TORONTO, ONTARIO--(Marketwired - March 6, 2017) - African Gold Group, Inc. (TSX VENTURE:AGG) ("AGG" or the "Company") is pleased to announce that is has agreed to a private placement into the Company whereby Forbes & Manhattan Resources Inc. ("Forbes") and certain other investors who will subscribe to a private placement of units (the "Unit") at a price of $0.09 per Unit for gross proceeds of up to approximately $7.0 million (the "Private Placement"). The subscription price represents a premium of approximately 38.7% to the last trading price of AGG common shares on March 6, 2017.
We wish to bring your attention to Dr. Allen Alper’s article in this week's MetalsNews.com newsfeed.
"African Gold Group (TSX: AGG) is currently advancing the Kobada gold project located in Mali, with a completed economic assessment and plans to pursue equity and debt financing. Data indicates that the Kobada Gold project will have a low CAPEX and OPEX with a 511,000 ounce gold reserve.
Declan Franzmann, President and CEO of African Gold Group (TSX: AGG) is currently leading his company to advance the Kobada Gold Project in Mali as their flagship project.
Franzmann has a long history in mining. He said, “I’m a mining engineer. I have been in mining for the last 24 years. I have done a mixed bag of things; from working as a miner underground, to running an entire operation, to a managing director role. Most of my experience is in gold.”
With his experience, African Gold Group has been focused on their Kobada Gold Project in Mali. Franzmann said, “We have been doing quite a bit of work this last few years in quite difficult market conditions. We pushed the project through a preliminary economic assessment back in 2014 and now we have followed through with a feasibility study on the project, which really confirms the findings of the PEA. The feasibility study is mostly focused on our funding initiatives for the project. So in the last two years, we have managed to pull the mining license together, and have managed to get all of the environmental permits for the project. We have put together a 511,000 ounce reserve on the deposit as well. Really the focus now is to move forward with our funding initiatives and to get into a development stage.”"
African Gold Group, Inc. (TSX-V: AGG) ("AGG" or the "Company") is pleased to announce the completion of the Feasibility Study for the Kobada Gold Project. The Study demonstrates the robust nature of the project, with an “All In Sustaining Costs” (“AISC”) of US$788 per ounce and free cash flow of US$122 million net of all capital expenditure, operating costs, royalties and taxation in Mali, at a gold price of US$1,200 per ounce.
The Feasibility Study establishes the maiden Mineral Reserve for the project, containing 511,000 ounces of gold within two oxide open pits. A body of comprehensive test work, undertaken as part of the study, confirms the project’s processing methodology and confirms the robust economic parameters established in the Preliminary Economic Assessment, published December 23, 2014.
The Company plans to use the Feasibility Study to support funding initiatives for the development of the Kobada Gold Project.
As part of continuing research being conducted by Global Business Reports (GBR), Declan Franzmann, President & CEO of the African Gold Group had a question & answer session with Mining In Africa Country Investment Guide (MAGIC).
Global Business Reports (GBR) and African Mining Indaba LLC is a partnership for the production of a comprehensive intelligence report on the continent’s mineral sector. The third edition of the Official Mining in Africa Country Investment Guide, will be launched next February 2016, as the only official publication providing country-specific information at Africa’s top mining event, the 2016 Investing in Africa Mining Indaba™ held in Cape Town, South Africa.
With 54 sovereign African nations, Africa is arguably the most culturally, politically and geological diverse continent in the world. MACIG aims to guide the global mining and investment community through the challenges and opportunities of this resurgent continent, explaining the issues they must be aware of, highlighting those governments who welcome their investment and emphasizing the sheer scale of the mineral wealth available.
Toronto, Ontario – African Gold Group, Inc. (TSX-V: AGG) ("AGG" or the "Company") is pleased to announce that it has entered into a transaction with respect to the sale of AGG Ghana Limited (AGG Ghana), the Company’s 100% owned Ghanaian subsidiary. All of the Company’s assets in Ghana are held in AGG Ghana.
The sale of the subsidiary achieves the Company’s stated aim of monetizing inherent value from its non-core assets and provides non-dilutive funding, including for the final completion of the full Feasibility Study at AGG’s Kobada Gold Project in Mali, expected this month. Moving forward, the Company’s sole focus will be putting Kobada into production.
AGG has entered into a sale and purchase agreement with Star Goldfields Limited (SGF), a private Ghanaian company. SGF has agreed to purchase the shares in AGG Ghana for a total cash consideration of US$1,200,000.
