African Gold Group, Inc.,  is pleased to report the analytical results for seven Reverse Circulation ("RC") drill holes from the ongoing drill program at the Company's Kobada, Mali gold project.

Near Surface Drill Highlights Include:

RPA10-048A: 74m @ 2.32 g/t Au includes 10 m of 13.81 g/t Au (hole ended in mineralization)
RPA10-050: 31 m @ 3.04 g/t Au
RPA10-051A: 24 m @ 1.08 g/t Au (hole ended in mineralization)
RPA10-051B: 31 m @ 1.94 g/t Au
RPA10-051B: 17 m @ 2.07 g/t Au
RPA10-051B 12 m @ 2.65 g/t Au
RPA10-060: 71 m @ 0.56 g/t Au (hole ended in mineralization)

Hole identification commencing with "RPA" indicate holes that were recommended to be drilled by the Company's consultant, Scott Wilson Roscoe Postle Associates ("RPA"). A total of 68 RPA holes were designated to be drilled within the upper oxide profile of "Zone 1" of the Kobada deposit and all 68 RPA drill holes have been completed. Drill holes with a hole identification ending with "A", "B" or "C" were not proposed by RPA but represent holes that were drilled off the same platform, in different directions, to test the abundance of gold veins having different strikes and dips within "Zone 1".

The assay results representing the seven RC holes being reported in this press release are listed in Table 1 below:

African Gold Group, Inc., is pleased to report the analytical results of the first eight Reverse Circulation ("RC") drill holes to be released from the ongoing drill program at the Company's Kobada, Mali gold project.

Near Surface Drill Highlights Include

RPA10-072: 11 m @ 3.47 g/t Au (hole ended in mineralization)
RPA10-066: 29 m @ 1.20 g/t Au (hole ended in mineralization)
RPA10-055: 16 m @ 1.71 g/t Au and 36 m of 1.34 g/t Au, including 9 m of 3.91 g/t Au
RPA10-054A: 61 m @ 0.69 g/t Au
RPA10-056B: 17 m @ 2.07 g/t Au
RPA10-051B 24 m @ 1.15 g/t Au (hole ended in mineralization)

Hole identification commencing with "RPA" indicate holes that were specified to be drilled by the Company's consulting group, Scott Wilson Roscoe Postle Associates. A total of 68 RPA holes were designated to be drilled within the upper oxide profile of "Zone 1" of the Kobada deposit and all 68 RPA holes have been completed. 

To date, the Company is pleased to advise that it has completed drilling for a total of 131 RC holes (of which 68 holes represent the above mentioned RPA holes) for a total of approximately16,464 meters drilled. All holes average approximately 125 meters in length, drilled at -55º and are intended to test gold mineralization within the saprolite profile that averages approximately 100 vertical meters from surface. 

The assay results contained within this press release represent the first eight holes (of 131 holes drilled) to be reported from the ongoing program. A total of 25,000 meters of RC drilling, approximating 200 RC drill holes, has been planned for the ongoing work program that is scheduled for completion on or about July 31, 2010.

The drill results from the first eight holes of the ongoing program are listed in Table 1 below:

African Gold Group, Inc., is pleased to report that an airborne magnetic and radiometric survey of AGG's 456 sq km Asankrangwa Holdings, located on strike and contiguous with Keegan Resource's Esaase gold deposit, has commenced. 

In addition, an airborne survey of the Company's 20 sq km Nyankumasi concession, located approximately 30 km south-southwest of Newmont Mining's 6.3 million ounce Akyem project, will proceed immediately following the completion of the Asankrangwa airborne survey.

The two distinct projects will consist of high resolution helicopter borne magnetic and radiometric surveys. A total of approximately 11,000 line kilometers will be flown with an AS350 helicopter which will utilize a horizontal boom mounting to separate magnetic sensors that will allow for measurement of the horizontal gradient of the magnetic field. Incorporating the magnetic gradient in gridding algorithms provides significant improvement in delineating line parallel features, spatial positioning of off-line anomalies and overall resolution of the magnetic data. The AS350 platform will be flown at low survey heights of not greater than 30 vertical meters from surface. Magnetic and radiometric data will benefit significantly from the lower survey height. Full spectral processing of all collected data will be an integral part of the exercise.

