TORONTO, ONTARIO--(Marketwire - April 9, 2008) - African Gold Group, Inc., ("AGG" or the "Company") (TSX VENTURE:AGG) is pleased to report the assay results for 71 reverse circulation ("RC") step-out drill holes, drilled on 9 lines covering a total of 5.5 kilometers of strike length at Kobada, Mali. These holes were drilled on a N30 degrees E orientation and are hypothesized to represent the potential strike extension, to the north and south of "Zone 1".
STEP-OUT RC DRILL HIGHLIGHTS
- KBRC7-5: 9 meters grading 25.8 g Au/t, including 1 meter of 228 g Au/t
- KBRC7-6: 14 meters grading 3.66 g Au/t, including 9 meters of 4.61 g Au/t
- KBRC7-8: 18 meters grading 1.78 g Au/t, including 7 meters of 3.59 g Au/t (ended in mineralization).
- KBRC7-15: 22 meters grading 1.48 g Au/t, including 10 meters of 1.98 g Au/t
RESULTS AND ANALYSIS
For coherence, the results from the 71 RC drill holes have been organized according to the section the hole was drilled on as opposed to numerical order and are depicted in Table 1 below. All of the RC holes were drilled to a depth of approximately 90 meters (down the hole) at an angle of -55 degrees and an azimuth of 290 degrees. Please see the attached map for the collar locations and the respective section the holes were drilled on.
To view the map, please visit the following link: http://media3.marketwire.com/docs/kobadamap.pdf.
The ALS Chemex Laboratory in Bamako is used as the analytical facility for the Kobada Project. Reverse circulation (RC) samples were dried and crushed in their totality. A 500 gram split of the crushed sample, nominally at 3 mm was then pulverized to approximately 90% passing 75 µm (200 mesh). The coarse material was retained as crusher reject and stored in its original numbered sample bag. Approximately 200 grams of the pulp was retained in a sample packet. A 50 gram sample from the packet was analysed for gold by conventional fire assay with an instrumental AAS finish.
"We are most encouraged that this program of reconnaissance reverse circulation drilling, on a 400 meter to 800 meter sectional spacing, has identified gold mineralization over 5.5 km of strike length at Kobada, Mali. In particular, we note the very strong degree of gold mineralization intercepted on section L 1200 S. It is reasonable, at this point in time, to perceive this zone of mineralization as the potential extension of "Zone 1". Furthermore, we note the presence of strong mineralization 800 meters to the north of L 1200 S on section L 400 S but will refrain from any conjecture regarding the spatial relationship of this mineralization, at this point in time. The purpose of this program was to intercept extensions or repetitions of Kobada's productive structure to the north and south of "Zone 1" in as cost-effective a manner as possible. We are of the opinion that we have succeeded in demonstrating the pervasive and extensive nature of gold mineralization at Kobada and remain confident that we will build significantly on the recently announced Mineral Resources Estimate for "Zone 1", which represents approximately 10% of the 12 km anomalous Kobada Trend, states AGG Chairman, Ben Adoo, C. Eng.
In a press release dated April 02, 2008, the Company released the initial 43-101 Mineral Resources estimate for Kobada, Mali, which was completed by Watts, Griffis and McOuat Limited of Toronto ("WGM"), a well respected international consulting firm which has filled the role of AGG's independent consultant since December, 2007. WGM estimates that "Zone 1" of the Kobada deposit, representing approximately 10% of the overall Kobada geochemical trend contains an Inferred Mineral Resource, as presently outlined, of between 450,000 ounces of gold and 740,000 ounces of gold as follows:
This news release has been reviewed and approved by Al Workman, P.Geo. (Ontario), Vice-President of Watts, Griffis and McOuat Limited. The geotechnical portion of this press release has been reviewed and approved by AGG Chairman, Ben Adoo, C. Eng., a Qualified Person.
CORPORATE UPDATE
African Gold Group, Inc. is pleased to announce that Mr. Jaimie MacPherson has been appointed Chief Financial Officer of the Company, subject to regulatory approval. Mr. MacPherson is a Chartered Accountant and is the former Chief Financial Officer of a private equity group located in Hamilton, Bermuda. Upon his return to Canada, he was an audit manager at Moore Stephens Cooper Molyneux, where he specialized in audits of Canadian junior public mining companies. Mr. MacPherson will be responsible for the accounting, financial management and corporate compliance of the Company.
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.
About Agoracom
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.
On Behalf of the Board:
Michael A. J. Nikiforuk, President, Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
African Gold Group, Inc.
Michael A. J. Nikiforuk
(416) 572-2225
Email: info@africangoldgroup.com
Website: www.africangoldgroup.com
