African Gold Group Inc.

Published : January 20th, 2010

Multi-Phase Work Program Focused on Surpassing 1,000,000 oz Gold Threshold has Commenced at Kobada,

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Keywords :   Canada | Diamond | Fixed | Ghana | Gold | K Street | Mali |


  Wednesday, January 20, 2010
African Gold Group, Inc., Multi-Phase Work Program Focused on Surpassing 1,000,000 oz Gold Threshold has Commenced at Kobada, Mali

 
TORONTO, CANADA, January 20, 2010 -- African Gold Group, Inc., ("AGG" or the "Company") is pleased to report that a multi-phase exploration and development program has commenced at Kobada, Mali. The primary goal of the program will be to surpass the 1,000,000 oz gold threshold within "Zone 1" of the Kobada deposit. "Zone 1" measures 1.2 km in strike length, representing 10% of the 12 km anomalous Kobada trend.

The Company is pleased to advise that it has engaged the services of an internationally renowned consulting group, Scott Wilson Roscoe Postle Associates ("Scott Wilson RPA"), to assist AGG in achieving the following corporate objectives associated with this multi-phase program:

  • A consolidation and review of 100% of all the exploration data associated with the Kobada gold project;
  • the completion of a current resource estimate, that meets the standards set out in NI 43-101, that includes upper oxide material omitted from the initial resource estimate published in May 2008, by Watts, Griffis & McOuat (see AGG Press Release dated Sept. 23, 2009);
  • Planning and implementation of an exploration/development program that will include both Diamond and RC drilling that is intended to support the revised 43-101 resource estimate and where logical upgrade the current resource estimate from the Inferred category to the Indicated category;
  • To prepare a Scoping Study that will meet the requirements of a Preliminary Assessment under NI 43-101 regulations. Scott Wilson RPA will utilize the updated resource estimate as the basis for preparing this study.
Technical Team Arrives At Kobada

A contingent of technical personnel arrived on site at Kobada on January 17, 2010 to commence with all preliminary work, including the location and preparation of all drill pads.

Airborne Geophysical Survey

The Company is pleased to advise that it has retained the services of Xcalibur Airborne Geophysical, a South African company that specializes in ultra-high resolution airborne surveys to conduct a geophysical airborne survey over the entire 216 sq km contained within the 4 contiguous AGG concessions that comprise the greater "Kobada Gold Project". Xcalibur collects data at lower ground clearances (10m to 40m) than what is commonly used in the airborne geophysics industry (80m to 100m). The data quality and resolution improves exponentially when reducing flight altitude providing geologists with significantly more detailed information for planning future exploration programs.

The total flight distance of the survey will consist of approximately 4,700 line-kilometres flown on 50 metre flight line spacing. The fixed wing aircraft employs horizontal gradiometer (wing-tip) systems on a dual turbine Islander. This platform type is safely capable of maintaining a nominal survey height of 30 m above hazard level as measured with radar altimeter. Experience has shown this height is achievable for surveys in Mali, given the nature of the vegetation and topography.

The survey will use the known resource at "Zone 1" as a control. The airborne geophysical data will be used to identify extensions of known structures which will assist in selecting drill targets for the pending drill program, as well as, to identify and prioritize other target areas for future exploration.

AGG has retained Paterson, Grant & Watson Limited ("PGW"), headquartered in Toronto, Canada, ("PGW") as project manager of the airborne geophysical survey. PGW has been furnishing technical excellence in the planning, supervision, processing and interpretation of a wide variety of geophysical surveys, since 1973.
The survey is anticipated to commence on or about Feb 10, 2010. Data collection will be completed in approximately 10 calendar days and the processed results will be available for interpretation 20 working days after completion of the last flight.

Drilling Set To Commence

AGG is pleased to advise that it has retained the services of West African Drilling Services ("WADS") to facilitate the Diamond and RC drilling that will be associated with this work program. It is anticipated that drilling will commence on or about February 15, 2010 and that this phase of the program will approximate 10,000 meters of drilling. Scott Wilson RPA will assist in the planning and implementation of this program with their senior geologist proposing recommendations for drilling, including the amount of Diamond drilling as well as RC drilling. The planning phase of this initiative is underway and at this juncture it is perceived that a significant amount of drilling will be within "Zone 1" with step-out holes immediately along strike of "Zone 1", predominantly to the north. As stated previously, drill data from this portion of the program will be utilized to support a revised 43-101 resource estimate.

Scoping Study

The multi-phase program that is underway is intended to culminate with Scott Wilson RPA preparing a Scoping Study that will meet the requirements of a Preliminary Assessment under NI 43-101 regulations. The revised 43-101 resource estimate will be utilized in the preparation of this report. The parameters to be investigated, that will comprise the report, will include: mining, metallurgy and process, infrastructure, environment, manpower, current life of mine plan (based on current resources) and project execution plan.

Asankrangwa Holdings, Ghana

The Company is pleased to advise that it is currently engaged in formulating an exploration strategy that is intended to create shareholder value and advance the Asankrangwa Holdings from its current state. AGG's Asankrangwa Holdings represent a 456 sq km footprint, comprised of five contiguous concessions, of which the Assuowunu concession, located in the north-west quadrant of the region, is on strike and contiguous with Keegan Resource's 3.5 million ounce Esaase gold deposit. The Company is confident that work will commence at Asankrangwa within the first quarter of 2010.

