TORONTO, CANADA, October 10, 2012 – African Gold Group, Inc., (“AGG” or the "Company”) is pleased to announce that the Company has entered into an agreement to sell 100% of its Mankranho, Ghana concession to Newmont Ghana Gold Limited (“NGGL”).
Under the terms of the sale, NGGL will purchase 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 sale of Mankrnaho to NGGL represents a significant milestone for AGG, particularly in light of the current macroeconomic environment. The monetization of this asset represents the first step in unlocking the intrinsic value of the Company’s Ghanaian assets, which in turn facilitates a non-dilutive solution to funding the ongoing exercise of completing a full Feasibility Study at AGG’s 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.
The closing of the transaction remains subject to standard closing conditions, including all required regulatory approvals.
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
Dear Shareholder(s) / Investor(s):
We are pleased to advise that African Gold Group, Inc., - TSX-V: “AGG” - was the subject of a feature story in the April 16-22 edition of the Northern Miner. Click on the image below to view an authorized reprint of the article to keep you apprised of the latest news on AGG.
African Gold Group, Inc., (“AGG” or the "Company”) is pleased to advise that work continues, unabated, at the Company’s Kobada, Mali gold project. No disruption in work programs or staffing has been experienced as a result of recent events in Bamako, Mali.
Kobada camp supplies and physical equipment have arrived in camp, on schedule, from Bamako and drill samples have been picked up by ALS Chemex Laboratory for return shipment to Bamako for sample preparation and analysis.
AGG management, based in Bamako, Mali, advise that Bamako International Airport is open and international civilian air traffic has resumed.
AGG Director, Pierre Lalande, P. Geo., who had returned to Toronto for the PDAC, as part of normal course rotation, is booked to return to Bamako, Mali, arriving this Sunday, April 02.
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 eleven gold concessions that are consolidated in four distinct stand alone exploration projects. Three of these projects are located in Ghana and one project (Kobada) is located in Mali, West Africa.
ROBUST GROWTH CONTINUES AT ZONE 1 NORTH - KOBADA, MALI
TORONTO, CANADA, March 20, 2012 – African Gold Group, Inc., (“AGG” or the "Company”) is pleased to report the analytical results for eight, near surface (oxide), reverse circulation (RC), step-out drill holes from the Company’s Kobada, Mali gold project. All eight holes represent northern step out holes that were collared up to 200 meters north of AGG’s current, 43-101, Zone 1, inferred resource.
Near Surface (Oxide) Drill Highlights From Northern Step-Out Holes Include:
KBRC12-006: 70 m @ 1.83 g/t Au & 45 m @ 1.79 g/t Au, ended in mineralization
KBRC12-003: 27 m @ 0.47 g/t Au & 84 m @ 1.26 g/t Au, ended in mineralization
KBRC12-004: 21 m @ 1.07 g/t & 9 m @ 1.80 Au
KBRC12-005: 21 m @ 1.15 g/t Au
The assay results detailing the 8 near surface, (oxide) northern step-out RC holes that were collared up to 200 meters north of the Zone 1 resource are listed in Table 1 below:
TORONTO, CANADA, – African Gold Group, Inc., is pleased to report that auger drilling at Kobada, Mali has intercepted highly anomalous gold values located on Section 700S. Section 700S represents a 400 meter step-out to the north of the 43-101 inferred resource estimate that contains AGG’s Zone 1 gold deposit. The anomaly is clearly intercepted by projecting the orientation of the Zone 1 deposit 400 meters north, along strike, through Section 700S. AGG interprets the interception of the anomaly on Section 700S as escalating the potential for extending the Zone 1 deposit a further 400 meters north, along strike.
The assay results depicting the 15 auger drill holes are listed in Table 1 below:
African Gold Group, Inc., is pleased to report the analytical results for six near surface (oxide), reverse circulation (RC), step-out drill holes, from the Company’s Kobada, Mali gold project. All six holes represent northern step out holes that were collared up to 100 meters north of the Zone 1 deposit.
