu

• 4 reported silver values > 200 ppm AG

• Zinc was present in many of the samples, ranging nearly 40% Zn in the case of one sample

The highest values obtained from any single sample were; No. 055L: 11.20 g/t Au, 23.3% Cu and 256.0 ppm Ag; and No. 038L: 12.75 g/t Au, 4.55 % Cu and 255.5 ppm Ag.

Samples were collected from disparate outcroppings over a strike extent of approximately 10 km and are believed to represent fairly typical examples of the mineralization exposed.

Gold was analyzed using fire assay techniques, while the Cu, Pb, Zn, Ag and Mn values were completed by Atomic Absorption (AA).

Phase I Initial Assay Results85 GRAB SAMPLE RESULTS SUMMARY

KING SOLOMON PROJECT, MOZAMBIQUE

King Solomon Project / Initial ResultsTABLE OF SELECTED GRAB SAMPLE RESULTS

KING SOLOMON PROJECT, MOZAMBIQUE

SAMPLE PROSPECT Au (g/t) Cu (%) Pb(ppm) Zn(ppm) Mn(ppm) Ag(ppm)

038L Kazito 12.75 4.55 1190 2593 133 255.5

039L Kazito 0.92 0.67 194500 259200 7960 452.5

041L Kazito 0.99 0.94 204 395300 9190 21.8

048L Kazito 0.28 11.80 <10 116 211 85.5

053L Kazito 3.82 1.47 36 112500 2740 2.2

054L Kazito 6.89 0.38 17 701 869 3.9

055L Kazito 11.20 23.30 <10 13250 172 256.0

056L Kazito 6.54 5.36 29 2830 130 60.2

059L Mankombiti 3.40 27.50 <10 131 180 <2.0

062L Mankombiti 1.66 14.20 <10 20 732 87.1

066L Mankombiti 1.19 47.30 14 153 292 9.0

069F Mankombiti 1.04 5.07 15 49 200 219.0

071L Mankombiti 9.73 6.93 10 253 299 168.1

072L Kazito 4.94 2.28 50 19980 16300 6.2

074L Kazito 7.58 0.56 25 4460 11100 5.1

083L Kazito 3.16 0.14 16 19800 1925 <2.0

084L Kazito 4.32 0.72 96 84200 5760 9.3

King Solomon ProjectTable of Verification Chip Samples Taken by PAC

Geological Consulting

SampleId. No. UTM E/N Type

Width (m.)

Aug/t

Cu%

Agg/t Comments

Eiland Prospect

178916 327241E8298414N

Chip 0.6 41.97 1.668 50.5 Shear Z. gabbro to S. & Lms. To N. QV + cpy/mal; El. 775m

Kazito Prospect

178917 329997E8299358N

Chip 0.6 5.30 1.705 17.4 also 12.92% Zn; Bi 142.7ppm; El. 775m

Mankombiti Prospect

178911 327058E8295433N

Chip 0.4 1.06 6.734 22.7 Magnetite + Mal. In sheared granite (East)

178912 326354E8295232N

Chip 0.7 0.24 3.296 2.5 Massive Magnetite + Mal. (West)

178913 326313E8295207N

Chip 2.0 0.46 0.670 0.5 *Trench 0-2m from N. (West)

178914 326313E8295207N

Chip 2.0 1.16 1.291 6.5 *Trench 2-4m Bi 374.7ppm

178915 326335E8295200N

Chip 1.0 0.33 0.518 1.2 Adjacent to decline Bi 223.7ppm

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

Diagram 1: Interpretation and Analytical Signal magnetic image of the Mankombiti Target.

Bagging Samples from King Solomon Project

Exploration for Gold in Kenya

Land Position in Kenya:

Prospecting Gold Licenses- Rongo Gold Field Project 112 sq km..

Within the NW trending Nyanza Greenstone belt, Kenya

Earn-In and Joint Venture Agreement (the “Agreement”) between the Company and Abba Mining Company Limited (“Abba”), pursuant to which the Company may earn up to an 85% interest in the Project Abba Mining Company Limited.