African Gold Group, Inc. (TSX-V: AGG) ("AGG" or the "Company") is pleased to announce the update of the Mineral Resource and provide a general update of progress on the Feasibility Study for the Kobada Gold Project.
Above a cutoff grade of 0.3g/t Au, the Measured and Indicated (M&I) Mineral Resource was estimated to be 35.4 million tonnes at 1.1 g/t gold, containing 1.21 million ounces of gold. The Measured and Indicated Mineral Resource is mostly unchanged from 2014 despite the inclusion of mining depletion from artisanal mining activity and the lower bulk density applied for the laterite resource. This is largely due to additional drilling allowing the classification of Measured and Indicated Resources from previously Inferred or unclassified resource.
The oxide ore types that comprise the M&I Mineral Resource total 18.0 million tonnes at 1.1 g/t Au containing 620,000 ounces of gold.
As announced in a press release dated August 05, 2015, the company completed 1,398 metres of drilling in May 2015. This drilling was included in the update of the mineral resource, although the primary purpose was the collection of geotechnical and metallurgical samples, rather than improving mineral resource size and confidence.
Significant intercepts from this drilling included:
(TSX-V: AGG) ("AGG" or the "Company") is pleased to announce the results of metallurgical test work and provide an update on the progress of the feasibility study.
The company completed additional metallurgical test work at Gekko Systems facilities in Ballarat and Bureau Veritas in Perth, Australia, as part of the Feasibility Study process. This work confirms the results established in test work completed in 2014. Overall metallurgical recovery of gold was found to be 80% using the flow sheet established in the previous work.
A 92 kg sample of ore, assaying 0.92 g/t, was initially washed (a process known as scrubbing) and then wet-screened over a 1.18mm screen. The screen oversize represents 20% of the mass, and contained 49% of the gold at a grade of 2.31 g/t. The screen undersize represented 80% of the feed, had a grade of 0.58 g/t. The screening process provided a significant upgrade of the oversize, which was then crushed to below 1.18mm, and combined with the gravity feed to the gravity concentration process.
African Gold Group, Inc. (TSX VENTURE:AGG) ("AGG" or the "Company") is pleased to announce that it has completed a non-brokered private placement offering (the "Offering") raising gross proceeds of CDN$1,231,171.40. The Offering consisted of 24,623,428 Units (the "Unit") at a price of $0.05 per Unit. Each Unit is comprised of one common share and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of AGG at a price of $0.06 per share for a period of thirty-six (36) months from the date of closing.
Six officers and directors of the Company (the "Purchasing Insiders"), purchased an aggregate of 51% of the securities issued pursuant to the Offering. The Offering was considered and approved by the board of directors of the Company, with the directors who purchased Units under the Offering declaring a conflict and recusing themselves from voting on the Offering. There was no materially contrary view or abstention by any director approving the Offering. Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the purchase by the Purchasing Insiders was a "related party transaction" but the Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Offering.
Mr. Georges Cohen, AGG Director and lead investor in this round of financing noted, “I have been a Director and major shareholder of AGG for only a short period of time and can legitimately express my approval with AGG’s recent accomplishments. At a time when a number of AGG’s peer group companies have been placed on “care and maintenance”, AGG continues its drive to production in a systematic and focused manner. Through accomplishments such as the recent granting of the mining license, the Kobada project is, in my view, significantly de-risked from an operational and investment perspective and AGG’s ability to advance the project at this time speaks to Kobada’s robustness, both in terms of the low capex, and simple mining and gold recovery process, which contribute directly to Kobada’s impressive projected IRR (Internal Rate of Return). As an experienced investor, who assesses business value regularly, it is my view that the Kobada gold project is exactly right for the times.”
African Gold Group, Inc. (TSX VENTURE:AGG) ("AGG" or the "Company") announces that the TSX Venture Exchange (the "Exchange") has consented to the Company's application to extend the expiry date of certain of its outstanding common share purchase warrants (the "Warrants"). Consent was given to extend the term of 10,714,428 Warrants with an exercise price of $0.12 per common share and due to expire on September 4, 2015 by one year to September 4, 2016.
These Warrants were issued pursuant to a private placement of 21,428,856 units, which closed on September 4, 2013. For further information on the original issuance of the Warrants, please refer to the press release of the Company dated September 5, 2013 filed on SEDAR.
