African Gold Group, Inc., is pleased to announce that it has completed a non-brokered private placement (the "Placement") for 26,621,000 units ("Units") in the capital of AGG at $0.05 per Unit for gross proceeds of $1,331,050.00 to AGG. Each Unit is comprised of one common share of the Company and one warrant of the Company ("Warrant"). Each warrant entitles the holder to purchase one additional common share of the Company for a period of 24 months (the "Expiry Date") at an exercise price of: (i) $0.10 per common share for the first 6 months from the date of closing; and (ii) $0.15 per common share thereafter until the Expiry Date. 

In connection with the Placement, AGG agreed to pay eligible persons (the "Finders") a cash fee of 5% of the gross proceeds raised through each Finder under the Placement and also to issue compensation warrants (the "Compensation Warrants") to acquire 882,400 common shares for a period of 24 months (the "Compensation Warrant Expiry Date") at an exercise price of: (i) $0.10 per common share for the first 6 months from the date of closing; and (ii) $0.15 per common share thereafter until the Compensation Warrant Expiry Date.

The securities underlying the Units, including the common shares and Warrants issued on closing and the common shares issuable upon due exercise of the Warrants and Compensation Warrants, will all be subject to a four (4) month and one day resale restriction commencing from the date of issuance. The Placement is subject to TSX Venture Exchange final acceptance of requisite regulatory filings.

Proceeds from this Offering will be used for general working capital purposes and for AGG's continuing exploration programs.

African Gold Group, Inc., based in Toronto, Canada, is engaged in the identification, acquisition and exploration of prospective gold projects that are situated along significant gold trends within West Africa. To date, the Company controls a total of twelve gold concessions that are consolidated in five distinct standalone exploration projects, of which three projects are located in Ghana and the remaining two are located in Mali, West Africa.

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African Gold Group, Inc.,  announced that it has paid some additional finders compensation in conjunction with the completed non-brokered private placement (the "Placement") for 26,621,000 units ("Units") in the capital of AGG at $0.05 per Unit for gross proceeds of $1,331,050.00 to AGG. In addition to the amounts announced in AGG's press release on January 30, 2009, AGG has also paid an eligible person a cash fee of $2,840.50, and issued 113,620 Compensation Warrants, on the same terms announced January 30, 2009.

AGG also announced it has filed the requisite regulatory filings with the TSX Venture Exchange and received final acceptance of the Placement.

African Gold Group, Inc., based in Toronto, Canada, is engaged in the identification, acquisition and exploration of prospective gold projects that are situated along significant gold trends within West Africa. To date, the Company controls a total of twelve gold concessions that are consolidated in five distinct standalone exploration projects, of which three projects are located in Ghana and the remaining two are located in Mali, West Africa.

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African Gold Group, Inc. announces that, subject to regulatory approval, it has agreed to grant certain directors, officers and consultants of AGG an aggregate total of 3,050,000 incentive stock options at the exercise price of $0.10 per share for a period of five (5) years from the date of issue, being April 01, 2009. 

African Gold Group, Inc., based in Toronto, Canada, is engaged in the identification, acquisition and exploration of prospective gold projects that are situated along significant gold trends within West Africa. To date, the Company controls a total of twelve gold concessions that are consolidated in five distinct standalone exploration projects, of which three projects are located in Ghana and the remaining two are located in Mali, West Africa.

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African Gold Group, Inc., is pleased to report that, the Company recently engaged Senior Geologist, Mr. Pierre Lalande, P. Geo., to conduct a comprehensive review and analysis of AGG's Kobada, Mali gold project. Mr. Lalande's priorities for the Kobada gold project include:

  • Conducting an independent review and analysis of the complete Kobada data base, consisting of all historical drill and analytical data compiled by the previous owners, (the BRGM, La Source and Cominor SA), as well as, all drill and analytical data generated by AGG, since acquiring Kobada, through the course of its exploration program(s), which commenced with diamond drilling in November 2005;
  • Prepare an independent report, based on the analysis of the entire Kobada data base, that detailed Lalande's findings and conclusions with respect to Kobada's potential

Mr. Lalande is a career geologist with approximately 40 years of field experience of which the vast extent of this experience has been spent and is currently being spent in West Africa. From 1970 - 1994 Pierre was a Senior Geologist with Watts, Griffis and McOuat Ltd. From 1994 - 2001 Pierre served as Chief Geologist for IAMGOLD Corp., and from 2001 - 2005 as Technical Advisor to Orezone Resources Inc. The West African projects that Pierre contributed in adding value to include: Sadiola (Mali), Yatela (Mali), Siguri (Guinea), Kiniero (Guinea) and Samira-Libiri (Niger).