The objective of the program will be to identify structural targets, on a regional scale, that will be followed up with regional geochemistry, ultimately culminating in the identification of drill targets. 

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. 

African Gold Group, Inc., is pleased to report that it has entered into a contractual agreement with New Resolution Geophysics ("NRG") of South Africa to conduct an airborne magnetic and radiometric survey of AGG's 456 sq km Asankrangwa Holdings, located on strike and contiguous with Keegan Resource's Esaase gold deposit. 

In addition, AGG has also contracted NRG to fly an airborne survey of the Company's 20 sq km Nyankumasi concession, located approximately 30 km south-southwest of Newmont Mining's 6.3 million ounce Akyem project.

The two distinct projects will consist of high resolution helicopter borne magnetic and radiometric surveys. A total of approximately 11,000 line kilometers will be flown with an AS350 helicopter which will utilize a horizontal boom mounting to separate magnetic sensors that will allow for measurement of the horizontal gradient of the magnetic field. Incorporating the magnetic gradient in gridding algorithms provides significant improvement in delineating line parallel features, spatial positioning of off-line anomalies and overall resolution of the magnetic data. The AS350 platform will be flown at low survey heights of not greater than 30 vertical meters from surface. Magnetic and radiometric data will benefit significantly from the lower survey height. Full spectral processing of all collected data will be an integral part of the exercise.

The objective of the program will be to identify structural targets, on a regional scale, that will be followed up with regional geochemistry, ultimately culminating in the identification of drill targets. 

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. 

Kobada-Drilling-Section

African Gold Group, Inc.,  is pleased to report the drill results from a campaign of due diligence drilling consisting of 22 reverse circulation ("RC") holes and 2 diamond drill ("DD") Holes.

HIGHLIGHTS

  • KBRC9-04: 42 m @ 1.91 g/t Au, including 1 m @ 25.90 g/t Au
  • KBRC9-05: 18 m @ 1.02 g/t Au
  • KBRC9-05: 18 m @ 7.04 g/t Au, including 1 m @ 112.25 g/t Au (ended in mineralization)
  • KBRC9-08: 11 m @ 2.42 g/t Au
  • KBRC9-09: 44 m @ 0.97 g/t Au
  • KBRC9-15: 10 m @ 1.06 g/t Au
  • KBRC9-17: 8 m @ 6.13 g/t Au, (ended in mineralization)
  • KBRC9-19: 9 m @ 1.68 g/t Au
  • KBRC9-20: 8 m @ 7.74 g/t Au
  • KBRC9-20: 21 m @ 4.89 g/t Au, includes 1 m @ 77.99 g/t Au (ended in mineralization)
  • KBRC9-21: 26 m @ 0.88 g/t Au, (ended in mineralization)
  • KB09-100: 16 m @ 0.92 g/t Au (DD hole)

This drill campaign was funded and undertaken by a distinct, separate corporate entity. Drilling represented part of a larger due diligence initiative, which in turn comprised part of a broader Confidentiality Agreement between AGG and the undisclosed corporate entity. The terms of the Confidentiality Agreement provide for AGG to receive and incorporate drill results into AGG's broader Kobada technical data base, as well as, disseminate the information to shareholders.

A total of 24 drill holes were completed during this campaign. Eleven of the 24 holes (9 RC and 2 DD holes) were drilled on 100 meter sections within "Zone 1" of the Kobada deposit, the area from which the 2008 initial resources estimate was based on (see press release dated May 20, 2008 & September 23, 2009). 

The drill results from the 11 holes drilled within the saprolite region of "Zone 1" are listed in Table 1 below:

African Gold Group, Inc., is pleased to report the drill results from a campaign of due diligence drilling consisting of 22 reverse circulation ("RC") holes and 2 diamond drill ("DD") Holes.

