AQ in Goldletter International - Special SituationInvestment recommendation: African Queen is initially focusing on exploration for gold and other metals in Mozambique, Kenya and Ghana, and diamonds, gold and other metals in Botswana and Namibia. African Queen’s has built a strong position in the historic Fingoe Gold Belt in Mozambique where it is actively exploring its King Solomon Gold Project, and has commenced a 2011 core drilling program covering approximately 3,000 metres. In Ghana, the Company will explore the Novem Gold Project, located within the Birim North District in the well-known gold producing Ashanti Gold Belt in Ghana. African Queen also recently entered into an earn-in and joint venture agreement covering exploration, development and exploitation of the Rongo Gold Field Project, located in the rich Lake Victoria Greenstone Belt of southwest Kenya extending from Tanzania and hosting world-class gold deposits. Two new projects in Western Kenya are the Ugunja Gold Project with field work underway, and the Karameri Metals Project. In Botswana and Namibia, African Queen is exploring for diamonds, gold and other metals. Having a well diversified portfolio of assets in Africa, in our view, at a current market capitalization of just Cdn$ 15.7 million, and its planned exploration and drilling program fully funded, the shares of African Queen offer an attractive speculative leverage potential. Our next price objective is Cdn$ 0.50.Goldletterhttps://www.goldletterint.com/documents/pdf/AFRICANQUEEN_GLSP_August2011Update.pdf