Near Surface (Oxide) Drill Highlights From Northern Step-Out Holes Include:
The assay results depicting the 6 near surface, (oxide) northern step-out RC holes are listed in Table 1 below:
KBRC11-140 INTERCEPTS 42 METERS OF 1.50 g/t Au IN NEAR SURFACE RC HOLE
African Gold Group, Inc., is pleased to report the analytical results for 17 near surface (oxide), reverse circulation (RC), step-out drill holes, from the Company’s Kobada, Mali gold project. All 17 step-out drill holes were collared approximately 5 kilometers south-east of the Zone 1 deposit. The drill holes being reported in this release represent the first drilling ever undertaken in this area of the Kobada gold project. AGG has named this new gold discovery zone the Gossokorodji (“Gosso”) Target.
Near Surface (Oxide) Drill Highlights From the Gosso Step-Out Holes Include:
Gosso represents one of seven geophysical targets that exhibit characteristics similar to Kobada’s Zone 1 deposit. Paterson, Grant & Watson Ltd., (2010) classified this target as a Priority 1 airborne geophysical target characterized by: 1) a 250 meter wide ENE interpreted fault zone with numerous NNE inferred faults; 2) a highly anomalous magnetic alteration zone along the western edge of the contact of the basement rock with an interpreted granitoid intrusion; 3) a zone of potassium (K) enrichment, coincident with a southern magnetic alteration zone in the region of a strong ENE-NNE deformation; and 4) an arsenic anomaly located over the ENE faults in the Mag/K alteration zone in the southwest corner of the target. The target is coincident with artisanal gold diggings. Lastly, the 2011 gold geochemical survey conducted on a 80 meter by 400 meter grid also indicates a ENE trend cutting through the geophysical target. No outcrop was observed during the survey within this target.
To date, two of seven geophysical targets have been drill tested: Foroko North and Gosso, drilling at both targets has yielded the discovery of new zones of gold mineralization that are completely off trend of the Zone 1 deposit.
The assay results depicting the 17 near surface, (oxide) Gosso step-out RC holes are listed in Table 1 below:
We wish to bring your attention to African Gold Group Inc.'s most recent drill results which were recently featured on ResourceClips.com news site as seen in the image below.
** Correction From Source
African Gold Group, Inc. advises that the Company’s press release issued yesterday, September 14, 2011, was not the final version of the release that was intended for publication. The Company wishes to advise that this release is the correct and final version for publication.
African Gold Group, Inc., is pleased to report the analytical results for 38 near surface (oxide), reverse circulation (RC), step-out drill holes. All 38 step-out drill holes being reported in this release represent step-out drilling to the south of AGG’s Zone 1, 43-101 resources estimate . All southern step-out holes, reported in this release, were collared between section 2700S and section 3400S. Step-out holes drilled on Section 3400S, represent the most southerly collared holes being reported in this release and are situated approximately 600 meters south of the Zone 1, 43-101 inferred resources estimate. Step-out drilling was patterned on widely spaced lines that measured approximately 200 meters apart with the sole objective of determining if gold mineralization continued beyond section 2800S, the most southern extent or southern border of the current 43-101 resources estimate.
Near Surface (Oxide) Drill Highlights Include:
KBRC11-043: 52 m at 1.02 g/t Au, incl 1 m at 10.14 g/t Au and 1 m at 10.96 g/t Au, ended in mineralization
KBRC11-103: 24 m at 1.56 g/t Au, incl 1 m at 17.52 g/t Au, ended in mineralization
KBRC11-045: 47 m at 0.77 g/t Au
KBRC11-055: 35 m at 0.9 g/t Au, ended in mineralization,
KBRC11-056: 18 m at 1.18 g/t Au, incl 1 m at 13.16 g/t Au, hole ended in mineralization
KBRC11-058: 21 m at 0.7 g/t Au
KBRC11-059: 14 m at 3.08, incl 1 m at 25.44 g/t Au, hole ended in mineralization
African Gold Group, Inc., (“AGG” or the "Company”) is pleased to report that the Government of Mali’s Minister of Mines, the Honourable, Monsieur Amadou Cisse, has formally granted AGG an extension of its Kobada, Mali exploration license.