The Project is situated some 380 km. by road from the capital city of Nairobi and 60 km. N of the border with Tanzania, forming part of the rich Lake Victoria Greenstone Belt extending from Tanzania and hosting known world-class gold deposits including African Barrick Gold’s Bulyanhulu and North Mara Mines, within approximately 100 km. of the Project, and AngloGold Ashanti’s Geita Mine.

Historical records of gold production are known. Numerous Artisanal Gold Mines excavating alluvial and in-situ vein quartz.

Phase 1 sampling, trenching and pitting program is now underway includes:

(i) comprehensive rock and soil sampling, trenching and pitting over the license area;

(ii) geological mapping and evaluation; and

(iii) airborne geophysical studies.

Phase 1 Exploration Program is underway to assess the overall geologic structure of the License area and the likelihood of a commercially viable gold deposit within the License area, as well as to identify discreet drill targets for a Phase 2 core drilling program.

Rongo Gold Field ProjectKenya Lake Victoria Greenstone Belt

Rongo Gold Field ProjectLicense Area

Regional Mapping of Kamwango

Trench Summary (24 Sept 2010)

Trench Number

Orientation from

True North

Total Metres

Metres Excavated

Metres Mapped

Metres Sampled

Samples Taken

Metres Rehabilitated

TR01 11o 104.5 104.5 104.5 104.5 60 104.5

TR01B 11o 317 317 317 317 189 317

TR02 202 202 202 202 202 117 180

TR03 11o 212 212 212 212 125 190

TR04A 110 o 7.7 7.7 7.7 7.7 8 0

TR04B 110 o 11 11 11 11 15 0

TR04C  N/A 14 14 14 14 10 0

TR05 ~11o 370 350 320 330 194 70

TR06 ~90 20 20 0 0 0 0

TOTAL N/A 1258.2 1238.2 1188.2 1198.2 718 861.5

• 9 Trenches - 5 Large (>20 meters) and 4 Small ( ≤ 20 meters)

• 1258.2 meters of trenching

• A total of 718 trench samples taken to date

• An estimated total of 750 samples will be taken

First Vein Strike on First Trench – Rongo Gold Fields Project, Kenya

Visible Gold in Quartz Vein – Rongo Gold Fields Project , Kenya

Exploration for Gold in Ghana

Land Position in Ghana:

Prospecting Gold Licenses- Noyem Gold Project 28.9 sq km. in Ghana.

Being acquired from Newmont Mining Corporation. Earn-In and Joint Venture with Akan Exploration Ltd.

African Queen Mines may earn up to 75% interest

GHANA – Gold ProgramNoyem Gold Project

License covers approx. 28.9 Sq. Km. situated on tarred road 130 km. NW of Accra in the famous Ashanti Gold Belt; 20km. from Newmont’s Akyem deposit (approx. 7.6 mm Oz. Au), approx. 80km from AngloGold’s world-class Obuasi Mine ( approx. 41mm Oz. Au) and 45km from the old Konongo open pit gold mine.

Being acquired from Newmont Mining Corporation. Earn-In and Joint Venture with Akan Exploration Ltd. African Queen Mines may earn up to 75% interest.

Historic Inferred gold resource of approximately 1.1 Million Oz. AU (5.2 million tonnes @ 6.67 g/t au) down to 550 meters.

Tarkwaian-hosted palaeoplacer and hydrothermal gold mineralization.

The finalization of the transfer of the License from NGGL to AQGGL has been pending since November 2009 pursuant to the executed Purchase & Sale Agreement. Negotiations are underway with local communities to define small-scale mining rights.. The Company is hoping for a speedy resolution of these issues to enable field work on the Project to get underway in the near future..

GHANA – Noyem Gold ProjectAshanti Belt

Noyem is Situated:

• 20km. from Newmont’s Akyem deposit (7.6 million Oz. Au)

• 80km. from AngloGold’s Obuasi Mine (approx. 41 million Oz. Au)

Obuasi (Ashanti)

Newmont Akyem

KonongoNOYEM

Diamond ProjectsNamibia / Botswana

Tsau Kimberlite Project consists of a block of three contiguous Prospecting Licences with a combined area of approximately 2,890 sq. km., adjacent to the Botswana-Namibia border, in the Ngamiland District of NW Botswana.