HIGHLIGHTS

  • KBRC9-04: 42 m @ 1.91 g/t Au, including 1 m @ 25.90 g/t Au
  • KBRC9-05: 18 m @ 1.02 g/t Au
  • KBRC9-05: 18 m @ 7.04 g/t Au, including 1 m @ 112.25 g/t Au (ended in mineralization)
  • KBRC9-08: 11 m @ 2.42 g/t Au
  • KBRC9-09: 44 m @ 0.97 g/t Au
  • KBRC9-15: 10 m @ 1.06 g/t Au
  • KBRC9-17: 8 m @ 6.13 g/t Au, (ended in mineralization)
  • KBRC9-19: 9 m @ 1.68 g/t Au
  • KBRC9-20: 8 m @ 7.74 g/t Au
  • KBRC9-20: 21 m @ 4.89 g/t Au, includes 1 m @ 77.99 g/t Au (ended in mineralization)
  • KBRC9-21: 26 m @ 0.88 g/t Au, (ended in mineralization)
  • KB09-100: 16 m @ 0.92 g/t Au (DD hole)

This drill campaign was funded and undertaken by a distinct, separate corporate entity. Drilling represented part of a larger due diligence initiative, which in turn comprised part of a broader Confidentiality Agreement between AGG and the undisclosed corporate entity. The terms of the Confidentiality Agreement provide for AGG to receive and incorporate drill results into AGG's broader Kobada technical data base, as well as, disseminate the information to shareholders.

A total of 24 drill holes were completed during this campaign. Eleven of the 24 holes (9 RC and 2 DD holes) were drilled on 100 meter sections within "Zone 1" of the Kobada deposit, the area from which the 2008 initial resources estimate was based on (see press release dated May 20, 2008 & September 23, 2009). 

The drill results from the 11 holes drilled within the saprolite region of "Zone 1" are listed in Table 1 below:

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.

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:

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:

-------------------------------------------------------------------
Inferred Mineral Resources - "Zone 1" Kobada Project, Mali
-------------------------------------------------------------------
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
-------------------------------------------------------------------
0.3 18,381 1.25 738,080 1.11 657,386
-------------------------------------------------------------------
0.5 8,482 1.99 542,804 1.72 470,461
-------------------------------------------------------------------
1.0 5,569 3.02 540,933 2.53 452,320
-------------------------------------------------------------------

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.

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.

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.

African Gold Group, Inc.,  is pleased to announce that AGG (Ghana) Ltd. and Newmont Ghana Gold Limited ("NGGL" or "Newmont"), a subsidiary of Newmont Mining Corporation (NYSE:NEM) have agreed on 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 108 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. The 20 million oz Ahafo project commenced production in July, 2006 and is producing approximately 500,000 ozs Au per annum.

To view a map of the Mankranho concession please activate the link: http://www.africangoldgroup.ca/index.php?option=com_content&view=article&id=148&Itemid=63

As per the terms of the Option Agreement, in order to earn a 51% interest in AGG's Mankranho, Ghana license, Newmont shall be required to complete exploration expenditures in the total amount of four million dollars (US$4,000,000) on or before forty-two (42) months following the Effective Date of the Option Agreement.

The ensuing terms of the Venture Agreement shall grant Newmont the right to earn an additional nineteen percent (19%) participating interest by funding an additional four million dollars (US$4,000,000) in exploration expenditures within two (2) years following the effective date of the Venture Agreement.

The Parties acknowledge that the government of the Republic of Ghana will be entitled to receive ten percent (10%) of the net cash flow from operations conducted under the Venture Agreement, and that these payments will be made by the Venture manager and paid by the Venture participants on a pro-rata basis in accordance with their respective Participating Interests at the time of payment.

African Gold Group, Inc., ("AGG" or the "Company") (TSX VENTURE:AGG) is pleased to announce that it has completed a non-brokered private placement (the "Offering") for 322,600 units ("Units") in the capital of AGG at $0.50 per Unit for gross proceeds of $161,300.00 to AGG. Each Unit is comprised of one common share of the Company and one-half of one warrant of the Company. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.75 for a period of 18 months after the closing date.

The common shares issued under the Offering are subject to a four month and one day resale restriction and the Offering is subject to TSX-V approval.

This private placement forms part of a larger non-brokered private placement consisting of the issuance of up to 2,000,000 Units for gross proceeds of up to $1,000,000.00, which is expected to be fully completed on or around September 30, 2008.

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.

African Gold Group, Inc.,  pleased to announce that it has filed its National Instrument 43-101 compliant Mineral Resources estimate for "Zone 1" of its Kobada Gold Project located in Mali, West Africa, on SEDAR. 