AGG filed its Initial National Instrument 43-101 compliant Mineral Resources Estimate for its Kobada, Mali gold project on SEDAR on May 15, 2008.

The Mineral Resources estimate was completed by Watts, Griffis and McOuat Limited of Toronto ("WGM"), a well respected international consulting firm.

In summary, WGM estimates that "Zone 1" of the Kobada deposit, representing approximately 10% of the overall Kobada Trend, as presently outlined, contains an Inferred Mineral Resource of between 450,000 ounces of gold and 740,000 ounces of gold as follows:

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Inferred Mineral Resources - "Zone 1" Kobada Project, Mali
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No Assay Cutting Assays Cut to 10 g Au/t
Cut-off Tonnage ---------------------------------------------
Grade Avg. Grade Contained Avg. Grade Contained
(g Au/t) (x 1,000) (g Au/t) Ounces (g Au/t) Ounces
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0.3 18,381 1.25 738,080 1.11 657,386
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0.5 8,482 1.99 542,804 1.72 470,461
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1.0 5,569 3.02 540,933 2.53 452,320
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African Gold Group, Inc. ("AGG" or the "Company") announced today that it has closed the previously announced bought deal private placement offering (the "Offering"). AGG issued an aggregate of 10,000,000 units of the Company (the "Units") at a price of CDN$0.60 per Unit, for aggregate gross proceeds of CDN$6,000,000. The aggregate number of Units issued included 1,600,000 Units issued pursuant to the full exercise of the Underwriter's option granted to the Underwriter under the Offering. Each Unit is comprised of one common share and one-half of one common share purchase warrant of the Company (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of CDN$0.90 per common share for a period of 18 months (the "Expiry Date") following the closing of the Offering. Macquarie Capital Markets Canada Ltd. ("Macquarie" or the "Underwriter") acted as sole Underwriter in respect of the Offering. The Underwriter received a cash commission of 6.0% of the gross proceeds raised in the Offering and 800,000 compensation options (each a "Compensation Option"). Each Compensation Option entitles the Underwriter to purchase one Unit of the Company at a price of CDN$0.60 per Unit until the Expiry Date.

The net proceeds of the Offering are intended to be used to fund the continuing development of the Company's Kobada, Mali Project, the resumption of exploration at the Company's 456 sq km Asankrangwa, Ghana holdings, of which the north west quadrant (the Asuowunu concession) is on strike and contiguous with the recently discovered 3.5 million oz Essase gold deposit controlled by Keegan Resources, and for general working capital and corporate purposes.

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African Gold Group, Inc., ("AGG" or the "Company") is pleased to report that it has received an interim exploration report from Newmont Ghana Gold Limited, ("NGGL" or "Newmont"), a subsidiary of Newmont Mining Corporation (NYSE:NEM), that details Newmont's ongoing work at AGG's Mankranho, Ghana gold concession.

On October 23, 2008, AGG issued a press release announcing the commercial terms of an Option Agreement and a Venture Agreement that would provide for NGGL to earn up to a 70% interest in AGG's Mankranho, Ghana concession, in consideration of NGGL's expending up to US$8,000,000 on Mankranho exploration.

The 107.24 sq km Mankranho concession is located in the Brong Ahafo region of Ghana and is situated at the north-eastern end of the Sefwi Gold Belt. Mankranho shares nine common borders and surrounds the northern extension of Newmont's Ahafo project on three sides. As at December 31st, 2008 Newmont provided guidance that the Ahafo Gold District contained 9.4 million ounces of gold. Ahafo commenced production in July, 2006, following the construction of an 8.4 million ton/year CIL treatment plant. As at June 30, 2009 Newmont forecast 500,000 -- 525,000 ounces of equity gold sales for Ahafo for 2009. To view a map of the Mankranho please click here:

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