African Gold Group, Inc.: KBRC12-160 Intercepts 75 Meters of 3.06 g/t Au; KBRC12-201 Intercepts 85 Meters of 1.27 g/t Au; KBR...
29 Mai 2013 - 3:00PM
Marketwired Canada
African Gold Group, Inc. (TSX VENTURE:AGG) ("AGG" or the "Company") is pleased
to report the analytical results for 85 near surface (oxide), reverse
circulation (RC) drill holes, from the Company's Kobada, Mali gold project. The
holes reported in this press release represent the balance of the 2012
Feasibility Study drill program that were infill drilled on 25 meter centers
within the (2011) Zone 1 deposit. Drill collars for the RC holes reported in
this release are collectively located between sections 2080S through to section
2740S.
Near Surface (Oxide) Drill Highlights From Southern Step Out RC Holes Include:
KBRC12-131: 24 m @ 1.08 g/t Au & 12 m @ 1.41 g/t Au & 9 m @ 1.57 g/t Au & 7
m @ 1.10 g/t Au
KBRC12-136: 15 m @ 1.50 g/t Au
KBRC12-137: 27 m @ 1.90 g/t Au
KBRC12-140: 33 m @ 0.73 g/t Au
KBRC12-141: 18 m @ 0.77 g/t Au & 13 m @ 0.91 g/t Au
KBRC12-144: 21 m @ 0.71 g/t Au & 48 m @ 1.66 g/t Au
KBRC12-148: 17 m @ 0.88 g/t Au & 11 m @ 0.70 g/t Au
KBRC12-151: 30 m @ 1.19 g/t Au
KBRC12-152: 30 m @ 1.54 g/t Au
KBRC12-155: 13 m @ 1.62 g/t Au & 3 m @ 1.46 g/t Au & 19 m @ 0.93 g/t Au
KBRC12-157: 38 m @ 0.95 g/t Au & 52 m @ 1.06 g/t Au
KBRC12-159: 18 m @ 1.45 g/t Au & 22 m @ 0.57 g/t Au
KBRC12-160: 75 m @ 3.06 g/t Au, incl 1 m @ 125 g/t Au
KBRC12-161: 31 m @ 1.45 g/t Au
KBRC12-164: 23 m @ 1.08 g.t Au & 12 m @ 0.79 g/t Au
KBRC12-165: 7 m @ 1.75 g/t Au & 25 m @ 1.48 g/t Au & 9 m @ 1.06 g/t Au
KBRC12-167: 46 m @ 1.02 g/t Au
KBRC12-169: 13 m @ 0.71 g/t Au & 22 m @ 2.29 g/t Au & 26 m @ 0.67 g/t Au
KBRC12-176: 50 m @ 1.12 g/t Au
KBRC12-179: 31 m @ 2.45 g/t Au
KBRC12-183: 16 m @ 0.97 g/t Au & 21 m @ 0.76 g/t Au
KBD12-111: 29 m @ 1.11 g/t Au
KBRC12-190: 10 m @ 0.80 g/t Au & 31 m @ 1.13 g/t Au
KBRC12-193: 48 m @ 1.03 g/t Au
KBRC12-197: 37 m @ 0.74 g/t Au & 26 m @ 1.86 g/t Au
KBRC12-198: 26 m @ 0.77 g/t Au & 9 m @ 2.43 g/t Au
KBRC12-201: 85 m @ 1.27 g/t Au
KBRC12-204: 4 m @ 2.41 g/t Au & 57 m @ 1.68 g/t Au
KBRC12-205: 18 m @ 0.52 g/t Au & 52 m @ 0.81 g/t Au
KBRC12-208: 72 m @ 1.79 g/t Au
The assay results detailing mineralized intercepts for the near surface (oxide)
infill RC drill holes collared between sections 2080S through to 2740S are
listed in Table 1 below:
TABLE 1
----------------------------------------------------------------------------
From To Length Au Depth
Section Hole ID (m) (m) (m) (g/t) (m) Objective
----------------------------------------------------------------------------
2080S KBRC12-129 1.00 9.00 8.00 0.33 93 Zone 1 infill
KBRC12-129 0.00 3.00 3.00 0.50
----------------------------------------------------------------------------
2080S KBRC12-130 25.00 29.00 4.00 0.36 111 Zone 1 infill
KBRC12-130 49.00 72.00 23.00 0.43
----------------------------------------------------------------------------
2080S KBRC12-131 1.00 25.00 24.00 1.08 129 Zone 1 infill
KBRC12-131 34.00 46.00 12.00 1.41
KBRC12-131 56.00 65.00 9.00 1.57
KBRC12-131 102.00 109.00 7.00 1.10
----------------------------------------------------------------------------
2080S KBRC12-132 18.00 21.00 3.00 0.55 111 Zone 1 infill
KBRC12-132 36.00 40.00 4.00 2.92
KBRC12-132 48.00 51.00 3.00 0.89
KBRC12-132 58.00 66.00 8.00 0.30
KBRC12-132 73.00 85.00 12.00 0.47
KBRC12-132 93.00 96.00 3.00 0.67
----------------------------------------------------------------------------
2100S KBRC12-133 9.00 12.00 3.00 1.11 111 Zone 1 infill
KBRC12-133 22.00 25.00 3.00 0.41
KBRC12-133 87.00 91.00 4.00 0.57
KBRC12-133 105.00 111.00 6.00 0.47
----------------------------------------------------------------------------
