Gold: $1824/oz
TSX-V: AGG
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Press Releases

African Gold Group Files NI 43-101 Technical Report for Kobada Gold Project

Toronto, Canada – July 13, 2020 – African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to announce that an updated technical report under National Instrument 43-101 for the definitive feasibility study on Kobada Gold Project has been filed on SEDAR (www.sedar.com), pursuant to the June 17, 2020 press release.

"We are very excited to deliver this DFS update, which shows a marked improvement over the 2016 Feasibility Study. We are pleased to announce significantly improved project economics on the back of a large jump in mineral reserves, based on a solid foundation of additional drilling, an updated resource model and a comprehensive metallurgical test work program,” comments Danny Callow, Chief Executive Officer of AGG.

"We have worked tirelessly, despite the impact of COVID-19 to deliver this study on time and 20% below budget. Our flagship Kobada Gold Project has been increased to a 100,000 oz per annum operation. Based on the limited exploration drilling on only 4 km of the 30 km of identified structural shear zones on the property, we believe there is significant potential to improve the resources and reserves further with limited additional exploration. We have an advanced process plant design, we are fully permitted, and we are ready for the next phase of construction."

Highlights include:

Qualified Persons

The contents of this press release have been reviewed and approved by:

Each of the aforementioned individuals are independent Qualified Person as defined by

NI 43-101.

About African Gold Group

African Gold Group is a Canadian listed gold company on the TSX Venture Exchange (TSX-V: AGG) with expansive holdings in West Africa`s prolific Birimian Greenstone Belt including more than 460 km2 across Mali and Burkina Faso with a focus on the development of the Kobada Gold Project in southern Mali. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.

For more information please contact:

Danny Callow

President and Chief Executive Officer

+(27) 76 411 3803

Danny.Callow@africangoldgroup.com

 

Scott Eldridge

Non-Executive Chairman of the Board

(604) 722-5381

Scott.Eldridge@africangoldgroup.com

 

Daniyal Baizak 

VP Corporate Development

(416) 861-2267

Daniyal.Baizak@africangoldgroup.com

Cautionary statements

This press release contains “forward‑looking information” within the meaning of applicable Canadian securities legislation. Forward‑looking information includes, but is not limited to, statements regarding, the DFS and the summary information extracted therefrom, the exploration plans of the Company at the Kobada Gold Project and the development timetable for the Kobada Gold Project. Generally, forward‑looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.  Forward‑looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AGG to be materially different from those expressed or implied by such forward‑looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although AGG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‑looking information. AGG does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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