The Namibian Kimberlite Project consists of a block of seven contiguous Exploration Prospecting Licences with a combined area of approximately 6,268 sq. km., adjacent to the Botswana-Namibia border in eastern Namibia.

Diamond ProgramBotswana – Tsau Kimberlite Project

Licensed block possess characteristics closely comparable to those associated with known sub-Kalahari kimberlites. The model for target selection was developed by Dr. Andy Moore, (VP, Exploration - Diamonds) in collaboration with the Company’s consultants, Drs. Marty McFarlane and Frank Eckardt. All three have carried out extensive research on the geomorphology of Ngamiland and the origin of the Kalahari sand cover over a period of many years.

Existing geochemical data has revealed the presence of a sizeable anomalous surface concentration of diamonds and G10 garnets to the west of the Company’s prospects across the border in Namibia, near the village of Tsumkwe.

The Company has completed its First Phase Geochemical Sampling on Key Botswana Diamond Licenses; 113 Circular Magnetic Anomalies Identified. In-house screening of the magnetic data has identified 28 targets for first phase follow-up.

A total of 6 holes were drilled on 5 different aeromagnetic and photo anomalies, and samples dispatched for chemical and petro graphic analysis. No kimberlites were intersected during this initial drilling phase.

Follow-up drilling of further photo-features within the Tsau Property is planned during the next three-month period.

Tsau Diamond Project Priority Targets

• Fieldwork in the Tsau Licence block Property to date has included surface loam sampling and ground geophysics (magnetic and gravity surveys) over targets that were selected in-house from an aeromagnetic survey flown by the Botswana Government. In addition, geophysical surveys and sampling were carried out over a number of circular photo-features.

• A number of the aeromagnetic targets investigated are characterized by bulls-eye magnetic highs with coincident gravity bulls-eye features, comparable to those associated with sub-Kalahari kimberlite pipes.

• No kimberlitic minerals were recovered, over the aeromagnetic targets, but low counts were recorded over two of the nearby photo-features, providing encouragement for the existence of sub-Kalahari kimberlites.

• Based on these results, a cross-section of geophysical targets were selected for a drilling programme.

Tsau Area Photo Features - Potential Virgin Kimberlite Fields

Diamond ProgramNamibia

Namibian and Botswana licences are proximal to a major unexplained surface concentration of kimberlitic minerals in the vicinity of the village of Tsumkwe in northeast Namibia. The strategic location of the licences is underlined by an in-house reconstruction of ancient drainage lines. This indicates that the Tsumkwe anomaly lies astride an ancient river system, with headwaters to the east within the company’s Namibian and Botswana licences, and provides encouragement that the primary kimberlite source of these minerals is to be found within these licences. .

The Company’s diamond exploration in Namibia is overseen by Dr. Andy Moore, V.P Exploration – Diamonds, and Senior Consulting Geologist Pete Siegfried, M. Sc., both of whom are Qualified Persons.

Ground geophysical follow-up, both magnetic and gravity, and soil sampling has recently been carried out over selected aeromagnetic bulls-eye anomalies and photo features within the Namibia project ground. The results have been evaluated with the view to ranking targets for a drilling programme scheduled to commence in the fall of 2010.

Diamond DistributionPotential Source(s)

• Tsumkwe diamonds and G10 garnets found to the NW of our licenses.

• The line of diamonds in Figure I reflects an old drainage direction which must therefore have been from the SE to the NW.  

• General thickening of the Kalahari sand cover from east to west further supports a prominent ESE-WNW trend.

• General slope of the ground is from east to west, the diamonds could be derived from a source(s) in our prospect areas.Figure 1

Capital Structure

Shares Outstanding: 43,262,930Options: 3,137,500

Warrants: 3,781,961Fully Diluted: 50,182,391

Most Recent Financing – December 23, 2009:

$ 2.359 Million Private Placement

On June 27, 2008 the Company received the Southern African net assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai

Mining Co., Ltd.

TSX Venture Exchange: AQ

Frankfurt: QM0

African Queen Mines Ltd. (TSX.V: AQ) Historic Stock Chart

Statements in this presentation that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. African Queen Mines Ltd. does not assume the obligation to update any forward-looking statement.

Forward Looking Statements

African Queen Mines Ltd.

www.africanqueenmines.comWebsite: