African Gold Group Inc. Completes Sale Of Mankranho, Ghana Concession For US$4,000,000

  • Saturday, 02 February 2013

African Gold Group, Inc., (“AGG” or the "Company”) is pleased to announce that the Company has completed the closing of the sale of its Mankranho, Ghana concession to Newmont Ghana Gold Limited (“NGGL”).

Under the terms of the sale, NGGL has purchased AGG’s Mankranho concession for total

consideration of US$4,000,000.

The 108 sq km Mankranho concession is located in the Brong Ahafo region of Ghana.

“The completion of the sale of Mankranho to NGGL represents a significant milestone for AGG. As stated in the Company’s press release of October 10, 2012: the culmination of the monetization of this asset represents the first step in unlocking the intrinsic value of AGG’s Ghanaian assets. Furthermore, the sale of the Mankranho asset facilitates a non-dilutive solution to funding the completion of AGG’s ongoing Feasibility Study for its Kobada, Mali gold project. Moving forward, our sole focus will be putting Kobada into production as expeditiously as possible,” states AGG President, Michael A. Nikiforuk.

Sierra Partners LLC, headquartered in Denver, Colorado, acted as sole financial advisor to AGG on this transaction.

Corporate Update

The Company also announces that it has granted an aggregate of 3,580,000 incentive stock options to certain directors, officers and employees of AGG to purchase common shares of the Company. The incentive stock options are exercisable at $0.20 per common share for a period of five (5) years from the date of issuance, being February 5, 2018. 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.

Additional Information is available on on www.sedar.com and through the Company's
offices at:

Sun Life Financial Tower, Suite 2518,
150 King St. West,
Toronto, Canada
M5H 1J9.

On Behalf of the Board:

Michael A. J. Nikiforuk

President, Director

Additional Information is available on www.sedar.com or at

AFRICAN GOLD GROUP INC.

151 Yonge St.
11th Floor
Toronto, Ontario
M5C 2W7

Phone: 647-775-8538
Fax: 647-775-8301

 

Neither 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.

This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact included herein, including without limitation, statements regarding future plans and objectives of African Gold Group; and statements regarding the ability to develop and achieve production at Kobada are forward-looking statements that involve various risks and uncertainties.

There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from African Gold Group’s expectations have been disclosed under the heading "Risk Factors" and elsewhere in African Gold Group’s documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. African Gold Group disclaims any intention or obligation to update or revise any forward looking statements whether resulting from new information, future events or otherwise, except as required by applicable law.

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Michael Nikiforuk

Michael A. J. Nikiforuk - Executive Director, Founder & Past President

Mr. Nikiforuk (B.A. Econ.) is the former President, Founder and Director of AGG and a former Director of Banro Resource Corporation. Mr. Nikiforuk represented Banro in three rounds of equity financing totaling approximately $30,000,000.

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