African Gold Group Inc.

Published : October 29th, 2014

Kobada Metallurgy Test Work Confirms 85.2% Gold Recovery for Saprolite Ore-Results Exceed Expectation

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Keywords :   Australia | Gold | Mali | Recovery |

Kobada Metallurgy Test Work Confirms 85.2% Gold Recovery for Saprolite Ore-Results Exceed Expectation

TORONTO, ONTARIO--(Marketwired - Oct 29, 2014) - African Gold Group, Inc. (TSX VENTURE:AGG) ("African Gold Group" or the "Company") is pleased to provide an update of ongoing work for the Kobada Gold Project Feasibility Study.

Executive Summary

AGG has received results from metallurgical test work being completed by Gekko Systems in Australia. The results exceed AGG's expectations for processing the Kobada saprolite ore and include:

  • Overall gravity recovery of gold - 85.2%;
  • High mass rejection, with 61% of saprolite total feed rejected in pre-concentration;
  • Overall mass rejection through pre concentration and gravity concentration - 91.6% (that is 8.4% reports to concentrates).

Work is also continuing in Mali with environmental studies progressing to support all permitting requirements. AGG has also been identifying and negotiating with construction and mining contractors in order to tightly define all costs for the Project.

The results from testwork and cost estimation will now be used for the compilation of the Scoping Study and Preliminary Economic Assessment. The results of this study are expected prior to the end of 2014.

Work Underway in Mali

The work in Mali is primarily focused on obtaining the mining license. It includes the Environmental and Social Impact Assessment (ESIA) for the property. This work started in July 2014 and has included environmental baseline and impact studies that form the cornerstone of information required for the conversion to a mining license. The Company anticipates that the application for the mining license will be submitted by the end of the year.

A second ESIA is also underway which deals specifically with the construction activities for the project, including the access road. These two documents are important for the rapid development of the Kobada Project.

In parallel, AGG is busy developing relationships with local mining and construction companies in Mali. The Company intends to utilize as much local content for the Project as possible. These local companies are providing quotations for many aspects of the project, from access roads, construction of maintenance facilities and accommodation camp infrastructure to a comprehensive mining contract. This detailed work will provide significant input to the capital and operating costs for the Kobada Feasibility Study.

Metallurgical Test Work - Pre-concentration

The metallurgical test work is proceeding well. Pre-concentration test work has been completed and demonstrated that 61% of the total saprolite feed was rejected. Pre-concentration is a simple process of washing ore and then cycloning to remove the very fine (slime) fraction of ore. It is a characteristic of the Kobada saprolite gold mineralisation that makes this process so effective.

Previous work completed independently by SGS Lakefield in 2010 achieved mass rejection of 57% with a gold loss of 3.8% (that is 96.2% recovery). The latest result has a very significant implication on the operating costs for the project, and is particularly relevant as the test work models the actual processing plant design.

The pre-concentration step causes more than a two-fold increase in gold grade to the rest of the process flow sheet. The large mass rejection also equates to lower operating costs.

Metallurgical Test Work - Gravity Concentration

Results from gravity test work have now been finalized by Gekko Systems. This test work has been designed to model the process flow sheet proposed by Gekko.

For the saprolite ore type, total recovery of gold by gravity concentration was 85.2%, which is contained within 8.4% of the total mass of material processed.

The Company plans to leach the concentrate using traditional leaching technologies, and the gravity concentrate will be ground in a ball mill to ensure high leach recovery.

It is the high overall mass rejection that is significant in minimizing the capital costs for the Kobada, as the ball mill can be sized to treat only 8.4% of the total mass of material. The Company is considering a processing rate of 1.6 million tonnes per annum (4,400 tonnes per day), which equates to treating 134,000 tonnes of concentrate per annum (370 tonnes per day).

Further Work

Further metallurgical work is being completed which will examine the benefit that finer crushing will have on gold recovery. This will be finalized over the next two weeks.

AGG will also finalize capital and operating cost estimates for the project. The Resource Update and Preliminary Economic Assessment, including mine design, will be completed prior to the end of 2014.

President and CEO of African Gold Group Mr. Declan Franzmann, FAusIMM, comments, "AGG is exceptionally pleased with the results for the metallurgy test work. The three months of detailed independent work at Gekko conclusively confirms that cycloning and gravity processing of the Kobada resource will achieve a gold recovery and cost profile that will significantly enhance the economics of the Project."

On Behalf of the Board:

Declan Franzmann

President and CEO

About African Gold Group

African Gold Group is a Canadian exploration and development company with a strong focus on West Africa. African Gold Group 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.

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.

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.

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Australia | Mali | All
Gold and Silver Prices for these countries : Australia | 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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