Gold: $1783/oz
TSX-V: AGG
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Press Releases

October 18, 2021, Toronto, Canada – African Gold Group, Inc. (TSX-V: AGG, OTCQX: AGGFF, FRA: 3A61) (“AGG” or the “Company”) is pleased to announce that an updated technical report under National Instrument 43-101 (“NI 43-101”) for the definitive feasibility study on Kobada Gold Project (the “Project” or “Kobada”) has been filed on SEDAR (www.sedar.com), pursuant to the September 1, 2021 press release. Highlights of the economic study were previously announced by the Company on September 29, 2021.

Highlights include:

Qualified Person

This DFS was prepared under the supervision of Nick Dempers, Principal Process Engineer at SENET and a “Qualified Person,” as such term is defined in NI 43-101.

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 TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa’s next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG’s principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2020 DFS and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential for an increase in resource. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.

For more information:

Danny Callow

 

President and Chief Executive Officer

+ (27) 76 411 3803

Danny.Callow@africangoldgroup.com

Daniyal Baizak

 

Vice President, Corporate Development

+1 (647) 835 9617

Daniyal.Baizak@africangoldgroup.com

   
Scott Eldridge

 

Non-Executive Chairman of the Board

+1 (604) 722 5381

Scott.Eldridge@africangoldgroup.com

Camarco (Financial PR)

 

Gordon Poole / Nick Hennis

+44 (0) 20 3757 4997

AfricanGoldGroup@camarco.co.uk

   

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 2021 DFS, production potential and economics of the Project, upside potential of the Project,  drilling and exploration plans of the Company, mine plan, mine schedule, processing of materials, power and water infrastructure, tailings management, logistics, refining, environmental and social aspects, key impact, capital costs, operating costs, financial metrics, project opportunities and development timetable with respect the 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; available infrastructure and supplies; the COVID-19 pandemic 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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