African Gold Group, Inc. (TSX-V: AGG) ("AGG" or the "Company") is pleased to announce the update of the Mineral Resource and provide a general update of progress on the Feasibility Study for the Kobada Gold Project.
Above a cutoff grade of 0.3g/t Au, the Measured and Indicated (M&I) Mineral Resource was estimated to be 35.4 million tonnes at 1.1 g/t gold, containing 1.21 million ounces of gold. The Measured and Indicated Mineral Resource is mostly unchanged from 2014 despite the inclusion of mining depletion from artisanal mining activity and the lower bulk density applied for the laterite resource. This is largely due to additional drilling allowing the classification of Measured and Indicated Resources from previously Inferred or unclassified resource.
The oxide ore types that comprise the M&I Mineral Resource total 18.0 million tonnes at 1.1 g/t Au containing 620,000 ounces of gold.
As announced in a press release dated August 05, 2015, the company completed 1,398 metres of drilling in May 2015. This drilling was included in the update of the mineral resource, although the primary purpose was the collection of geotechnical and metallurgical samples, rather than improving mineral resource size and confidence.
Significant intercepts from this drilling included:
(TSX-V: AGG) ("AGG" or the "Company") is pleased to announce the results of metallurgical test work and provide an update on the progress of the feasibility study.
The company completed additional metallurgical test work at Gekko Systems facilities in Ballarat and Bureau Veritas in Perth, Australia, as part of the Feasibility Study process. This work confirms the results established in test work completed in 2014. Overall metallurgical recovery of gold was found to be 80% using the flow sheet established in the previous work.
A 92 kg sample of ore, assaying 0.92 g/t, was initially washed (a process known as scrubbing) and then wet-screened over a 1.18mm screen. The screen oversize represents 20% of the mass, and contained 49% of the gold at a grade of 2.31 g/t. The screen undersize represented 80% of the feed, had a grade of 0.58 g/t. The screening process provided a significant upgrade of the oversize, which was then crushed to below 1.18mm, and combined with the gravity feed to the gravity concentration process.
African Gold Group, Inc. (TSX VENTURE:AGG) ("AGG" or the "Company") is pleased to announce that it has completed a non-brokered private placement offering (the "Offering") raising gross proceeds of CDN$1,231,171.40. The Offering consisted of 24,623,428 Units (the "Unit") at a price of $0.05 per Unit. Each Unit is comprised of one common share and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional common share of AGG at a price of $0.06 per share for a period of thirty-six (36) months from the date of closing.
Six officers and directors of the Company (the "Purchasing Insiders"), purchased an aggregate of 51% of the securities issued pursuant to the Offering. The Offering was considered and approved by the board of directors of the Company, with the directors who purchased Units under the Offering declaring a conflict and recusing themselves from voting on the Offering. There was no materially contrary view or abstention by any director approving the Offering. Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the purchase by the Purchasing Insiders was a "related party transaction" but the Company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Offering.
Mr. Georges Cohen, AGG Director and lead investor in this round of financing noted, “I have been a Director and major shareholder of AGG for only a short period of time and can legitimately express my approval with AGG’s recent accomplishments. At a time when a number of AGG’s peer group companies have been placed on “care and maintenance”, AGG continues its drive to production in a systematic and focused manner. Through accomplishments such as the recent granting of the mining license, the Kobada project is, in my view, significantly de-risked from an operational and investment perspective and AGG’s ability to advance the project at this time speaks to Kobada’s robustness, both in terms of the low capex, and simple mining and gold recovery process, which contribute directly to Kobada’s impressive projected IRR (Internal Rate of Return). As an experienced investor, who assesses business value regularly, it is my view that the Kobada gold project is exactly right for the times.”
African Gold Group, Inc. (TSX VENTURE:AGG) ("AGG" or the "Company") announces that the TSX Venture Exchange (the "Exchange") has consented to the Company's application to extend the expiry date of certain of its outstanding common share purchase warrants (the "Warrants"). Consent was given to extend the term of 10,714,428 Warrants with an exercise price of $0.12 per common share and due to expire on September 4, 2015 by one year to September 4, 2016.
These Warrants were issued pursuant to a private placement of 21,428,856 units, which closed on September 4, 2013. For further information on the original issuance of the Warrants, please refer to the press release of the Company dated September 5, 2013 filed on SEDAR.
Warrantholders are advised that replacement Warrant certificates will not be issued and that the original Warrant certificates must be presented to the Company in order to effect the exercise or transfer of such Warrants.
African Gold Group, Inc. (TSX-V: AGG) ("AGG" or the "Company")is pleased to announce the appointment of Mr. Georges Cohen to its Board of Directors, effective June 22, 2015.