AGG’s application for extension of the exploration license was granted to facilitate AGG completing a Feasibility Study for the Kobada (Mali) gold project. The extension of the exploration license calls for AGG to submit a Feasibility Study to the Ministry of Mines (Mali), on or before June 28, 2012. AGG anticipates submitting a positive Feasibility Study. The submission of a positive Feasibility Study is required for securing an Exploitation (Mining) License.
On July 14, 2011 AGG issued a press release announcing the results of its 43-101 compliant Preliminary Economic Assessment (“PEA”) for the Kobada (Mali) gold project. The PEA estimates an after-tax Net Present Value (NPV) of US$216.9 million from commencement of construction and an after-tax Internal Rate Of Return (IRR) of 90.57% using a base case of US$1,100 per ounce of Au and a discount rate of 5%.
Kobada’s sensitivity to the price of gold is illustrated by a gold price variation to US$1,450 per ounce of Au which generates an after-tax Net Present Value of US$415.8 million from commencement of construction and an after-tax Internal Rate Of Return of 160.10% (all other variables remain constant).
In addition, AGG advised, within the above mentioned press release, that the Kobada (Mali) gold project had surpassed the 1,000,000 ounce Au threshold, emanating from 15% of the structural strike length that includes the Zone 1 deposit. The PEA incorporates and includes drill data up to the end of December, 2010. There is no drill data from the 2011 campaign included in the Study. More specifically, the Study does not incorporate drill data for the northern extension step-out holes that may extend Zone 1 up to 2 kilometers north of the Zone 1 deposit, it does not incorporate the 2011 southern step-out holes or the newly discovered Foroko North deposit, nor the newly discovered Termite Zone, the latter two are separate and distinct structures from Zone 1. To review the entire press release announcing the PEA please click here.
1,000,000 Oz Au THRESHOLD SURPASSED FROM 15% OF STRIKE AT KOBADA, MALI
TORONTO, CANADA, July 13, 2011 – African Gold Group, Inc., (“AGG” or the "Company”) is pleased to announce the results of a positive NI 43-101 compliant Preliminary Economic Assessment (the “PEA” or the "Study") that evaluates the potential of an open pit, bulk mining model, utilizing a gravity recovery process plant, at the Company’s Kobada (Mali) gold project. The consulting group Bumigeme Inc., located in Montreal, Quebec, was commissioned by AGG to complete the study. This news release has been revised to clarify the resource disclosure and to include the required 43-101 "Cautionary Statements" in compliance with regulatory requirements.
The Study incorporates and includes drill data up to the end of December, 2010. There is no drill data from the 2011 campaign included in the Study. More specifically, the Study does not incorporate drill data for the northern extension holes that extend Zone 1 up to 2 kilometers north of the Zone 1 deposit, it does not incorporate the 2011 southern holes or the newly discovered Foroko North deposit, nor the newly discovered Termite Zone, the latter two are separate and distinct structures from Zone 1
Project Economics – Base Case
The PEA estimates an after-tax Net Present Value (NPV) of US$216.9 million from commencement of construction and an after-tax Internal Rate Of Return (IRR) of 90.57% using a base case of US$1,100 per ounce of gold and a discount rate of 5%.