The Mineral Resources estimate was completed by Watts, Griffis and McOuat Limited of Toronto ("WGM"), a well respected international consulting firm which has filled the role of AGG's independent consultant since December, 2007. 

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:

Inferred Mineral Resources – “Zone 1” Kobada Project, Mali

Cut-off Grade
( g Au/t )
Tonnage
( x 1,000 )
No Assay CuttingAssays Cut to 10 g Au/t
Avg. Grade
(g Au/t )
Contained OuncesAvg. Grade
(g Au/t )
Contained Ounces
0.3 18,381 1.25 738,080 1.11 657,386
0.5 8,482 1.99 542,804 1.72 470,461
1.0 5,569 3.02 540,933 2.53 452,320

The complete report is available for public viewing at:

http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00020520

African Gold Group, Inc., is pleased to report the assay results for five trenches, located within the immediate proximity of the excavated artisanal mining pit at AGG's Manso Atwere ( Ghana) concession. The five trenches total 1,628 meters in aggregate length and average 3 meters in depth. All trenches were sampled on two meter spacing. Diamond drilling is currently underway at AGG's Manso Atwere concession and will shift to AGG's Assuowunu concession, contiguous with Keegan Resource's Esaase concession, within approximately 14 days.

TABLE 1: ASSAY RESULTS FOR TRENCHES (Composites of 2 meter samples)

LOCATION

EastingNorthingElevationLengthWidthGrade (g Au/t)
GYTR01 From: 625510 From: 713256 207 450 m 10 m 0.69
  To: 625893 To: 713055 193 2 m 1.43
        22 m 0.80
GYTR02 From: 625490 From: 713094 210 348 m 2 m 1.30
  To: 625771 To: 712958 222 84 m 3.00
        incl 36 m 6.28
        incl 16 m 13.60
        2 m 2.20
        22 m 0.92
GYTR03 From: 625817 From: 713333 228

250 m

No Significant Results

  To: 625977 To: 713247 230
GYTR04 From: 625584 From: 713111 212 280 m 4 m 31.20
  To: 625834 To: 712963 247 incl 2 m 62.00
        50 m 1.80
        incl 12 m 3.24
        incl 8 m 4.00
        14 m 0.58
GYTR05 From: 625457 From: 712928 259 300 m 30 m 0.58
  To: 626114 To: 740418 241 14 m 4.31
        incl 8 m 7.20

 

Asankrangwa-Drilling-Section

The Company announced its acquisition of the Manso Atwere concession on October 25, 2007. The 7.2 sq km concession represents the fifth distinct contiguous concession that comprises AGG's 456.2 sq km consolidated land holdings in the northern Asankrangwa gold belt. Much of the gold that has contributed to the wealth of the famous Ashanti Kingdom, over centuries, has come from this region (http://www.ashanti.com.au/). More recently, this region has been the subject of extensive conventional mining and includes the recent discovery of Keegan Resource's Esaase gold deposit, which is contiguous with AGG's Assuowunu concession. 

African Gold Group, Inc.,  is pleased to report the assay results for 71 reverse circulation ("RC") step-out drill holes, drilled on 9 lines covering a total of 5.5 kilometers of strike length at Kobada, Mali. These holes were drilled on a N30ºE orientation and are hypothesized to represent the potential strike extension, to the north and south of "Zone 1".

STEP-OUT RC DRILL HIGHLIGHTS

  • KBRC7-5: 9 meters grading 25.8 g Au/t, including 1 meter of 228 g Au/t
  • KBRC7-6: 14 meters grading 3.66 g Au/t, including 9 meters of 4.61 g Au/t
  • KBRC7-8: 18 meters grading 1.78 g Au/t, including 7 meters of 3.59 g Au/t (ended in mineralization).
  • KBRC7-15: 22 meters grading 1.48 g Au/t, including 10 meters of 1.98 g Au/t

RESULTS AND ANALYSIS

For coherence, the results from the 71 RC drill holes have been organized according to the section the hole was drilled on as opposed to numerical order and are depicted in Table 1 below. All of the RC holes were drilled to a depth of approximately 90 meters (down the hole) at an angle of -55º and an azimuth of 290º. Please see the attached map for the collar locations and the respective section the holes were drilled on. 

