African Gold Group, Inc. ("AGG") announces that it has entered into an agreement to grant an employee of AGG 12,000 incentive stock options at the exercise price of $2.00 per share for a five (5) year term.
AGG, based in Toronto, is engaged in the identification, acquisition and exploration of prospective gold projects situated along significant gold trends in Ghana, West Africa. The Company's immediate focus is to systematically explore both surface, and in particular, subsurface targets along two major gold trends: the Sefwi and Asankrangwa Gold Belts.
African Gold Group is pleased to provide an update on the surface and drilling exploration program within the Mankranho concession, located in Ghana, West Africa, in which AGG may earn an 85% interest.
AGG is encouraged by the results from both surface work and Phase 1 drilling on the Mankranho concession. In particular, recent results highlight the:
The Mankranho concession is located at the north-eastern end of the Sefwi Gold Belt in Ghana and lies along strike and contiguous to Newmont Mining Corp.'s ("Newmont") 7.6 Moz Ahafo gold project, where production has been scheduled for Q3, 2006. The Mankranhno concession has been subdivided into four separate areas (Areas I, II, III, and IV) based on historical and/or current soil sampling, pitting, trenching, ground magnetic and IP geophysics (see attached map).
Mr. Greg Hawkins, P. Geo., a director of AGG, states that, "exploration to date on the Mankranho concession at this early stage is very encouraging. All drill holes have encountered significant gold grades and broad mineralized zones, with visible gold and high-grade gold veins in several drill holes. These veins appear to be continuous along strike and at depth. In Area III, grassroots exploration is revealing promising gold anomalies that appear to be on strike with Newmont's drilling at Bisi. We anticipate diamond drilling in Area III in the very near future".
African Gold Group, Inc. is pleased to announce the appointment of Benjamin Adoo as Managing Director of its newly created and 100% owned Ghana subsidiary, AGG (Ghana) Limited, ("AGG Ghana").
Mr. Adoo received an Associateship of the Camborne School of Mines, U.K in 1971 and a Master of Engineering Degree in Mineral Economics & Production Management from McGill University, Canada in 1987. Mr. Adoo has over three decades of mining experience in Ghana and is recognized as one of the country's most senior mining executives. He is a Chartered Engineer and a Member of both the British and Ghanaian Institutes of Engineers. He has served as General Manager of Prestea, Tarkwa, and Dunkwa Goldfields in Ghana. Most recently and for the past 5 years, Mr. Adoo served as Managing Director of Ghana Bauxite Co. Ltd., a subsidiary of Alcan Inc.
During the past 20 years Mr. Adoo has been associated with the Ghana Western University (School of Mines) in the training of mining engineers. His extensive consulting portfolio on mining policy includes the Ghana Ministry of Mines and the Ghana Minerals Commission. Mr. Adoo is a recent past President of the Ghana Chamber of Mines, a position he held for 21/2 years. In September 2004 Mr. Adoo was made an Honorary Member of Council of the Ghana Chamber of Mines.
Based in Accra, Ghana, Mr. Adoo will primarily be responsible for the development and strategy of AGG's growing operations in Ghana and to establish strong relationships with mining and related entities operating in Ghana and the West African sub-region. In addition, Mr. Adoo will devote considerable time to the identification and acquisition of additional precious metal properties within Ghana and greater West Africa for AGG.
Mr. Adoo's decision to join AGG Ghana is a strong endorsement of the quality of the people and exploration properties held within the organization. This appointment further demonstrates AGG's commitment and determination to build on the current foundation established within Ghana and signals the redoubling of its efforts to acquire additional opportunities on the African continent.
African Gold Group, Inc. ("AGG") is pleased to announce that CME Ghana Ltd. has optioned the Nyankumasi concession from Jelgom Mining Company Limited, on behalf of AGG.
Under the terms of the agreement AGG will make staged cash payments, over 5 years, for a 100% interest in the concession, subject to a 10% royalty interest to the Government of Ghana and a 3% net smelter royalty to Jelgom Mining Company.
The Nyankumasi concession covers approximately 71 square kilometers and is situated in the northeastern section of the Ashanti gold belt, approximately 48 kilometers east of AngloGold Ashanti's Obuasi mine and approximately 30 kilometres south-southwest of Newmont Mining Corporation's Akyem Project (refer to map).
The property has been the subject of a reconnaissance alluvial program, stream and outcrop sampling, geological mapping, sampling of historical workings, survey grid work, pitting, trenching and RC drilling.
