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:
(North-West Asankrangwa Holdings*)
|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.|
MANSO ATWERE CONCESSION
(Southern Asankrangwa Holdings)
|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|
AGG’s consolidated Asankrangwa land holdings comprise 5 contiguous concessions 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 runs parallel to the mapped major structural target(s) currently being drilled by Keegan Resources at its 28 sq. km Esaase concession. A review of Keegan Resource’s website indicates that Keegan is projecting the major structural target(s) to trend onto AGG’s Assuowunu concession, which is contiguous with the Keegan permit (see map).
DIAMOND DRILLING TO TEST ANOMALOUS STRUCTURES
AGG will publish the results of the geochemical survey described above upon receipt of sample analysis. The Company is moving aggressively to contract for a diamond drill rig and anticipates the Phase I drill program will encompass a total of 5,000 meters. Approximately 2,000 meters will be dedicated to testing multiple structures to a depth of approximately 200 meters downhole in the region of the Dwabosso artisanal pit located at AGG’s Manso Atwere concession (see map). Approximately 3,000 meters of core drilling will be dedicated to testing four structural targets within the Company’s Assuowunu concession, which lies contiguous and on-strike with Keegan Resource’s Esaase concession. One of the four Assuowunu structural targets represents an area of extensive in-situ artisanal mining that extends from AGG ground onto Keegan ground (see map), and the other three structural targets are believed to be contiguous structures that extend from Keegan’s Esaase concession onto AGG’s Assuowunu concession.
AGG is also pleased to advise that it has contracted Insight Geophysics Inc. to immediately commence with a geophysical survey of the five zones that have been targeted for diamond drilling. This work is expected to support the definition of structural targets for follow-up diamond drilling.
KOBADA, MALI UPDATE
The Company announced on January 17, 2008 that it has retained Watts, Griffis and McOuat Limited (“WGM”) to assist the Company with the implementation and execution of its expanded Kobada exploration project, located in Mali, West Africa, as well as assisting with the management of its increasing Asankrangwa, Ghana exploration initiatives. WGM has solid credentials in West Africa, having extensive experience in Ghana, Mali, Burkina Faso and Cote d’Ivoire, as well as having played a key role in managing the exploration that led to the discovery of Sadiola, located in western Mali.
As part of WGM’s mandate, the Company is pleased to report that WGM advises it anticipates delivering the final results of the Company’s initial 43-101 compliant Mineral Resources estimate for the “Zone 1” in-fill diamond drill program at Kobada, Mali, within approximately 7 days from the date of this release. “Zone 1” measures approximately 1.2 km in strike length, yet only comprises about 10% of the overall Kobada Trend, which is geochemically anomalous in arsenic and gold over a strike of 12 km. The 12 km Kobada Trend has been the subject of extensive historical and current artisanal mining over significant portions of this anomaly.
Accordingly, following the release of the initial 43-101 resource estimate for Kobada, “Zone 1” the Company anticipates finalizing the review and press releasing the results of its recently completed 10,000 meter, reverse circulation (RC) drill campaign. The step-out exploration RC drill hole results will be published in two separate press releases such that:
- Those RC exploration holes drilled on 8 lines oriented N30ºE, to the north and south of “Zone 1” that were drilled on 400 to 800 meter spacing and covering approximately 5.5 kilometers of strike length will be released first. These RC holes are thought to represent the potential strike extension of Kobada “Zone 1” and the Company believes these drill holes should be reviewed within the context of the 43-101 resource estimate for “Zone 1” (see map link below).
- Those RC holes drilled on 7 lines, oriented North/South (N/S), in the newly discovered Foroko structure, located in the northern segment of the recently acquired, contiguous Foroko concession, will be subsequently released as a separate set of data, given the distinct setting of this structure, relative to Kobada, “Zone 1”
AGG announced today that it has granted a total of 800,000 incentive stock options (the “Options”) to the directors and officers of AGG under its Stock Option Plan. All of the granted Options are exercisable at $1.20 per share and expire five years from the date of grant on March 10, 2008.
All Options granted and any common shares issued upon their due exercise will be subject to a statutory four-month hold. The granting of the Options are subject to regulatory acceptance of applicable filings.
AGORACOM INVESTOR RELATIONS
For all African Gold Group investor relations needs, investors are asked to visit the African Gold IR Hub at https://agoracom.com/IR/africangoldgroup
where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors.
Alternatively, investors are able to e-mail all questions and correspondence to firstname.lastname@example.org they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
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.
Additional Information is available on www.sedar.com or at
AFRICAN GOLD GROUP INC.
151 Yonge St.
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