Warrantholders are advised that replacement Warrant certificates will not be issued and that the original Warrant certificates must be presented to the Company in order to effect the exercise or transfer of such Warrants.
African Gold Group, Inc. (TSX-V: AGG) ("AGG" or the "Company") is pleased to announce the Company has received a mining license for the Kobada Gold Project, located in Mali, West Africa on July 31, 2015 (“Kobada” or the “Project”).
This is a very significant milestone in the development of Kobada to a producing gold mine and marks the completion of the key permitting stage. The company now has all of the necessary government approvals for the Project’s development.
DETAILS OF THE MINING LICENSE
The Prime Minister of Mali granted the mining license to African Gold Group Mali SARL (AGG Mali), a 100% owned subsidiary of AGG, on July 31, 2015 under Decree 2015-0528. The mining license covers an expansive area of 135.7 square kilometres (52.4 square miles) and is valid for a period of thirty (30) years.
This area covers 100% of the current mineral resource at Kobada, plus the most advanced exploration targets and areas of significant resource potential.
African Gold Group, Inc. (TSX-V: AGG) ("AGG" or the "Company")is pleased to announce the appointment of Mr. Georges Cohen to its Board of Directors, effective June 22, 2015.
Mr. Cohen is past President and CEO of the most important subsidiary of Europe's largest multinational IT services company, Cap Gemini, headquartered in Paris France. Mr. Cohen was the founder of Paris based, Transiciel, a multinational IT services company employing over 10,000 engineers that merged with Cap Gemini subsidiary, Sogeti, in 2003. Mr. Cohen became CEO of the merged Sogeti-Transiciel (22,000 employees) and became one of four members of the Executive Committee of Cap Gemini (110,000 employees).
Following the successful integration of Sogeti-Transiciel, Mr. Cohen departed the company to engage in private equity investing, on behalf of his family office, in the highly diversified fields of science engineering and related services, real estate, aerospace, communication, real-time media and finance, including co-founding Altergaz, the second largest gas distribution company in France, that was ultimately sold to Eni S.p.A., an Italian multinational integrated energy company. The Cohen family has also invested in Panhard, a leading European light armored vehicle manufacturer that was sold to Volvo Group, AB. Panhard's military equipment is being used in numerous peacekeeping missions, including its current deployment in Mali, West Africa.
On June 2, 2015, African Gold Group Inc. received the environmental approvals for a mining operation at its 100-per-cent-owned Kobada gold project, located in Mali, West Africa.
This is an important milestone in the development of Kobada as the granting of the environmental approval is the penultimate step that precedes the granting of the actual mining license, which the Company expects to obtain in the near future.
The grant of the Environmental Permit by the Malian Government's Ministry of Environment and Sustainable Development follows on from the work the Company commenced in June 2014. This work included environmental baseline studies and the development of a full Environmental and Social Impact Assessment ("ESIA") which was developed in conjunction with the Company's local consultant.
A Community Development Plan was completed in parallel with the ESIA. This document outlines the Company's future undertakings to assist in the economic development of the local communities, that are adjacent to the Project, and was developed in consultation with the local communities, the Malian Government and other interest groups.
The following information is filed pursuant to the provisions listed above under the applicable securities legislation:
1. Name and address of the offeror:
Georges Cohen (the “Offeror”)
56, route de Vandoeuvres
Vandoeuvres, CH-1253 Suisse
2. The designation and number or principal amount of securities and the offeror’s security holding percentage in the class of securities of which the offeror acquired ownership or control in the transaction or occurrence giving rise to the reporting obligation, and whether it was ownership or control that was acquired in those circumstances:
The Offeror has acquired ownership and control of 25,270,000 units of Africa Gold Group, Inc. (the “Company”) under a private placement, with each unit consisting of one common share and one-half (½) common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company for a period of twenty-four (24) months at a price of: (i) $0.075 per common share for the first six (6) months and (ii) $0.10 per common share thereafter until the expiry date of the warrant. This acquisition represents 11.18% of the Company’s currently outstanding common shares, and 15.89% of the Company’s common shares on a partially diluted basis assuming full exercise of the warrants.
This Management Discussion and Analysis (“MD&A”) is an explanation through the eyes of management, of how African Gold Group, Inc. (the “Company” or “AGG”) performed during the periods covered by the audited consolidated financial statements filed concurrently with this MD&A, and of AGG’s financial condition and future prospects. The MD&A covers the year ended December 31, 2014 and the subsequent period up to the date of the filing. The MD&A compliments and supplements the consolidated financial statements of AGG. For a full understanding of the financial position and results of operations of the Company, the MD&A should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2014 and 2013 and notes thereto. The Company’s interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). All dollar amounts are stated in U.S. dollars, unless otherwise noted.
