TORONTO, ONTARIO--(Marketwired - Jul 29, 2014) - African Gold Group, Inc. (TSX VENTURE:AGG) ("AGG" or the "Company") is pleased to report on the progress of its feasibility study for its Kobada Gold Project, located in southern Mali, which is on schedule and anticipated to be delivered prior to the end of 2014.
Appointment of Kobada Project Infrastructure & Logistics Manager
The Company has further strengthened its feasibility study and mine development team with the appointment of Mr. Torben Michalsen as "Project Infrastructure & Logistics Manager", effective July 11, 2014. Mr. Michalsen will be responsible for infrastructure and logistics activities relating to the construction, commissioning and project operation at the Kobada gold project.
Mr. Michalsen, is an accomplished project management professional with over 15 years experience managing logistics, resource management and construction in a variety of resource industries spanning three continents. Most recently, Mr. Michalsen was Project Manager at Guyana Goldfields where he was responsible for project implementation, management and development of infrastructure for the Aurora gold mine in Guyana South America. Prior to that, Torben was Forest Operations Supervisor and Manager for several forest management and wood industries companies. Mr. Michalsen has a BSc in Geoscience and Resource Management from the University of Copenhagen.
Gekko Systems Retained - Metallurgical Testwork Underway
The Company has retained Gekko Systems Pty Ltd. ("Gekko"), a market leader in gold processing and low-energy mining solutions utilizing innovative modular plant designs, to partner with Montreal based Bumigene Engineering to complete the feasibility study for the Kobada bulk mining gold operation. For additional information on Gekko Systems please visit http://gekkos.com/.
On July 15, 2014, AGG shipped a 2 tonne bulk sample, via air freight, to Gekko in Ballarat, Australia for metallurgical testwork. The 2 tonne bulk sample is a composite of core samples of saprolite ore and auger samples of laterite ore collected over a wide area of the known gold resource.
The purpose of this testwork is to determine the optimum process flowsheet for the project and to provide a more accurate estimate of key operating parameters, including process recovery and capital and operating costs. This work will ultimately form the foundation of the feasibility study that is to demonstrate the economic viability of the Kobada Gold Project. The results of the metallurgical testwork are expected to be available in the third quarter of this year.
Director, President and CEO of AGG, Mr. Declan Franzmann, FAusIMM, comments, "I am very pleased to have Gekko as a member of our feasibility study team. I believe that Gekko's extensive gravity knowledge, innovative flowsheet design and its reputation of delivering highly efficient low-cost processing solutions will enhance the economics of the Kobada project compared to traditional processing routes.
"In addition, we welcome Torben to AGG and look forward to his contribution with both the completion of the feasibility study and the development of the Kobada deposit. Torben's hands on experience in construction and resources industries will significantly strengthen and complement AGG's existing team. At this time, AGG is on track to announce the results of the feasibility study by the end of 2014 and I look forward to updating our shareholders on our progress throughout the remainder of this year."
Mr Nigel Grigg, Business Development Manager at Gekko Systems, comments, "We are pleased to have the opportunity to work with AGG on the Kobada gold project. We see this as an attractive opportunity to showcase Gekko Systems innovative flowsheets and technology in delivering a gold production plant with low capital costs, optimal throughput rates and low operating costs. The Kobada deposit is particularly well suited to Gekko's pre-concentration philosophy, with previous testwork conducted by SGS Canada Inc., indicating that 57% of the saprolitic feed material can be rejected as fines, containing only 4% of the total gold. This characteristic is likely to provide excellent potential for upgrading of feed grades and significantly increases the processing capacity of the concentration equipment, thus potentially making it a very low cost operation."
About African Gold Group
African Gold Group, Inc., is a Canadian exploration and development company with a strong focus on West Africa. AGG is positioned to grow in value as it progresses its Kobada Gold Project through a feasibility study, development and into production. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.
On Behalf of the Board:
Declan Franzmann
President and CEO
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.
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact included herein, including without limitation, statements regarding future plans and objectives of African Gold Group; and statements regarding the ability to develop and achieve production at Kobada are forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from African Gold Group's expectations have been disclosed under the heading "Risk Factors" and elsewhere in African Gold Group's documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. African Gold Group disclaims any intention or obligation to update or revise any forward looking statements whether resulting from new information, future events or otherwise, except as required by applicable law.