The Kobada project base case is for processing 20,000 tonnes per day for a total of 7,000,000 tonnes per year in a gravity process plant that is projected to recover 87.9% of the gold contained in 41,750,000 tonnes of lateritic material assaying 0.64 g/t Au, for average annual production of 126,600 ounces of gold for the first five years of operation. The average annual operating cost is calculated to be US$8.27/t for the first five years of operation with a CAPEX of US$122,500,000. The project produces gold at the direct cost of US$470.90 per ounce. During years 4 and 5 of operations the CAPEX will be increased by US$2.9 million for the addition of a ball mill that will be required to process the sulphide resource. The average operating cost at year 6 will increase to US$8.73/t. Gold recovery and production in year 6 is projected to be 80.80% and 112,200 ozs Au, respectively.
Key highlights from the Study are as follows:
The Study demonstrates that the Kobada gold project is economically optimized by adopting bulk mining versus selective mining. The direct implications of bulk mining are demonstrated in a substantial increase in tonnage and recoverable gold but with an associated decrease in the average gold grade.
AGG Director and Qualified Persons, Mr. Pierre Lalande, P.Geo., has recommended that 100% of all material excavated between the hanging wall and footwall of the mineralized zone be processed in the gravimetric plant as lateritic deposits containing coarse free gold result in a strong “nugget effect”. It is this characteristic, due to weathering, that makes Kobada amenable to utilizing gravity for gold recovery. Mr. Lalande contends that the increase in sampling density of drilling during grade control of mined deposits in West Africa often turns much “in ore waste” of feasibility study estimates into incremental ore.
The inferred resources that are detailed in this study are only projected to a vertical depth of 160 meters versus the projected depth of 260 meters in AGG’s 43-101 compliant Initial Resources Estimate that was published in May of 2008. This amendment reflects AGG’s primary focus on the oxidized horizon of the deposit. Therefore, most of the volume of the sulphide resource that was included in the May, 2008 Initial Resources Estimate is not included in this Study.
ZONE 1 STRIKE EXTENDS TO 3,300 METERS - REMAINS OPEN
TORONTO, CANADA, June 01, 2011 – African Gold Group, Inc., (“AGG” or the "Company”) is pleased to report the analytical results for 14 near surface (oxide), reverse circulation (RC), step out drill holes. All 14 step out RC drill holes being reported in this release were drilled to the south of the Zone 1 deposit that contains a 43-101 resource of 740,000 ozs Au at an average grade of 1.25 g/t Au at a 0.3 g/t Au cutoff.
Near Surface (Oxide) Southern Step Out Drill Highlights Include:
The assay results depicting the 14 near surface, (oxide) southern step out RC holes are listed in Table 1 below:
AGG is proud to announce that an article detailing our recent sucesses at the Kobada, Mali property was recently published by www.proactiveinvestors.com and was in turn featured in last weeks www.mining.com, Mining News Digest. The article is as follows:
by: Deborah Sterescu
African Gold Group reported Thursday encouraging drill results from its Kobada gold project in Mali, potentially expanding the resource at the property.
The results from 27 near surface step out holes, which were drilled to the north of the Zone 1 deposit, showed encouraging intercepts nearly 2,000 metres north on trend from the established resource. The NI 43-101 compliant resource for Zone 1 is 740,000 ounces of gold at an average grade of 1.25 g/t, at a 0.3 g/t gold cut-off.
African Gold Group, Inc., is pleased to report the analytical results for 27 near surface (oxide), reverse circulation (RC), step out drill holes. All 27 step out RC drill holes being reported in this release were drilled to the north of the Zone 1 deposit that contains a 43-101 resource of 740,000 ozs Au at an average grade of 1.25 g/t Au at a 0.3 g/t Au cutoff.
The 27 northern step out holes were grouped in four distinct regions, north of the Zone 1 deposit. The cluster of northern step out holes drilled closest to the Zone 1 deposit were collared approximately 400 meters north of the 43-101 resource. Moving north, the second cluster of northern step out holes measured approximately 1,100 meters north of the 43-101 resource. Continuing north, the third cluster of step out holes are located approximately 1,500 meters north of the 43-101 resource and the remaining cluster, representing the most northerly step-out holes measured approximately 2,000 meters north of the 43-101 resource.