Toronto, Canada - African Gold Group, Inc. (TSX V: AGG) ("AGG" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement offering (the "Offering") to raise gross proceeds of CDN$1,289,821.85. The Offering will consist of 25,796,437 Units (the "Unit") at a price of $0.05 per Unit. Each Unit is comprised of one common share and one-half (1/2) of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one additional common share of AGG for a period of twenty-four (24) months at a price of: (i) $0.075 per common share for the first six (6) months and (ii) $0.10 per common share thereafter until the expiry date of the Warrant. No broker or finder fees will be payable in connection with the Offering.
AGG is pleased to advise that The Malian Ministry of Mines has extended an invitation to Mr. Declan Franzmann, President & CEO, African Gold Group, Inc., to be part of a prestigious panel of presenters that will discuss doing business and investing in Mali during the annual Africa Mining Indaba Conference.
African Gold Group, Inc. (TSX V: AGG) ("AGG" or the "Company") is pleased to announce the closing of a non-brokered private placement offering (the "Offering"). The Offering consisted of 33,165,006 Units (the "Unit") at a price of $0.05 per Unit for gross proceeds of $1,658,250.30. Each Unit is comprised of one common share and one-half (1/2) of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one additional common share of AGG for a period of twenty-four (24) months at a price of: (i) $0.075 per common share for the first six (6) months; and (ii) $0.10 per common share thereafter until the expiry date of January 14, 2017.
Four officers and directors of the Company, being Declan Franzmann, Marco Durante, David Brown and Jaimie MacPherson (the "Purchasing Insiders"), purchased an aggregate of 13% of the securities issued pursuant to the Offering. The Offering was considered and approved by the board of directors of the Company, with Declan Franzmann, Marco Durante and David Brown declaring a conflict and recusing themselves from voting on the Offering. There was no materially contrary view or abstention by any director approving the Offering.
African Gold Group, Inc. (TSX-V: AGG) ("AGG" or the "Company") is pleased to advise it has filed the Resource Update andPEA on SEDAR in accordance with National Instrument 43-101, on 23 December, 2014 for its 100%-owned Kobada gold deposit in Mali, West Africa ("Kobada" or the "Project")
The cash flow forecast for the final version of the PEA, filed on SEDAR, has been updated to provide the Project's financial metrics after the payment of royalties, taxes and dividends to the Government of Mali. Production schedules, gold production and all other physical parameter estimates that were presented in the November 25 press release have not changed in the final version of the PEA, filed on SEDAR.
As previously announced,the PEA envisions a relatively simple and low capital cost gravity concentration and concentrate leaching operation with an initial fifteen year mine life. Mining output is modeled at 1.6 million tonnes per annum.
Toronto, Ontario -- (November 25, 2014) – African Gold Group, Inc. (TSX-V: AGG) ("African Gold Group" or the "Company") is pleased to announce the completion of a Scoping Study and Updated Preliminary Economic Assessment (PEA) for the Kobada Gold Project, located in Mali, West Africa.
HIGHLIGHTS: LOW CAPITAL AND OPERATING COSTS FOR SCALABLE GOLD PRODUCTION
Toronto, Ontario -- (October 29, 2014) – African Gold Group, Inc. (TSX VENTURE: AGG) ("African Gold Group" or the "Company") is pleased to provide an update of ongoing work for the Kobada Gold Project Feasibility Study.
AGG has received results from metallurgical test work being completed by Gekko Systems in Australia. The results exceed AGG’s expectations for processing the Kobada saprolite ore and include:
Work is also continuing in Mali with environmental studies progressing to support all permitting requirements. AGG has also been identifying and negotiating with construction and mining contractors in order to tightly define all costs for the Project.
The results from testwork and cost estimation will now be used for the compilation of the Scoping Study and Preliminary Economic Assessment. The results of this study are expected prior to the end of 2014.
AFRICAN GOLD GROUP UNAWARE OF ANY MATERIAL CHANGE
TORONTO, CANADA, October 28, 2014 – African Gold Group, Inc. ("AGG" or the "Company"), responding to a request from the Investment Industry Regulatory Organization of Canada, wishes to confirm that the Company's management is unaware of any material change in the Company's activities that would account for the recent increase in market activity.