Kobada-Drilling-Section

African Gold Group, Inc., ("AGG" or the "Company") is pleased to announce that it has completed a National Instrument 43-101 compliant Mineral Resources estimate for "Zone 1" of its Kobada Gold Project located in Mali, West Africa. 

The Mineral Resources estimate has been completed by Watts, Griffis and McOuat Limited of Toronto ("WGM"), a well respected international consulting firm which has filled the role of AGG's independent consultant since December, 2007. WGM has a large body of experience in such deposits, having been involved in the discovery of the Sadiola Mine (Mali) and having worked on many similar deposits in Ghana, Mali and Burkina Faso.

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:

Inferred Mineral Resources – “Zone 1” Kobada Project, Mali

Cut-off Grade
(g Au/t)
Tonnage
(x 1,000)
No Assay CuttingAssays Cut to 10 g Au/t
Avg. Grade
(g Au/t )
Contained
Ounces
Avg. Grade
(g Au/t)
Contained
Ounces
0.3 18,381 1.25 738,080 1.11 657,386
0.5 8,482 1.99 542,804 1.72 470,461
1.0 5,569 3.02 540,933 2.53 452,320

"We see many reasons to be extremely encouraged by this initial Mineral Resources estimate for "Zone 1" at Kobada. At the most elementary level of analysis, the Inferred Mineral Resources, as illustrated above, was generated from within approximately 10% of the 12 km anomalous Kobada Trend. Clearly, our work to date, as represented by this initial resources estimate, has not defined the scope of our Kobada Gold Project. Our "blue-sky" potential remains very significant. In fact, the deposit is viewed as open in all directions by both AGG and WGM. The model generated by WGM indicates that in many areas the flanks of the existing deposit ("Zone 1") are not presently constrained by drilling and therefore, additional resources are anticipated in such areas. Furthermore, a geo-statistical analysis of the data by WGM indicates that shallow in-fill drilling within the existing 50 meter drill grid will add resources above existing intersections. We are committed to building Kobada beyond the current foundation and have every confidence that we will achieve this objective as we move forward with our exploration and development programs,"

AGG President, Michael A. Nikiforuk.

African Gold Group, Inc., is pleased to report that the Phase II geochemical surveys at both the Assuowunu and Manso Atwere concessions, located in the Northern Asankrangwa region of Ghana, West Africa, are now completed. The programs commenced in November, 2007 and were carried out by AGG technical personnel through to February, 2008.

A concise overview of the volume of work undertaken on both concessions is presented in Table 1 and Table 2 below:

TABLE 1
ASSUOWUNU CONCESSION
(North-West Asankrangwa Holdings*)

ACTIVITYWORK DONECOMMENTS

Total Soil Lines Cut

128,750 meters

Incl. 8,000m baseline

Soil Samples

2,415

200m x 50 m grid

Trenching (meters)

4,750 meters

 

Number of Trenches

28

 

Trench Samples (total)

2,375

Sampled on 2 meter spacing

Total Auger Drilling (meters)

905 meters

 

Number of Auger Drill Holes

383

Avg. 2.5 m per hole

Number of Auger Drill Samples

383

1 sample per hole
*contiguous and on-strike with Keegan Resources Esaase Concession.

TABLE 2
MANSO ATWERE CONCESSION
(Southern Asankrangwa Holdings)

ACTIVITYWORK DONECOMMENTS

Total Soil Lines Cut

28,450 meters

Incl. 3,400m baseline

Soil Samples

501

200mx 50m grid

Trenching (meters)

1,630 meters

 

Number of Trenches

5

 

Trench Samples (total)

815

Sampled on 2 meter spacing

Total Auger Drilling (meters)

778.9 meters

 

Number of Auger Drill Holes

231

Avg. 3.5 m per hole

Number of Auger Drill Samples

460

2 samples per hole

Kobada-Drilling-Section

African Gold Group, Inc., is pleased to report that local artisanal miners have discovered a 2.7 kilogram gold nugget in the north-west quadrant of the Kobada concession. 