To date, three significant gold-in-soil anomalies have been identified within the concession (refer to map). Approximately 3,135 soil samples have been collected with 107 of those results showing greater than 100 ppb gold with a peak value of 3,820 ppb gold.
The Southern gold-in-soil anomaly is a linear feature with dimensions of approximately 3,500 metres by 400 metres and trends in a northeast-southwest direction. Previous exploration work indicates that this anomaly has gold-in-soil values exceeding 50 ppb gold and is associated with a significant I.P. anomaly.
The Central gold-in-soil anomaly, with dimensions of approximately 1,800 metres by 1,000 metres has a north-south orientation and represents the largest and strongest feature that has been identified to date within the concession. All dimensions of the Central anomaly are enclosed by a 50 ppb gold-in-soil contour.
The Northern gold-in-soil anomaly, which appears to be an extension to the Central anomaly, extends for an additional 1,500 metres. This anomaly has widths up to 1,000 metres and encompasses eight separate gold-in-soil anomalies. The largest of these anomalies has a dimension of 600 metres by 300 metres. Each one of the anomalies are outlined by a 50 ppb gold-in-soil contour.
African Gold Group, Inc., is pleased to report the results of diamond drill holes 1 through 12 of AGG's Phase 1 exploration program at the Mankranho concession, located in Ghana, West Africa.
Following the receipt of check analyses and further new results for holes 6, 9, 10, 11 & 12 from Eco-Tech Laboratories of Kamloops, Canada, an updated table of significant results for diamond drill holes 1 through 12 is presented below. All drill results represent analysis performed by Eco-Tech Laboratories.(i)
AGG is encouraged by the results from the Phase 1 drilling program on the Mankranho concession within Area I. In particular:
African Gold Group, Inc., a gold exploration and development company with strategic mineral concessions on three of Ghana's most prolific gold belts, today announced that Mr. W. Durand (Randy) Eppler and Mr. Henry (Hank) Reimer have accepted appointments to AGG's newly created Advisory Board.
AGG established the Advisory Board in order to draw on the knowledge and unique expertise of mining industry veterans, whose appointments further enhance the depth of knowledge and range of skills that currently exist within the Company. Both of the new appointees have built their respective international reputations and industry profiles through decades of service and achievements in the mining sector.
In a joint statement, Messers. Eppler and Reimer said: "We feel African Gold Group, Inc., has established an excellent foundation within one of the premier gold jurisdictions in the world - Ghana, West Africa. The AGG team has the requisite diversification of skill sets and African experience to enable the Company to grow and add value for the shareholders. We are determined to make a meaningful contribution to this effort. Moreover, we are delighted to be a part of what we consider to be a first-class, significant and exciting opportunity within the gold sector."
Mr. Eppler joined Newmont Mining Corporation ("Newmont") in 1995, as Vice President of Corporate Planning and until August 2004, served in a variety of corporate development roles, most recently as Vice President of Newmont Capital, Newmont's merchant banking arm. During his tenure at Newmont, Mr. Eppler played a critical role in many of Newmont's international acquisitions and joint ventures. In 2002, Mr. Eppler led Newmont's initiatives into Ghana, where he was responsible for negotiating Newmont's Investment Agreement with the Government of Ghana. These initiatives enabled the successful advancement of Newmont's multi-million ounce Ahafo and Akyem projects that now form the cornerstone of Newmont's continental African strategy.
Mr. Eppler also served as President of Newmont Indonesia from 1998 through 2001 and represented Newmont on the Board of Directors of Lihir Gold Limited. Prior to joining Newmont, he was Managing Director of Chemical Securities Inc., an affiliate of Chemical Bank. Mr. Eppler holds a Master's Degree in Mineral Economics from the Colorado School of Mines.
Mr. Hank Reimer, P. Eng. served for 17 years as a mining analyst with Richardson Securities (subsequently acquired by RBC Dominion Securities). His tenure with that firm culminated with his position as Manager, Mining Research Department. In 1970, Mr. Reimer joined Loewen Ondaatje McCutcheon ("LOM") as a Director and Senior Mining Analyst, focused on the analysis of mining companies for Institutional clients & LOM's Corporate Finance Department. Since 1992, through to the present, Mr. Reimer has served numerous mining companies as an independent mining consultant, including African Gold Group.
African Gold Group, Inc., is pleased to report the results of diamond drill holes 13 through 24, representing the balance of results for the first 24 holes drilled to date at AGG's Mankranho concession, located in Ghana, West Africa. All results represent analysis performed by Eco-Tech Labs of Kamloops, Canada.
