Pope & Company Initiates Equity Research Coverage on African Gold Group, Inc.
Published : November 05, 2012
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TORONTO, ONTARIO--(Marketwire - Nov. 5, 2012) - African Gold Group, Inc., ("AGG" or the "Company") (News - Market indicators) is pleased to announce that Pope & Company, based in Toronto, Canada has initiated research coverage on African Gold Group, Inc. with a speculative buy recommendation and a target price of $0.84/share.

Pope & Company's initiating research report on AGG states:

"African Gold is developing the Kobada property which has a 218.5 sq km concession in the prolific gold producing area of south-west Mali. We recommend African Gold based on the following: 

  • Near Term Producer-AGG has the potential to begin production in 2015, and to ramp up production to 126,000 oz Au annually by 2017.
  • Significant Increase In Oxide Resource Expected-Based on pre-2011 drilling, the Resource at Kobada is over 1 M oz Au of which more than 95% is in highly oxidized rock. In Q4/12, the Company plans a Resource update which will include 49,000 m of drilling completed since 2010. We believe this drilling will increase the Resource at Kobada by 65%. Longer term, there is potential to find significantly more gold at Kobada and in the surrounding area, providing the drilling is undertaken.
  • Gold Grade Upside-The gold at the Kobada deposit is coarse and nuggety, which means the contained gold content is often under estimated. The development of Kobada is based on processing the oxide gold ores in a Gravity Processing Plant (GPP) similar to the one which was recently put in operation at Wassoul'Or's Kodieran Mine also in Mali. Reports from Kodieran indicate that gold grade in ore processed is higher than estimated.
  • Potential Sulfide Resource-Kobada has potential for a large gold sulfide Resource below the oxide layer. The Company has intersected gold in sulfides below the oxide Resource in many areas, but the drill density has not been sufficient to define a Resource.
  • Exploration Upside-Besides Kobada, African Gold has a number of exploration targets (Gossokorodji, Diaban, Foroko North). Ultimately, we expect the total gold Resource, including Kobada, to exceed 5 M oz Au.
  • Good Team-The Company has worked in Mali for many years and has personnel with experience in the development of other gold mines in Mali. The Company's management has a proven track record in the capital markets and in mining in West Africa.
  • Good Jurisdiction-Mali is a good jurisdiction in which to develop new mines. The geology is excellent and the domestic workforce is inexpensive. The oxide deposits are near surface with good metallurgy and can be mined for the most part at a low strip ratio. In addition, the country allows permitting prior to the completion of a Feasibility Study. 

Valuation and Recommendation

Our target represents a 223% upside to the current price of $0.26/share. We suggest that as African Gold proceeds to production, defines more resources and makes plans to recover gold from sulphide, we will see further upside to the stock. We therefore recommend purchase of AGG."

Please activate the below link to view the complete report authored by Pope & Company initiating coverage of AGG: http://media3.marketwire.com/docs/PopeResearch_AfricanGoldGroupNov2012.pdf.

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 at AGG's Kobada, Mali gold project. The Company is projecting the Feasibility Study will be completed in Q2/2013, at which time, the Company will submit an application to obtain an Exploitation License to the appropriate Malian authorities.

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 : Canada | Mali | All
Gold and Silver Prices for these countries : 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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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...
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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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