AGG geologists, located on-site at Kobada, have recorded the UTM coordinates of the discovery at 543261 east, 1290951 north.. A review of the  map (see below)clearly illustrates that the discovery location 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 the gold nugget as being "local", as witnessed by its irregular shape and the ease with which the nugget fell apart when lifted for weighing. These factors are indicative of the nugget not having travelled very far from its point of origin. It is hypothesized that the gold nugget was weathered out of a quartz-carbonate vein.

African Gold Group (AGG: TSX-V) is pleased to announce it has retained the services of AGORACOM Investor Relations ("AGORACOM") (http://www.agoracom.com) to provide a search engine marketing program through Google for the purpose of attracting new shareholders, as well as, a customized and monitored community for both current and prospective shareholders of the Company.

SEARCH ENGINE IR PROGRAM

AGORACOM will structure a Google IR campaign for the purposes of targeting prospective investors interested in African Gold, our industry and our competitors. The campaign, keywords and phrases will be optimized by Google personnel dedicated to AGORACOM search engine IR programs.

LAUNCH OF AFRICAN GOLD GROUP COMMUNITY

Effective February 29th, 2008, a customized and monitored African Gold Group IR HUB will be available on AGORACOM at (http://www.agoracom.com/IR/africangold). The IR HUB propels the Company into the forefront of Web 2.0 community building by providing investors with two very important functions. First, a monitored discussion forum for the purposes of constructive and high-quality discussion amongst investors that is free of spam, profanity and misinformation. Second, a social network that provides investors with the ability to create extensive profiles that include photos, bios, video messages to fellow investors, a rating system and other important items to create a closer bond between our shareholders. 

African Gold Group President and CEO, Michael A.J. Nikiforuk stated, "I believe the time has now come to significantly increase our branding and awareness amongst the massive online small-cap community of investors that are searching for their next great investment. AGORACOM's search engine program is the fastest and most efficient way of attracting new shareholders. I strongly encourage our current shareholders to begin taking advantage of our new online community, which demonstrates we are a fully accessible organization with a great story to tell." 

For all future African Gold investor relations needs, investors are asked to visit our IR Hub at (http://www.agoracom.com/IR/africangold) where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. 

The terms of the agreement are as follows: Duration - 12 months. Monthly Cash Compensation - $5,000. Stock Options - 250,000 shares at $CDN .1.20 per share; This agreement has been negotiated entirely at arm's length. AGORACOM is located in Toronto, Ontario.

African Gold Group, Inc., is pleased to report that it has added the Foroko and Acoma concessions to its strategic land position at Kobada, Mali. This process was accomplished via direct application for the concessions with the Government of Mali's Department of Mines, Energy and Water.

The inclusion of the Foroko and Acoma concessions to AGG's regional land position represents a strategic consolidation of the Company's "footprint" on the eastern flank of the Kobada gold concession. Foroko is contiguous with Kobada's eastern and southern borders and Acoma is contiguous with Kobada and Forokos's eastern borders. Total land holdings in the region have increased from Kobada's 41 sq km to include Foroko's 22 sq km plus Acoma's 153 sq km for a total of 216 sq km, representing a 527% increase in AGG's original holdings. This increase in regional land holdings represents the culmination of a strategic initiative that commenced with the Company's acquisition of the Kobada gold concession in February, 2006. All three concessions are located in the Kangaba region of south western Mali. 

Please see below for the regional map that illustrates the respective concessions and their respective borders:

Kobada-Drilling-Section

 

110 RC drill holes, representing a total of approximately 10,000 meters drilled, prior to the annual Christmas break.

As stated in the Company's press release of October 11, 2007, AGG's strategy going forward has shifted from the completed Phase 1 infill diamond drill program within "Zone 1" to a 25,000 meter RC drill program that is designed to step-out and explore the extent of the continuation of Au mineralization along Kobada's untested strike length. "Our goal was to complete approximately 10,000 meters of RC drilling before the annual Christmas break and we are pleased to advise that we achieved this objective, generating 110 holes, working 2 shifts, 24 hours per day. We are grateful for the dedication and commitment of our Kobada based team," states AGG Chairman, Ben Adoo, C Eng.

