African Gold Group, Inc. Feasibility Study Drilling on 25 Meter Centers Pushes Au Mineralization 1 km South of (2011) 43-101 Resources Estimate-Kobada Remains Open Along Strike, at Depth and West
Published : May 08, 2013
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TORONTO, ONTARIO--(Marketwired - May 8, 2013) - African Gold Group, Inc., ("AGG" or the "Company") (News - Market indicators) is pleased to report the analytical results for 57 near surface (oxide), reverse circulation (RC) southern step out drill holes from the Company's Kobada, Mali gold project.

Near Surface (Oxide) Drill Highlights From Southern Step Out RC Holes Include:

KBRC11-043*: 52 m @ 1.02 g/t Au 
KBRC11-045*: 47 m @ 0.77 g/t Au 
KBRC12-036: 29 m @ 0.86 g/t Au
KBRC12-044: 56 m @ 0.91 g/t Au
KBRC11-055*: 35 m @ 0.9 g/t Au 
KBRC11-056*: 18 m @ 1.18 g/t Au 
KBRC11-059*: 14 m @ 3.08 g/t Au 
KBRC11-071: 38 m @ 1.01 g/t Au
KBRC11-076: 30 m @ 0.75 g/t Au
KBRC11-093: 27 m @ 1.28 g/t Au
KBRC11-088: 15 m @ 7.38 g/t Au

The assay results detailing mineralized intercepts for the 57 near surface (oxide) southern step out RC holes are listed in Table 1 below:

TABLE 1

Section   Hole_ID   From   To   Length   Grade g/t Au   Depth   Azimuth   Objective
3000S   KBRC11-043*   21   73   52   1.02   102       Southern step out from 2011 Resource
    incl   49   50   1   10.14            
        66   67   1   10.96            
        93   99   6   0.56            
3000S   KBRC11-045*   2   49   47   0.77   82       Southern step out from 2011 Resource
        66   74   8   0.33            
3050S   KBRC12-032   3   6   3   3.21   75   200   Infill to 2011 resource
        14   27   13   0.36            
        38   42   4   2.98            
3050S   KBRC12-033   9   12   3   0.79   75   200   Infill to 2011 resource
3053S   KBRC12-034               NSR   84   200   Infill to 2011 resource
3100S   KBRC12-035               NSR   75   200   Infill to 2011 resource
3100S   KBRC12-036   0   26   26   0.9   81   200   Infill to 2011 resource
        36   43   7   0.47            
        50   53   3   0.33            
3100S   KBRC12-037   52   55   3   0.41   81   200   Infill to 2011 resource
        63   69   6   0.66            
    KBRC12-038               NSR   99   200    
3250S   KBRC12-039   1   15   14   0.83   93   200   Infill to 2011 resource
        25   52   27   0.38            
        90   93   3   0.54            
3250S   KBRC12-040   22   41   19   0.57   93   200   Infill to 2011 resource
        50   57   7   1.39            
        73   93   20   0.75            
3250S   KBRC12-041   20   49   29   0.86   81   200   Infill to 2011 resource
3250S   KBRC12-042   1   7   6   0.61   75   200   Infill to 2011 resource
3300S   KBRC12-043   0   3   3   0.45   93   200   Infill to 2011 resource
    KBRC12-043   88   91   3   0.38            
3300S   KBRC12-044   0   56   56   0.91   87   200   Infill to 2011 resource
        71   76   5   0.74            
3300S   KBRC12-045   52   55   3   0.44   96   200   Infill to 2011 resource
        60   64   4   1.09            
        71   74   3   0.33            
3350S   KBRC11-054*   0   3   3   0.43   100   200   Southern step out from 2011 Resource
        28   37   9   0.47            
        51   55   4   0.76            
        77   100   23   0.58            
3350S   KBRC11-055*   1   8   7   0.33   100   200   Southern step out from 2011 Resource
        25   38   13   0.53            
        45   49   4   0.77            
        65   100   35   0.9            
3350S   KBRC11-056*   1   4   3   0.47   100   200   Southern step out from 2011 Resource
        15   33   18   1.18            
    incl   32   33   1   13.16            
        41   54   13   0.47            
        86   100   14   0.29           Ended In Mineralization
3400S   KBRC11-058*   0   4   4   0.49   100   200   Southern step out from 2011 Resource
        16   37   21   0.7            
        62   65   3   0.49            
3400S   KBRC11-059*   0   3   3   0.57   45   200   Southern step out from 2011 Resource
        30   44   14   3.08           Ended In Mineralization
3400S   KBRC11-059A*   27   37   10   0.43   100   200   Southern step out from 2011 Resource
        80   83   3   0.33            
        92   95   3   0.58            
3400S   KBRC11-060*   0   3   3   1.68   100   200   Southern step out from 2011 Resource
        22   29   7   1.31            
        46   55   9   0.34            
        64   100   36   0.61            
3450S   KBRC12-046   0   3   3   0.3   75   200   Infill to 2011 resource
3450S   KBRC12-047   1   44   43   0.57   87   200   Infill to 2011 resource
3450S   KBRC12-048               NSR   81   200   Infill to 2011 resource
3450S   KBRC12-049   35   41   6   0.75   81   200   Infill to 2011 resource
        56   59   3   0.63            
        73   78   5   0.35            
3500S   KBRC12-050               NSR   81   200   Infill to 2011 resource
3500S   KBRC12-051   0   8   8   1.14   93   200   Infill to 2011 resource
        20   63   43   0.47            
        72   75   3   0.37            
3500S   KBRC12-052   0   23   23   0.49   87   200   Infill to 2011 resource
        38   41   3   0.31            
        81   84   3   0.37            
3500S   KBRC12-053   79   87   8   0.32   87   200   Infill to 2011 resource
3600S   KBRC11-070   1   12   11   0.35   100   200   Southern step out from 2011 Resource
3600S   KBRC11-071   2   40   38   1.01   100   200   Southern step out from 2011 Resource
    incl           1   12.33            
        75   78   3   0.41            
        88   99   11   0.94            
3600S   KBRC11-072   20   34   14   0.69   100   200   Southern step out from 2011 Resource
        41   44   3   0.37            
        49   56   7   1.19            
        77   80   3   0.34            
3650S   KBRC12-054   70   73   3   0.62   93   200   Infill to 2011 resource
3650S   KBRC12-055   24   29   5   0.46   93   200   Infill to 2011 resource
3650S   KBRC12-056               NSR   111   200   Infill to 2011 resource
3650S   KBRC11-096   33   36   3   0.48   108   200   Southern step out from 2011 Resource
        53   62   9   0.87            
        93   96   3   0.33            
        104   108   4   4.21            
    incl           1   13.6            
3700S   KBRC12-057   15   18   3   5.8   93   200   Infill to 2011 resource
    incl   15   16   1   14.8            
        27   40   13   0.39            
        89   92   3   0.37            
3700S   KBRC11-076   57   87   30   0.75   100   200   Southern step out from 2011 Resource
3700S   KBRC12-058               NSR   111   200   Infill to 2011 resource
3700S   KBRC11-093   19   22   3   0.66   100   200   Southern step out from 2011 Resource
    KBRC11-093   72   99   27   1.28            
3700S   KBRC11-094   54   59   5   1.55   100   200   Southern step out from 2011 Resource
3750S   KBRC12-059               NSR   111   200   Infill to 2011 resource
3750S   KBRC11-087   22   31   9   0.74   100   200   Southern step out from 2011 Resource
    KBRC11-087   54   57   3   0.44            
3750S   KBRC11-088   46   61   15   7.38   100   200   Southern step out from 2011 Resource
    KBRC11-088   76   79   3   0.33            
3750S   KBRC11-089   37   41   4   1.87   100   200   Southern step out from 2011 Resource
    KBRC11-089   61   64   3   0.46            
    KBRC11-089   97   100   3   0.4            
  1. Significant drilled intercepts have a minimum length of 3m at 0.3 g/t or the product "Length X Grade" greater than 0.9 g.m/t. Intercepts are drilled lengths and may not be true width within a structure dipping 70 degrees to 80 degrees
  2. Up to 7 m of horizontal "waste" included within mineralized intercept
  3. * previously published, re-published to complete line drilled
  4. NSR: no significant results

"Today's results have extended drilling on 25 meter centers for a total of one kilometer south of AGG's resources estimate that was published as part of a press release issued on July 14, 2011. At present, the overall strike length of the Kobada gold project now stands at 3,200 meters, representing an increase in strike length of 1,500 meters, relative to the 1,700 meters of strike length reported in the July 14, 2011 press release that detailed the results of the Kobada Preliminary Economic Assessment. We are encouraged to report that Kobada remains open along strike in both directions (north/south), at depth and to the west of the current resource," states AGG President, Michael A. Nikiforuk.