Near Surface (Oxide) Drill Highlights Include:
TORONTO, ONTARIO--(Marketwire - April 1, 2011) - African Gold Group, Inc., is pleased to announce that it has retained Torrey Hills Capital, Inc. ("Torrey Hills Capital"), located in Del Mar, California, to act as investor relations consultants to the Company. Cliff Mastricola is the principal of Torrey Hills Capital and will be responsible for activities related to AGG.
Torrey Hills Capital is a leading investor and financial public relations firm specializing in small and micro-cap companies, primarily in the natural resource sector. Torrey Hills Capital will increase awareness about African Gold Group through its established relationships with investment professionals, investment advisors, and money managers focused on the microcap market space. This will allow the Company to build and maintain an informed investor audience in both the U.S and Canadian marketplaces.
Torrey Hills Capital will also develop a profile on African Gold Group for coverage on its website, www.babybulls.com, a website developed to showcase and provide exposure for emerging micro-cap companies to an audience of proven micro-cap investors.
African Gold Group, Inc., is pleased to report that its recently completed excavator trench program, at the Company’s Kobada, Mali gold project, has generated encouraging results within trenches that were excavated along what is perceived to be the southern extension of the Zone 1 deposit. In addition, the trenching has covered regions that are situated up to 1.25 km south east of the Zone 1 deposit, within the region of the newly discovered gold zone that AGG has dubbed the Termite Zone. Click here to view the announcement regarding the discovery of the Termite Zone
A total of 3,980 meters of trenching was completed in 8 trenches covering the perceived southern extensions of the Zone 1 deposit, as well as, the southern region of the Termite Zone. The gold intercepts within the trenches are depicted in Table 1 below:
African Gold Group, Inc., (“AGG” or the "Company”) is pleased to report that AGG’s 2011, ongoing exploration program, continues to advance its Kobada, Mali gold project. This multi-pronged exploration initiative currently consists of:
Step Out RC Drill Progress – North of Zone 1
At present, the Company is pleased to report that a total of 80 RC drill holes have been completed at Kobada, Mali. Drill samples representing a total of 67 step out RC drill holes have been shipped to ALS Chemex’s facilities in Burkina Faso for analysis using Leachwell on two (2) kilograms (kg) of pulp. (Leachwell is a bottle roll cyanidation procedure with the addition of a catalyst to speed up gold dissolution.)
AGG’s 2011 RC step out drill program commenced with the testing of four distinct regions along the perceived northern extension of the Zone 1 deposit. Each of the four northern regions that were drill tested consisted of a small pattern of RC drill holes that were collared on two lines spaced 50 meters apart. The RC holes on each of the respective two lines were offset, or staggered 20 meters, relative to the RC holes of the other line. The most northern zone that was drill tested is located approximately 2 km’s north of the mineralized envelope that contains the Zone 1, 43-101 resource, on sections 400N and 350N. A total of 27 RC step out holes were drilled in the four distinct northern regions of the Zone 1 deposit. AGG is working diligently to prepare all material in conjunction for the imminent release of these northern step out RC holes.
AGG anticipates additional step out RC drilling, during the 2011 campaign, to further test and expand the resource within the northern region of Zone 1.
We wish to bring your attention to David Pescod's Stocktalk Late Edition newsletter earlier this week, which prominently featured African Gold Group.
"... there’s not too many stocks doing well, even in the gold sector which is not too far away from old highs.
One stock that is hitting new highs though is African Gold [Group] which got some attention on Stockhouse with feature article by Tom Calandra, but I think it’s time we repeat the article we did with Jed Richardson, the former Sprott mining analyst and current VP of Amazon Mining (AMZ), director of Great Quest (GQ) - two of the biggest success stories on markets that last while and now performing a significant role with D’Arianne Resources (DAN).
