African Gold Group, Inc., is pleased to report that it has secured final government approval of its acquisition of the Manso Nkwanta and Assuowunu gold concessions held by Tropical Mines Ltd. of Ghana, West Africa.
The acquisition of these licenses represents a strategic consolidation of land on the northern segment of the Asankrangwa gold belt as the concessions are contiguous with AGG’s Twedee and Moseaso licenses. Total land holdings in the region have increased from 314 sq. km to 449 sq. km with the resultant known mineralized strike length increasing from 9 km to 24 km, on the consolidated land package.
“The acquisition of these two concessions represents the fulfillment of a publicly stated corporate goal that dates back to the inception of the Company. We view our land portfolio as our primary asset and intend to continue to grow this asset as we move forward with our business plan,” states AGG Chairman, Ben Adoo. This region of the Asankrangwa gold belt has a significant history of exploration as well as gold mining:
Immediately to the south of the Manso Nkwanta concession, Resolute Resources mined approximately 30 million tonnes of ore grading 2.0 g/t Au from a number of pits at Nkran Hill, Adubiaso, Akwasiso and Abore.Immediately to the west and draining from the Assuowunu concession, Bonte Gold Mines produced approximately 500,000 ounces of alluvial gold from 1992 to 2002.To the immediate north, at Mpesetia, AngloGold Ashanti produced approximately 100,000 ounces of gold from open pit operations.All of the above sources of gold are believed to be structurally controlled and these structures are known to extend onto AGG holdings. Previous operators, in the mid to late 1990’s, carried out extensive preliminary exploration by way of regional geochemistry and geology, geophysics and trenching, producing a number of, as yet untested anomalies. It will be AGG’s focus to incorporate this data into their own database derived from the Company’s work on the contiguous Twedee and Moseaso licenses.
African Gold Group, Inc., based in Toronto, is engaged in the identification, acquisition and exploration of prospective gold projects situated along significant gold trends in Ghana, West Africa. The Company’s immediate focus is to systematically explore both surface, and in particular, subsurface targets along three major gold trends: the Sefwi, Asankrangwa and Wasa-Akyem Gold Belts.
Additional Information is available on www.sedar.com or at
AFRICAN GOLD GROUP INC.
151 Yonge St.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.