All of the 110 RC holes were drilled to a depth of approximately 90 meters (down the hole) at an angle of -55º and an azimuth of 290º. To date, a total of 5.3 km of Kobada's primary structural strike length has now been explored to a minimum depth of 90 meters down hole. This sequential exploration exercise has consisted initially of infill diamond drilling "Zone 1", which encompasses sections -2600S through -1400S (1.2 km), in addition to the recently completed RC drilling to the north and south of "Zone 1". RC drilling commenced in November, 2007, to the immediate north of "Zone 1" on section -1200S and proceeded north with fences drilled on sections -400S, 00, +400N, +1000N, +1400N and +2100N before relocating the drill rig to the south of "Zone 1" on section -3200S. (Please see the link to the attached map that depicts the Kobada concession, "Zone 1", sections recently RC drilled and trace of artisanal workings).

Below is  the Q4 Kobada, Mali RC Drill Campaign

Kobada-Drilling-Section

African Gold Group, Inc.,  is pleased to report that the Company's surface exploration program at its Assuowunu (Ghana) concession has identified three main gold-in-soil anomalies that trend into the contiguous Esaase concession, controlled by Keegan Resources Inc.

This regional exploration program was conducted to extend a previous survey south, to the borders that form the contiguous Assuowunu / Esaase concession's common boundaries.

The prior regional survey, to the north of the current survey, comprised silt sampling, grid establishment and soil sampling. The silt sampling program defined four anomalous zones and numerous creeks showed visible gold grains ranging from 1 to 2 small grains per sample to more than 25 grains per sample. Grain size varied from small (<1mm) to 3 mm size.

The current survey has extended three of the anomalies to the common Assuowunu / Esaase border and closed the soil grid to 200 meters x 50 meters. The three main anomalies that have been identified are indicated on the accompanying map as Target(s) "A", "B" and "C" (please see attached map to show the entire survey area with the current southern portion of the survey area highlighted).

Keegans-Esaase-Strike-Map

African Gold Group, Inc., is pleased to report the assay results from 52 channel samples that span 104 meters of an exposed footwall within an excavated artisanal pit at its Manso Atwere concession, in Ghana. 

TABLE 1 CHANNEL SAMPLE ANALYSIS

===============================================================
Interval with Grade (g/t) and
Anomaly sample numbers width of mineralization
===============================================================
1 J1001-J1004 ( 0 - 8m) 1.14 g/t over 8m
---------------------------------------------------------------
2 J1016-J1027 (30 - 52m) 2.36 g/t over 22m
---------------------------------------------------------------
3 J1047-J1052 (88 -100m) 2.73 g/t over 12m
---------------------------------------------------------------

In addition, two grab samples that were collected from the artisanal miner's stock pile of ore, that was ready to be crushed and washed, returned assay values of 10.2 g/t Au for sample J1059 and 20.9 g/t Au for sample J1060. (see link to attached photo depicting stockpile, crusher and sluice. A total of 60 samples were taken from this exercise and all samples were prepared and analyzed by SGS Laboratory located at Bibiani, Ghana. 

Crusher

African Gold Group, Inc., is pleased to report that it has re-opened its Kobada, Mali, exploration camp, following the cessation of the 2007 annual rains. Camp administrators, ALLTERRAIN Services Inc., report that AGG's camp will be fully functional and open to receive advance technical personnel by Monday, November 05, 2007. A 25,000 meter RC drill program is expected to commence, on or about, November 15, 2007.

As stated in the Company's press release of October 11, 2007, AGG's strategy going forward, will shift from the completed Phase 1 infill diamond drill program, within "Zone 1", to a 25,000 meter RC drill program that is designed to step-out and explore the orientation and continuation of the productive structure over the remaining 11 km of Kobada's untested strike length. The RC drill targets have been generated by the IP geophysical survey, which commenced in March, 2007. This survey has generated a very distinct signature of the extensively gold mineralized structure within "Zone 1", with indications this distinct signature is persisting to the north-east and south-west along strike. The physical extent of the IP survey to date, measures approximately four linear kilometers along strike and includes the 1.2 km region denoted as "Zone 1". 

African Gold Group, Inc., is pleased to announce that it has issued 500,000 units in its capital at $1.05 per unit for gross proceeds of $525,000 under the terms of the private placement which was announced on October 9, 2007. Each unit is comprised of one common share of AGG and one-half warrant. Each whole warrant entitles the holder to purchase one additional common share of AGG at a price of $1.50 until April 15, 2009.

