African Gold Group Inc.

Published : March 18th, 2008

Diamond Drilling Set To Test Multiple Structures Parallel To And Contiguous

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  Monday, March 17, 2008
African Gold Group, Inc. Diamond Drilling Set To Test Multiple Structures Parallel To And Contiguous With Keegan's Esaase, Ghana Concession; Kobada, Mali Update

  TORONTO, CANADA, MARCH 17, 2008 -- African Gold Group, Inc., ("AGG" or the "Company") 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:

TABLE 1
ASSUOWUNU CONCESSION

(North-West Asankrangwa Holdings*)
==============================================================================

ACTIVITY

WORK DONE

COMMENTS

==============================================================================

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.

TABLE 2
MANSO ATWERE CONCESSION

(Southern Asankrangwa Holdings)

==============================================================================

ACTIVITY

WORK DONE

COMMENTS

==============================================================================

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

==============================================================================
Please activate the link to the regional map that illustrates the highlighted surveyed areas relative to AGG's total Asankrangwa Holdings.

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 N30�E, 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" (please activate the link to the plan map depicting the location of the RC hole collars)

CORPORATE UPDATE

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 http://www.agoracom.com/IR/africangold
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 agg@agoracom.com where 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 the Company's website at www.africangoldgroup.com and on www.sedar.com and through the Company's offices at: BCE Place, Canada Trust Tower, 27th Floor, 161 Bay Street, Toronto, Canada M5J 2S1

On Behalf of the Board:
Michael A. J. Nikiforuk
President, Director

FOR FURTHER INFORMATION PLEASE CONTACT:
African Gold Group, Inc.
Michael A. J. Nikiforuk
(416) 572-2225
info@africangoldgroup.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
 


 
Data and Statistics for these countries : Burkina Faso | Canada | Ghana | Mali | All
Gold and Silver Prices for these countries : Burkina Faso | Canada | Ghana | Mali | All

African Gold Group Inc.

EXPLORATION STAGE
CODE : AGG.V
ISIN : CA00829A1066
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African Gold Group is a gold exploration company based in Canada.

African Gold Group holds various exploration projects in Ghana.

Its main exploration properties are BAGOE - EAST, BAGOE - WEST and KOBADA in Mali and NYANKUMASI, MANKRANHO and ASANKRANGWA in Ghana.

African Gold Group is listed in Canada and in United States of America. Its market capitalisation is CA$ 48.9 millions as of today (US$ 39.1 millions, € 34.3 millions).

Its stock quote reached its highest recent level on April 02, 2004 at CA$ 3.40, and its lowest recent point on April 12, 2019 at CA$ 0.01.

African Gold Group has 326 100 000 shares outstanding.

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