Mr. Cohen is past President and CEO of the most important subsidiary of Europe's largest multinational IT services company, Cap Gemini, headquartered in Paris France. Mr. Cohen was the founder of Paris based, Transiciel, a multinational IT services company employing over 10,000 engineers that merged with Cap Gemini subsidiary, Sogeti, in 2003. Mr. Cohen became CEO of the merged Sogeti-Transiciel (22,000 employees) and became one of four members of the Executive Committee of Cap Gemini (110,000 employees).
Following the successful integration of Sogeti-Transiciel, Mr. Cohen departed the company to engage in private equity investing, on behalf of his family office, in the highly diversified fields of science engineering and related services, real estate, aerospace, communication, real-time media and finance, including co-founding Altergaz, the second largest gas distribution company in France, that was ultimately sold to Eni S.p.A., an Italian multinational integrated energy company. The Cohen family has also invested in Panhard, a leading European light armored vehicle manufacturer that was sold to Volvo Group, AB. Panhard's military equipment is being used in numerous peacekeeping missions, including its current deployment in Mali, West Africa.
African Gold Group, Inc. (TSX-V: AGG) ("AGG" or the "Company") is pleased to announce the Company has received a mining license for the Kobada Gold Project, located in Mali, West Africa on July 31, 2015 (“Kobada” or the “Project”).
This is a very significant milestone in the development of Kobada to a producing gold mine and marks the completion of the key permitting stage. The company now has all of the necessary government approvals for the Project’s development.
DETAILS OF THE MINING LICENSE
The Prime Minister of Mali granted the mining license to African Gold Group Mali SARL (AGG Mali), a 100% owned subsidiary of AGG, on July 31, 2015 under Decree 2015-0528. The mining license covers an expansive area of 135.7 square kilometres (52.4 square miles) and is valid for a period of thirty (30) years.
This area covers 100% of the current mineral resource at Kobada, plus the most advanced exploration targets and areas of significant resource potential.
On June 2, 2015, African Gold Group Inc. received the environmental approvals for a mining operation at its 100-per-cent-owned Kobada gold project, located in Mali, West Africa.
This is an important milestone in the development of Kobada as the granting of the environmental approval is the penultimate step that precedes the granting of the actual mining license, which the Company expects to obtain in the near future.
The grant of the Environmental Permit by the Malian Government's Ministry of Environment and Sustainable Development follows on from the work the Company commenced in June 2014. This work included environmental baseline studies and the development of a full Environmental and Social Impact Assessment ("ESIA") which was developed in conjunction with the Company's local consultant.
A Community Development Plan was completed in parallel with the ESIA. This document outlines the Company's future undertakings to assist in the economic development of the local communities, that are adjacent to the Project, and was developed in consultation with the local communities, the Malian Government and other interest groups.
This Management Discussion and Analysis (“MD&A”) is an explanation through the eyes of management, of how African Gold Group, Inc. (the “Company” or “AGG”) performed during the periods covered by the audited consolidated financial statements filed concurrently with this MD&A, and of AGG’s financial condition and future prospects. The MD&A covers the year ended December 31, 2014 and the subsequent period up to the date of the filing. The MD&A compliments and supplements the consolidated financial statements of AGG. For a full understanding of the financial position and results of operations of the Company, the MD&A should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2014 and 2013 and notes thereto. The Company’s interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). All dollar amounts are stated in U.S. dollars, unless otherwise noted.
AGG is pleased to advise that The Malian Ministry of Mines has extended an invitation to Mr. Declan Franzmann, President & CEO, African Gold Group, Inc., to be part of a prestigious panel of presenters that will discuss doing business and investing in Mali during the annual Africa Mining Indaba Conference.
African Gold Group, Inc. (TSX V: AGG) ("AGG" or the "Company") is pleased to announce the closing of a non-brokered private placement offering (the "Offering"). The Offering consisted of 33,165,006 Units (the "Unit") at a price of $0.05 per Unit for gross proceeds of $1,658,250.30. Each Unit is comprised of one common share and one-half (1/2) of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one additional common share of AGG for a period of twenty-four (24) months at a price of: (i) $0.075 per common share for the first six (6) months; and (ii) $0.10 per common share thereafter until the expiry date of January 14, 2017.
Four officers and directors of the Company, being Declan Franzmann, Marco Durante, David Brown and Jaimie MacPherson (the "Purchasing Insiders"), purchased an aggregate of 13% of the securities issued pursuant to the Offering. The Offering was considered and approved by the board of directors of the Company, with Declan Franzmann, Marco Durante and David Brown declaring a conflict and recusing themselves from voting on the Offering. There was no materially contrary view or abstention by any director approving the Offering.