African Gold Group (AGG): Revelations may startle investors - by Thom Calandra
MOSEASE, Ghana – West Africa’s porphyry of gold is turning into the fold, figuratively and literally.
A Mali and Ghana team of two doctors of structural geology, each with specialties respectively in mapping and syngenetic oriented geology, along with a seasoned Canadian prospector, appear poised to make gold-deposit history in the coming year.
If I am correct, Derek McBride, Kevin Downing and Pierre Lalande will strike in spades the gold their employer, African Gold Group, has been pursuing in one way or another since 2002.
The headline grades, strike lengths and precisely plotted drill holes, some RC, others diamond and even others augur-rigged to punch economically through Mali duricrust, could come from Kobada in Mali. Or Foroko North in Mali. Or Asankrangwa in Ghana. Or even Mankranho, the northern extension of Newmont’s (NYSE: NEM, Stock Forum) massive Ahafo Project in Ghana.
AGG Concessions Might Be Crown Jewel - by Thom Calahandra
MOSEASE, Ghana – Pictures truly are worth a king’s ransom of paragraphs in gold-dusted Ghana, where we have unearthed what we think is the next Marmato miracle.
Ticker Trax subscribers received our real-time report, and some of the following pictures, on Monday. Now, on site at African Gold Group Inc.’s (TSX: V.AGG, Stock Forum) Kobada Gold Project in Mali and presently, its Asankrangwa concession in Ghana, I can say: Michael Nikiforuk’s AGG was below fair value at 75 cents Canadian a share. That was when subscribers got the word earlier this week.
After three days of four-wheeling across Mali and Ghana, I have witnessed first-hand the presence of orpaillage gold pillagers at Koboda and a flock of galamsay Ghana alluvial miners adjacent to Keegan Resources Inc.’ (TSX: T.KGN, Stock Forum) and (AMEX: KGN, Stock Forum) pricey patch of Esaase real estate. (See photo here: two illegal miners at a makeshift shaft straddling the properties of Keegan Resources and African Gold Group – photo today February 17, 2011/Thom Calandra)
The Ghana property controlled by African Gold Group is several times the size of infamous Marmato in Colombia … and likely will spark political and popular uproar in Ghana, which is headed to a 2012 presidential election. Wealth comes at a price. “”You fall on these rocks, they are not forgiving,” says African Gold Group’s lead Ghanaian geologist Kwame Opoku as we navigate our way around the richest and most overrun gold concessions I have seen since Medoro’s Marmato in Colombia. (Please see our Ticker Trax password-protected archives and our free Stockhouse coverage for the entire Marmato saga.)
African Gold Group's 9-Year-Old Foray Into Africa - by Thom Calandra
ACCRA, GHANA -- I am several hours from seeing African Gold Group Inc.'s (TSX: V.AGG) Esaase-area land package, in the same district that put Keegan Resources Inc. (TSX: T.KGN) and (AMEX: KGN)on the investor map. You have the word on Kobada from our Monday Ticker Trax: a potential world-class mesothermal deposit in Mali. And I will fill out the details later today or Thursday in a separate report.
Right now, after three flights through three West Africa nations, I am here with PhD. geologist Kevin Downing of 9-YEAR-OLD African Gold Group. Kevin and President Michael Nikiforuk -- along with director and longtime West Africa prospector Pierre Lalande -- have shown me dirt, data, veins and orpaillage (gold pillagers) across 216 square kilometers of Mali ground. Some of the details on this 740,000-ounce Canada-compliant resource have never been shared with an outsider. And the first 22 holes of a 200-reverse circulation program are due in three weeks or lesst (after 170 holes that already proves much of the prospecting model that Mr. Lalande and Dr. Downing share in their zeal. Still, this is not the real-time subject of this brief note, spit out to you in 45 minutes before we head to Kumasi, and then Asankrangwa in Ghana. Call this insurance in case we get into Asankrangwa and the Internet lights are all out.