The private placement was non-brokered; however, the Company has issued a finder's fee of $26,250 which represents 5% of the gross proceeds subscribed for through the finder. In addition, a total of 50,000 finder's warrants were issued which represents 10% of the common shares subscribed for through the finder. Each finder's warrant entitles the holder to acquire one common share at $1.05 per share until April 15, 2009.

All securities issued under the private placement including the finder's warrants are subject to a resale restriction that remains in effect until February 16, 2008.

African Gold Group, Inc., ("AGG" or the "Company") is pleased to report the metallic assay results for an additional 23 diamond drill holes from AGG's Kobada, Mali gold project.

HIGHLIGHTS

  • KB07-83: 10.50 meters of 16.76 g/t Au, including 1.50 meters of 94.34 g/t Au and 1.0 meters of 32.19 g/t Au, intercepted at 20.50 meters downhole
  • KB07-78: 56.00 meters of 1.29 g/t Au, including 1.10 meters of 45.03 g/t Au
  • KB07-99: Drilled on section 29+00S, halted due to rains at 88 meters in Au mineralization. Collar protected and drilling to resume, weather permitting
  • Deposit remains open along strike in both directions

RESULTS AND ANALYSIS

For coherence, the results from the 23 diamond drill holes have been organized according to the section the hole was drilled on as opposed to numerical order and are depicted in Table 1 below. Please see the attached map for the collar locations and trace of each hole and the respective section the holes were drilled on.

Kobada-Drilling-Section

TABLE 1: RESULTS FROM AGG'S DIMAOND DRILLING CAMPAIGN

  • Signficant Intersections On Sections Drilled
  • Metallic Assays
  • Kobada Project, Mali

African Gold Group, Inc., is pleased to announce the terms of a non-brokered private placement (the "Offering") of 500,000 units ("Units") in the capital of AGG at $1.05 per Unit for gross proceeds of $525,000 to AGG. Each Unit is comprised of one common share of the Company and one-half of one warrant of the Company. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $1.50 for a period of 18 months after the closing date, provided that if the closing price of the common shares of the Company on the TSX-Venture Exchange (the "TSX-V") is equal to or greater than $2.25 per common share for a period of 30 consecutive trading days any time after four months and one day after the Closing Date, the Company may accelerate the expiry date on the 30th day after the date on which such notice is given by the Company.

The common shares issued under the Offering are subject to a four month and a day resale restriction and the Offering is subject to TSX-V approval.

AGG will pay a finder's fee of 5% of the gross proceeds from the common shares subscribed for under the Offering, and issue finder's warrants to acquire 10% of the common shares issued. Each finder's warrant is exercisable at $1.50 to acquire a common share of AGG for 18 months from the closing of the offering.

African Gold Group, Inc., is pleased to report that it has secured final government approval of its acquisition of the Manso Atwere gold mining concession from Gyampo Mining Co. Ltd., ("GMCL") located at Manso Atwere in the Ashanti region of the north-east section of the Asankrangwa gold belt in Ghana, West Africa. 

The acquisition of the 7.2 sq. km Manso Atwere concession represents the 5th distinct gold concession controlled by AGG in the northern Asankrangwa gold belt and increases AGG's consolidated land position in the area from 449 sq. km to 456.2 sq. km. This region has a significant history of gold production, is the subject of extensive ongoing artisanal mining and is rapidly gaining in significance due to the recent gold discovery at the nearby Essase concession. Please see the link to the attached regional concession map depicting AGG's total regional holdings and the location of Manso Atwere within the region.

Asankrangwa-Section

The Manso Atwere concession has been the subject of much local (Ghana) interest and speculation due to a four year court battle, waged in Ghana, over title to this coveted ground. AGG has remained an interested bystander throughout the legal proceedings, as it had originally secured an agreement in 2003 to acquire the license from GMCL, the defendant in the court proceedings. AGG is pleased to report that the Ghana court(s) and subsequently the Ghana Minerals Commission have awarded the Manso Atwere title to GMCL, resulting in AGG and GMCL finally concluding their agreement.

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