AGG continues to be encouraged with the results from the initial portion of the Phase I drilling program located within Area I of the Mankranho concession . In particular:
- Area I North: widths up to 16.48 metres at 2.82 g/t gold;
including up to 1.50 metres at 43.40 g/t gold;
and 1.48 metres at 26.60 g/t gold
The Mankranho concession is located at the north-eastern end of the Sefwi Gold Belt in Ghana and lies along strike and contiguous to Newmont Mining Corp.'s ("Newmont") 9.1 Moz Ahafo gold project, where production has been scheduled for Q3, 2006. The Mankranho concession has been subdivided into four separate areas (Area's 1, 2, 3 and 4) based on historical and/or current soil sampling, pitting, trenching, ground magnetic and IP geophysics (see attached map).
Mr. Greg Hawkins, P. Geo., a director of AGG, stated that, "the continuity of mineralized sections along strike and to depth is very encouraging with results supporting the notion of fold and fault controlled gold. While much needs to be done to fully understand what controls the economic concentrations, the broad widths of mineralization, isolated high-grade gold veins and numerous occurrences of visible gold all support the expectation of developing the broad economic grades encountered in the same geologic environments by Newmont at their Ahafo project, to our immediate south."
African Gold Group, Inc., a Canadian based gold exploration and development company with strategic mineral concessions on three of Ghana's most prolific gold belts, today announced that its Company Information will be made available via Standard & Poor's Market Access Program.
As part of the program, a full description of African Gold Group will also be published in the Daily News section of Standard Corporation Records, a recognized securities manual for secondary trading in approximately 37 states under the Blue Sky Laws.
Standard & Poor's Market Access Program is an information distribution service that enables subscribing publicly traded companies to have their company information disseminated to users of Standard & Poor's Advisor Insight. Information about companies will be available via S&P's Stock Guide database, which is distributed electronically to virtually all major quote vendors. The company information includes share price, volume, dividends, shares outstanding, company financial position, and earnings. Standard & Poor's Advisor Insight is an Internet-based research engine used by more than 100,000 investment advisors. A public version of the site is available at www.advisorinsight.com.
African Gold Group, Inc., based in Toronto, Canada, is engaged in the identification, acquisition and exploration of prospective gold projects situated along significant gold trends in Ghana, West Africa. The Company's immediate focus is to systematically explore both surface, and in particular, subsurface targets along three major gold trends: the Sefwi, Asankrangwa and Ashanti Gold Belts.
Company information distributed through the Market Access Program is based upon information that Standard & Poor's considers to be reliable, but neither Standard & Poor's nor its affiliates warrant its completeness or accuracy, and it should not be relied upon as such. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument.
African Gold Group, Inc., is pleased to reportthat diamond drilling at the Company's Moseaso gold concession, located on the Asankrangwa gold belt, has commenced.
Trench results yield diamond drill targets. Significant trench intersections include:
The 9.3 square kilometre Moseaso concession is situated at the northern end of the Asankrangwa gold belt and lies parallel too and approximately mid-way between the Ashanti and Sefwi gold belts.
African Gold Group, Inc., is pleased to report that pursuant to an earn-in agreement (the "Agreement") made with Columbia River Resources, Inc. ("CRVV") on May 6, 2004, AGG has notified CRVV that AGG has under the Agreement complied with the requirements and has earned a 51% direct interest in the property comprising the Mankranho License.
Furthermore, under the terms of the Agreement, AGG has elected to earn an additional 34% direct interest (for a total interest of up to 85%) by expending an additional US $1,000,000 on the Mankranho License. In the event that AGG does not expend the total minimum requirement during the period ended December 31, 2006, the interest held by AGG will revert back to the 51% earned as of December 31, 2004, and the joint venture with CRVV will be formed on that basis under the Agreement.
AGG has also entered into a consulting agreement with Michael Baybak and Company, Inc. ("MBC") of La Canada, California, under which MBC will provide focused media relations and market development services to AGG. The consulting agreement has a 12 month term until November 15, 2005, and as part of this consulting agreement, AGG has issued 75,000 incentive stock options at the exercise price of CAD $2.00 per share for a three (3) year term.
Founded in 1979, MBC is a long-term public relations firm specializing in the natural resource sector, with a focus on introducing Canadian resource companies of merit to broader institutional and other investor audiences. MBC is headed by Mr. Michael Baybak, an alumnus of Columbia University and Yale Law School. Before entering the financial relations field in 1977, Mr. Baybak was a professional business writer for a number of organizations, including McGraw-Hill and The Christian Science Monitor.
Additional Information is available on www.sedar.com or at
AFRICAN GOLD GROUP INC.
151 Yonge St.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.