The Esaase District Asankrangwa covers 456 square kilometers across five contiguous concessions. As Ticker Trax subscribers know from almost two years ago, Dr. Dan McCoy of Keegan gave me the entire rundown on that company's far smaller concession well before the stock went into orbit. Now, Keegan is $500 million-plus with a fresh $185 Canadian in the bank (bought-deal). AGG, in pale comparison,strikes a lonely $80 million market cap. But that was before I visited Kobada ... and now, with our purchase alert on AGG as of Monday, the stakes are rising.
We wish to bring your attention to an interview with Michael Nikiforuk by Thom Calandra of www.Stockhouse.com, from last week:
The CEO’s timing in West Africa is good. Several prospectors, including one upon which I have staked my Ticker Trax legacy, are printing significant gold intercepts in Ghana, Mali, Burkina Faso and elsewhere on that part of the African continent.
Yet Mr. Nikiforuk, based in Toronto, is just starting to receive investor kudos for rock at its Mali project -- rock that might be worth $85 a metric ton and perhaps more.
'With almost 20,000 meters of drilling under our belt, I am convinced the market will come around to our Kobada project,' he tells me. 'We have that conviction, all of us on the team.'
Now, I’ve heard that kind of talk before. I’ve been busted by bravado on more than one occasion in the past 25 years. Still, Mr. Nikiforuk is referred to me by several researchers and investors who share his zeal."
African Gold Group, Inc., is pleased to report the analytical results for 30 near surface (oxide) drill holes. All holes were collared approximately 300 to 600 meters east and up to 1.5 km south of the Kobada gold projects main “Zone 1” gold deposit. Four widely spaced fences were drilled at azimuth 290 degrees over a total of 840 meters of strike length. In addition, a single fence of six north directed holes were drilled at azimuth 17 degrees over approximately 330 meters of strike length to evaluate potential gold bearing east-west (E-W) striking tension gashes.
The newly discovered zone of gold mineralization has been aptly named, “The Termite Zone,” due to geochemical sampling and analysis of large termite mounds located within the region that returned anomalous values of gold that resulted in the establishment of the drill targets that are being reported in this release.
Near Surface (Oxide) Drill Highlights Include:
The assay results depicting the 30 near surface (oxide) step-out drill holes from within the newly discovered Termite Zone are listed in Table 1 below:
Dear Shareholders and Friends,
In a recent interview with Streetwise Reports, Marshall Auerback, corporate spokesperson for Toronto-based Pinetree Capital, commented on African Gold Group, Inc. Marshall is a so-called "hedge fund" strategist. He believes that deficit spending is not bound by anything other than inflation, which, he says, is of limited consequence right now. Marshall believes the U.S. government's main goal should be to reduce unemployment, and he predicts the gold price is likely to remain range-bound between $1,100 and $1,400 an ounce in 2011. However, his long-term outlook for precious metals remains rosy given that "casino capitalism" is setting the stage for a new bubble. In this exclusive interview with The Gold Report, Marshall reveals some of Pinetree Capital's precious metals holdings and explains why he fears for the global economy.
As Pinetree Capital's corporate spokesperson, Marshall Auerback is a member of Pinetree's board of directors and has some 28 years of global experience in financial markets worldwide. He plays a key role in the formulation and articulation of Pinetree's investment strategy. Currently, Mr. Auerback is a senior fellow at the Roosevelt Institute, a research associate for the Levy Institute and a fellow for the Economists for Peace and Security. Mr. Auerback graduated magna cum laude from Queen's University in 1981 and received a law degree from Corpus Christi College at Oxford University in 1983.
We thought you'd be interested in reading Marshall Auerback 's comments on African Gold Group, Inc. Scroll Down to see these comments.