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 : Canada | Ghana | Mali | All
Gold and Silver Prices for these countries : 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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Financings of African Gold Group Inc.
3/18/2015Announces Closing of Private Placement
3/11/2015Announces Private Placement
9/5/2013Announces the Closing of $1,500,000 Private Placement Offeri...
3/20/2006private placement of up to 4 million shares
Option Grants of African Gold Group Inc.
4/5/2011, Engages Torrey Hills Capital for Investor Relations
Project news of African Gold Group Inc.
8/23/2013(Kobada)Clarifies Disclosure on Kobada, Mali Gold Project Press Rele...
5/3/2010(Asankrangwa)Airborne Survey Of Asankrangwa Holdings -- Contiguous And O...
4/8/2010(Asankrangwa)To Commence Airborne Survey Of Asankrangwa Holdings -- Conti...
2/18/2010(Kobada)Drilling At Kobada, Mali Focused On Surpassing 1,000,000 Oz ...
1/20/2010(Kobada)Multi-Phase Work Program Focused on Surpassing 1,000,000 oz ...
3/24/2010(Kobada)Intersects 18 Meters of 7.04 G/T Au In Zone 1 and 21 Meters ...
10/28/2009(Mankranho)Newmont Confirms Structures That Host Yamfo North-East & Sub...
9/23/2009(Kobada)Kobada "Zone 1" Resources Estimate Will Increase
5/21/2008(Kobada)Files Initial 43-101 Mineral Resources Estimate For "Zone 1"...
4/9/2008(Kobada)Intercepts 9 Meters Of 25.8 G Au/T
Mineralization Identi...
4/2/2008Releases Initial 43-101 Mineral Resources Estimate for "Zone...
3/18/2008(Kobada)Diamond Drilling Set To Test Multiple Structures Parallel To...
3/6/2008(Bagoe - East)Randgold Resources Reports Rab Drilling Is Underway At Bagoe...
Corporate news of African Gold Group Inc.
1/6/2016African Gold Group, Inc. Announces Sale of Ghanian Assets fo...
10/28/2015African Gold Group, Inc. Announces Metalurgical Test Work Co...
9/3/2015African Gold Group Announces Closing of Private Placement
8/5/2015African Gold Group, Inc. Announces Grant of Kobada Mining Li...
7/8/2015African Gold Group, Inc. Announces Election of Mr. Georges C...
2/6/2015African Gold Group to Participate in "Doing Business in Mali...
1/22/2015African Gold Group Closes Second Non-Brokered Private Placem...
1/14/2015African Gold Group Closes Non-Brokered Private Placement for...
12/23/2014African Gold Group, Inc. Announces Filing of Preliminary Eco...
11/25/2014African Gold Group, Inc.: Updated Preliminary Economic Asses...
10/29/2014Kobada Metallurgy Test Work Confirms 85.2% Gold Recovery for...
10/28/2014African Gold Group Unaware of Any Material Change
9/4/2014AGG Appoints David Brown as Company Chairman
7/29/2014African Gold Group Updates on Kobada Feasibility Study
7/23/2014African Gold Group Inc. Completes 2014 Kobada Field Season-B...
7/17/2014African Gold Group, Inc., Appoints Misha Collins Feasibility...
7/9/2014African Gold Group, Inc., Kobada Feasibility Study Work to M...
6/19/2014African Gold Group, Inc.: Bulk Sampling Results Identifies S...
5/22/2014African Gold Group Closes Over-Subscribed Non-Brokered Priva...
4/29/2014African Gold Group Strengthens Mine Development Team With th...
3/25/2014African Gold Group, Inc. Announces Early Warrant Exercise In...
10/22/2013(Kobada), Engineering Team Mobilizes to Commence Metallurgical Test ...
7/8/2013Annual and Special Shareholder Meeting
6/20/2013letter Press Release June 18 2013
6/18/2013(Kobada)Updated Resources Estimate for Kobada Gold Project Surges to...
5/29/2013KBRC12-160 Intercepts 75 Meters of 3.06 g/t Au; KBRC12-201 I...
5/29/2013KBRC12-160 Intercepts 75 Meters of 3.06 g/t Au; KBRC12-201 I...
5/15/2013KBRC12-084 Intercepts 69 Meters of 2.37 g/t Au; KBRC12-066 I...
5/8/2013Feasibility Study Drilling on 25 Meter Centers Pushes Au Min...
3/25/2013IGE Resources calls for Extra General Meeting, related to th...
2/5/2013(Mankranho)Completes Sale of Mankranho, Ghana Concession for US$4,000,0...
11/5/2012Pope & Company Initiates Equity Research Coverage on African...
10/10/2012(Mankranho)Announces Sale of Mankranho, Ghana Concession for US$4,000,0...
5/1/2012May 01/2012
3/29/2012March 29/2012
3/20/2012March 20/2012
11/29/2011Nov 30/11
10/26/2011Featured In The Financial Post,
10/25/2011Oct 25/11
9/14/2011Sept 14/11
8/25/2011Featured In The Financial Post, Mining News
7/13/2011July 13/11
7/13/2011Positive Preliminary Economic Assessment Generates $216.9 Mi...
6/1/2011June 01/11
6/1/2011Southern Step Out Hole Intercepts 96 Meters of 1.35 g/t Au f...
4/5/2011April 05/11
3/29/2011March 29/11
3/22/2011March 22/ 11
3/22/201167 RC Drill Holes Shipped to Lab; 3,980 m of Trench Results ...
3/16/2011Re-Adopts Shareholder Rights Plan
4/29/2008 included in The Gold Newsletter, April 2008 Edition
4/16/2008Trenching Returns 84 Meters Of 3.0 G Au/T, Including 36 Mete...
2/25/2008 Retains AGORACOM To Provide Google Search Engine IR Program...
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