African Gold Group, Inc. (TSX VENTURE:AGG) ("AGG" or the "Company") is pleased to report on the progress of its feasibility study for its Kobada Gold Project, located in southern Mali, which is on schedule and anticipated to be delivered prior to the end of 2014.
The Company has further strengthened its feasibility study and mine development team with the appointment of Mr. Torben Michalsen as "Project Infrastructure & Logistics Manager", effective July 11, 2014.
Mr. Michalsen will be responsible for infrastructure and logistics activities relating to the construction, commissioning and project operation at the Kobada gold project.
Mr. Michalsen, is an accomplished project management professional with over 15 years experience managing logistics, resource management and construction in a variety of resource industries spanning three continents. Most recently, Mr. Michalsen was Project Manager at Guyana Goldfields where he was responsible for project implementation, management and development of infrastructure for the Aurora gold mine in Guyana South America. Prior to that, Torben was Forest Operations Supervisor and Manager for several forest management and wood industries companies. Mr. Michalsen has a BSc in Geoscience and Resource Management from the University of Copenhagen.
African Gold Group, Inc. (TSX VENTURE:AGG) ("AGG" or the "Company") is pleased to announce the completion of drilling for the 2014 field season at Kobada, Mali. This body of work has resulted in the successful collection of over 2.4 tonnes of lateritic and saprolitic material that is representative of the Kobada ore types.
The final drilling was completed subsequent to the incident that was reported in the Company's press release of July 9, 2014. AGG wishes to acknowledge the continuing support of the Government of Mali and their ongoing efforts to curtail illegal mining activity, throughout the entire country, during the rainy season, in accordance with Mali law. This support has allowed the Company to continue its planned work program through to completion.
Officials representing the Canadian Embassy in Mali continue to be most helpful in providing the Company with advice and support, as well as, intervening at the highest levels of the Mali Government on the Company's behalf. AGG wishes to express its gratitude for the continuing initiatives.
Importantly, 1.8 tonnes of sample material has been air-freighted to Australia for the commencement of metallurgical testwork. The balance of the material is being stored in Mali pending initial results of the testwork. The remainder of the sample material, which is packaged and ready for transport, will be sent to Australia via air-freight, should additional material be required.
African Gold Group, Inc., ("AGG" or the "Company") is pleased to report the final results for the bulk sampling program at its wholly-owned Kobada Gold Project in Mali, West Africa. The program was designed to emulate the Kobada deposit from surface through to bedrock.
African Gold Group, Inc. (TSX VENTURE: AGG) (“AGG” or the “Company”) is pleased to announce today the closing of its over-subscribed, previously announced, non-brokered private placement offering (the “Offering”). The Offering consisted of 20,005,208 Units (the “Unit”) at a price of C$0.12 per Unit for gross proceeds of C$2,400,625. Each Unit is comprised of one common share and one-half (1/2) of one common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one additional common share of AGG at a price of C$0.18 per common share at any time prior to 5:00 pm (Toronto time) on May 21, 2016.
President and CEO of AGG, Mr. Declan Franzmann comments, “We are extremely pleased with the interest shown in this oversubscribed financing. From our perspective, this demonstrates the confidence our shareholders have with our objective of becoming a gold producer by 2016. The Company now has sufficient funds to fast-track the completion of the mine planning and feasibility study for AGG’s Kobada Gold Project, prior to year-end (2014). In conjunction with this milestone AGG will submit an application to the Mali Ministry of Mines with the objective of securing a Mining License to commence production at Kobada.”
(“AGG” or the “Company”) is pleased to report the following Board and Management appointments:
Mr. Declan Franzmann, a professional mining engineer, has more than 22 years experience in corporate, operational and senior engineering roles. Declan has accumulated significant experience working on gold projects within Australia and internationally. Most recently, Declan was Founding Director of Crosscut Consulting, a resource engineering business providing mine planning and management services since 2005. Mr. Franzmann has held senior management roles at the Tritton, CSA, Gympie, and Chariot Mines. He has extensive experience in both underground and open-pit mining as a professional engineer. Declan has held executive and non-executive director positions for several ASX and TSX listed companies, most recently for Lachlan Star Limited (TSX: LSA). Mr. Franzmann completed a Bachelor of Engineering (Mining) at the University of Ballarat, Victoria, Australia and holds First Class Mine Manager's Certificates in Western Australia, Queensland and NSW. Declan is a Fellow of the Australasian Institute of Mining and Metallurgy (“FAusIMM”).