African Gold Group, Inc., is pleased to report the analytical results for 19 near surface (oxide) drill holes. Four holes comprise diamond drill holes, the balance of 15 holes were reverse circulation (RC) drill holes. Eleven of 19 holes were drilled into the hanging wall or foot wall, with the intent of defining the east-west lateral extent of the mineralized structural corridor that contains the Zone 1 deposit. Seven holes consisted of definition drilling and one hole was drilled at azimuth 195 degrees to test the east-west tension gashes. The infill drill holes reported in this release concludes the reporting of infill drill holes generated from the 2010 drill program.
Near Surface (Oxide) Drill Highlights Include:
RPA10-28: 34 m @ 0.93 g/t Au
The assay results depicting the 19 near surface (oxide) infill holes drilled within Zone 1 are listed in Table 1 below:
African Gold Group, Inc., is pleased to announce that the closing of the Company’s oversubscribed financing, that was detailed in a press release issued December 17, 2010, has set the stage for the commencement of aggressive exploration and development programs for both the Company’s Asankrangwa Holdings, Ghana and its Kobada Project, Mali.
ASANKRANGWA HOLDINGS, GHANA: Planned +20,000 Meter Drill Program
Exploration work at the Company’s Asankrangwa Holdings in Ghana is scheduled to commence in January 2011. AGG's consolidated Asankrangwa land holdings comprise 5 contiguous concessions (Assuowunu, Twedee, Moseaso, Manso Nkwanta and Manso Atwere) that collectively encompass 456.2 sq. km of ground, representing 94% of the active exploration ground contained within the Northern Asankrangwa gold belt. A gold-in-soil anomaly that measures 24 kilometers in strike length, oriented in a north-east / south-west (NE/SW) direction, is contained within AGG's consolidated boundaries. This linear anomaly is perceived to run parallel to the major structural target(s) currently being drilled by Keegan Resources at its 28 sq. km Esaase concession. Please visit www.africangoldgroup.com to view AGG’s Asankrangwa Holdings.
AGG’s exploration objectives at Asankrangwa, Ghana, are as follows:
To commence with geochemical surveys over structural targets identified by AGG’s 2010 high resolution helicopter airborne survey that was flown over the entire 456 sq km Asankrangwa footprint. The identification and location of the aforementioned structural targets will be disclosed in a subsequent press release.
To follow with a trenching program over gold in soil anomalies that are generated in the area of the above mentioned geophysical targets.
To follow with a drill program, that will approximate +20,000 meters of RC drilling, to test anomalous geochemical / geophysical targets that are generated by the above mentioned programs. At present, it is anticipated that drilling will commence in April, 2011.
The program will focus on the western segment of the Asankrangwa Holdings and include significant work on the Assuowunu concession which is contiguous and on strike with Keegan Resources’ Esaase deposit, which is estimated to contain an indicated and inferred resource that approximates 4.9 million oz’s Au.
AFRICAN GOLD GROUP, INC. is pleased to announce that its brokered private placement of up to $12 million of units ("Units") at a price of $0.70 per Unit (the "Offering") has been fully-subscribed. The Offering will consist of 17,200,000 Units for gross proceeds to the Company of $12,040,000. The Offering will be underwritten by a syndicate led by TD Securities Inc. and including GMP Securities L.P. (the "Underwriters").
The net proceeds of the Offering will be used to fund the continuing exploration and development of the Company's Kobada, Mali Gold Project and its Asankrangwa, Ghana holdings.
Each Unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant shall entitle the holder to acquire an additional common share of the Company at a price of $1.00 during the period ending 24 months following the closing of the Offering. In the event that the closing sale price of the Company’s common shares on the TSX Venture Exchange is greater than $1.40 per share for a period of 20 consecutive trading days at any time after closing of the Offering, the Company may accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case the warrants will expire on the 30th day after the date on which such notice is given by the Company.
All securities issued under the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.
Closing of this Offering is expected to occur on or about December 17, 2010 and is subject to receipt of all necessary regulatory approvals including that of the TSX Venture Exchange.
This press release is not an offer of securities for sale in the United States. The common shares being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.