Kobada Review

On July 14, 2011 AGG announced the results of a positive NI 43-101 Preliminary Economic Assessment (http://www.africangoldgroup.com/index.php?option=com_content&view=article&id=197%3Aafrican-gold-group-inc-positive-preliminary-economic-assesment-generates-2169-million-npv-and-90-irr&catid=54&Itemid=161) (the "PEA" or the "Study") that evaluates the potential of an open pit, bulk mining model, utilizing a gravity recovery process plant, at the Company's Kobada (Mali) gold project. The PEA incorporates and includes drill data up to the end of December, 2010. There is no drill data from either the 2011 or 2012 campaign included in the PEA. More specifically, the PEA does not incorporate drill data for the northern extension holes that hold potential to extend Zone 1 up to 2 kilometers north of the Zone 1 deposit, in addition, the PEA does not incorporate the 2011 southern holes that hold potential to extend Zone 1 up to 1.55 kilometers south of the Zone 1 deposit, nor does the Study include any potential from the newly discovered Foroko North deposit, the newly discovered Termite Zone or the recently announced Gosso discovery zone, the latter three discovery zones being separate and distinct structures from Zone 1.

Project Economics - Base Case

The PEA estimates an after-tax Net Present Value (NPV) of US$216.9 million from commencement of construction and an after-tax Internal Rate Of Return (IRR) of 90.57% using a base case of US$1,100 per ounce of gold and a discount rate of 5%.

The Kobada project base case is for processing 20,000 tonnes per day for a total of 7,000,000 tonnes per year in a gravity process plant that is projected to recover 87.9% of the gold contained in 41,750,000 tonnes of lateritic material assaying 0.64 g/t Au, for average annual production of 126,600 ounces of gold for the first five years of operation. The average annual operating cost is calculated to be US$8.27/t for the first five years of operation with a CAPEX of US$122,500,000. The project produces gold at the direct cost of US$470.90 per ounce. The Study demonstrates that the Kobada gold project is economically optimized by adopting bulk mining versus selective mining. The direct implications of bulk mining are demonstrated in a substantial increase in tonnage and recoverable gold but with an associated decrease in the average gold grade. Please visit www.africangoldgroup.com to review the entire content of AGG's July 14, 2011 press release announcing the results of the positive Preliminary Economic Assessment.

Sampling - QA/QC Program

RC cuttings are recovered at the bottom outlet of the RC rig cyclone into 50-kg capacity poly-weave bags to recover the cuttings from each 1 meter of drill penetration. Each one meter sample weighs an average of approximately 19 to 23 kg. Each sample is passed through a 3-tier Jones Riffler (1 to 8 split), the samples are riffled twice to obtain from 3 to 5 kg of cuttings which are put in a numbered sample bag. Each bag is sealed and picked up on site by ALS Chemex Laboratories for delivery to its Burkina Faso facilities. The remaining 14 to 18 kg of cuttings (field rejects) are stored in camp under tarps to protect the bags against the elements.

Original samples are analyzed using Leachwell on 2 kg of pulp. Leachwell is a bottle roll cyanidation procedure with the addition of a catalyst to speed up gold dissolution. A QA/QC program is in place and includes: blank (1 in 20 samples), duplicates (1 in 20), standards (1 in 20), external lab checks (1 in 30) and two different analytical procedures checks (1 in 100).

Under the guidelines of National Instrument 43-101, the qualified person for the Kobada Gold Project is Mr. Pierre Lalande, P. Geo. Mr. Lalande is a member of the Association of Professional Geoscientists of Ontario and has reviewed and approved the contents of this news release.

African Gold Group, Inc., based in Toronto, Canada, is fully focused on transitioning from an exploration / development company into a gold producer. In conjunction with this objective, a full Feasibility Study is currently underway for AGG's Kobada, Mali gold project. The Company is projecting the Feasibility Study will be completed in Q4/2013, at which time, the Company will submit an application to obtain an Exploitation License to the appropriate Malian authorities.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The preliminary assessment includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized.

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: Sun Life Financial Tower, Suite 2518, 150 King St. West, Toronto, Canada
M5H 1J9.

On Behalf of the Board:

Michael A. J. Nikiforuk, President, Director

Neither the 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.

African Gold Group, Inc.
Michael A. J. Nikiforuk
(647) 288-0453
majn@africangoldgroup.com
www.africangoldgroup.com
Data and Statistics for these countries : Burkina Faso | Canada | Mali | All
Gold and Silver Prices for these countries : Burkina Faso | Canada | 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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