African Gold Group, Inc., ("AGG" or the "Company") is pleased to report the analytical results for the first 50 bulk metallurgical test samples that were comprised of composites of reverse circulation (“RC”) drill intervals that were specifically selected to emulate the Kobada deposit, from surface down through to fresh bedrock.
Each bulk sample consisted of drill cuttings from one or more RC drill holes, within a specific horizon or layer of mineralization emanating from drill intervals that ranged between 30 to 50 meters in length and weighed between 0.8 up to 1.5 metric tonnes.
Average calculated gold grades of the 50 individual bulk composite samples, processed through the gravimetric pilot plant, yielded gold grades 65% higher than the average given gold grade, based on 2 kg Leachwell analysis, from the identical drill interval.
28 of the 50 bulk composite samples were classified as waste, averaging 0.085 g/t Au, based on 2 kg leachwell analysis, of the drilled interval(s). The calculated average grade of the bulk samples processed through the gravimetric pilot plant, for the identical drill interval(s), averaged 0.299 g/t Au, representing a 252% increase in gold content from the identical drill interval(s).
Pilot plant test results continue to confirm that increasing “sample support” (volume of material) and “aliquot” (the actual amount of material analyzed) is highly beneficial for improving the overall grade of mineralization of the Kobada deposit, a characteristic of the “nugget effect.”
Pilot plant test results continue to confirm that a Bulk Mining model applies to Kobada and that all material contained within the (mineralized) structural corridor is envisioned to be processed through a gravimetric gold recovery plant – including material that is defined as waste, based on drill sample support and Leachwell analysis.
TORONTO, CANADA, January 29, 2014 – African Gold Group, Inc., ("AGG" or the "Company") is pleased to report that local artisanal miners have discovered a one kilogram gold nugget at the Company’s Kobada, Mali gold project.
AGG geologists, on site at Kobada, Mali, have recorded the UTM coordinates of the discovery at 54591E, 1289982N in the vicinity of Section 800 South of the Zone 1 deposit.
Of note, on February 26, 2008 the Company similarly announced the discovery of a 2.7 Kilogram gold nugget at Kobada, Mali. AGG geologists recorded the UTM coordinates of this discovery at 543261E, 1290951N.
While the 1 kilogram nugget was discovered within the Zone 1 deposit, the location of the discovery of the 2.7 kilogram gold nugget is a considerable distance from the site of any work undertaken by AGG and speaks to the general prospective nature of the overall Kobada concession.
AGG geologists describe both gold nuggets as being "local." These factors are indicative of the nuggets not having travelled very far from their respective points of origin. It is hypothesized that the gold nuggets were weathered out of a quartz-carbonate vein.
TORONTO, CANADA, – African Gold Group, Inc. ("AGG" or the "Company") (TSX VENTURE:AGG) is pleased to announce that a team of engineers, under the direction of Bumigeme Inc., has completed the metallurgical test work associated with processing a total of 128 composite reverse circulation ("RC") drill intervals that emulate the Kobada deposit from surface down through to fresh bedrock. All samples are compiled from Reverse Circulation ("RC") drill cuttings that represent between 30 meters and 50 meters of drill intercepts, derived from one or more holes, within a specific horizon or layer of mineralization, within the deposit. Each of the processed samples weighed between 0.8 to 1.5 metric tonnes. The longer the drill intercept(s) for a given sample the greater the weight of the respective sample.
A total of 500 samples had originally been identified by AGG's technical team for processing through a fully constructed and commissioned pilot plant. The plant, specifically designed for metallurgical research, has a capacity throughput of up to 2 tonnes per hour.
Metallurgical Engineers, onsite at Kobada, have reached a consensus that further testing of composite bulk samples of RC drill intercepts, beyond the 128 samples just completed, would be redundant. Essentially, the 128 processed samples represent testing the Kobada deposit over 800 meters of drilled strike length from surface through the oxidized profile measuring approximately 100 vertical meters in depth, into fresh bedrock.
Significantly, the average grade of the 128 sample population that has just been processed through the gravimetric pilot plant was approximately 0.4 g/t Au, based on Leachwell given grade. Furthermore, 75 of the 128 sample population, representing 59% of the total sample population, had a grade that was less than 0.3 g/t Au or below cutoff grade and therefore classified as waste material, based on sample support derived from RC drilling and lab results based on 2 kg Leachwell analysis.