2100S KBRC12-134 1.00 4.00 3.00 0.92 81 Zone 1 infill
KBRC12-134 14.00 22.00 8.00 1.63
KBRC12-134 0.00 3.00 3.00 0.43
----------------------------------------------------------------------------
2125S KBRC12-135 22.00 25.00 3.00 0.30 87 Zone 1 infill
----------------------------------------------------------------------------
2125S KBRC12-136 5.00 20.00 15.00 1.50 117 Zone 1 infill
KBRC12-136 33.00 36.00 3.00 0.35
KBRC12-136 49.00 69.00 20.00 0.30
KBRC12-136 87.00 98.00 11.00 0.39
----------------------------------------------------------------------------
2125S KBRC12-137 14.00 17.00 3.00 0.31 129 Zone 1 infill
KBRC12-137 25.00 33.00 8.00 0.64
KBRC12-137 43.00 51.00 8.00 1.74
KBRC12-137 68.00 75.00 7.00 0.99
KBRC12-137 97.00 124.00 27.00 1.90
----------------------------------------------------------------------------
2125S KBRC12-138 0.00 3.00 3.00 0.48 87 Zone 1 infill
----------------------------------------------------------------------------
2150S KBRC12-139 0.00 4.00 4.00 1.82 93 Zone 1 infill
KBRC12-139 27.00 30.00 3.00 0.96
KBRC12-139 53.00 56.00 3.00 2.21
----------------------------------------------------------------------------
2150S KBRC12-140 0.00 33.00 33.00 0.73 123 Zone 1 infill
KBRC12-140 44.00 52.00 8.00 0.60
KBRC12-140 65.00 69.00 4.00 0.73
----------------------------------------------------------------------------
2150S KBRC12-141 0.00 3.00 3.00 1.23 123 Zone 1 infill
KBRC12-141 11.00 24.00 13.00 0.44
KBRC12-141 47.00 65.00 18.00 0.77
KBRC12-141 81.00 94.00 13.00 0.91
KBRC12-141 103.00 106.00 3.00 0.68
KBRC12-141 116.00 122.00 6.00 0.68
----------------------------------------------------------------------------
2150S KBD12-114 0.00 41.50 41.50 0.68 130 Zone 1 infill
KBD12-114 63.00 68.50 5.50 1.24
----------------------------------------------------------------------------
2180S KBRC12-142 2.00 5.00 3.00 0.79 99 Zone 1 infill
KBRC12-142 22.00 26.00 4.00 0.71
----------------------------------------------------------------------------
2180S KBRC12-143 0.00 3.00 3.00 1.62 99 Zone 1 infill
KBRC12-143 29.00 36.00 7.00 1.21
KBRC12-143 44.00 49.00 5.00 1.43
----------------------------------------------------------------------------
2180S KBRC12-144 8.00 12.00 4.00 0.39 123 Zone 1 infill
KBRC12-144 29.00 50.00 21.00 0.71
KBRC12-144 60.00 108.00 48.00 1.66
----------------------------------------------------------------------------
2180S KBRC12-145 0.00 3.00 3.00 0.66 87 Zone 1 infill
KBRC12-145 13.00 18.00 5.00 1.62
----------------------------------------------------------------------------
2210S KBRC12-146 1.00 15.00 14.00 0.39 99 Zone 1 infill
KBRC12-146 25.00 57.00 32.00 0.40
KBRC12-146 66.00 69.00 3.00 0.36
KBRC12-146 75.00 78.00 3.00 0.32
----------------------------------------------------------------------------
2230S KBRC12-147 67.00 70.00 3.00 0.38 111 Zone 1 infill
KBRC12-147 78.00 81.00 3.00 0.34
KBRC12-147 97.00 100.00 3.00 0.71
----------------------------------------------------------------------------
2230S KBRC12-148 0.00 17.00 17.00 0.88 105 Zone 1 infill
KBRC12-148 35.00 46.00 11.00 0.70
----------------------------------------------------------------------------
2230S KBRC12-149 0.00 10.00 10.00 0.33 129 Zone 1 infill
KBRC12-149 21.00 30.00 9.00 0.55
KBRC12-149 54.00 57.00 3.00 0.84
KBRC12-149 66.00 69.00 3.00 3.02
KBRC12-149 92.00 107.00 15.00 0.66
----------------------------------------------------------------------------
2230S KBRC12-150 0.00 3.00 3.00 0.45 105 Zone 1 infill
KBRC12-150 80.00 83.00 3.00 0.33
----------------------------------------------------------------------------
2250S KBRC12-151 0.00 3.00 3.00 0.51 81 Zone 1 infill
KBRC12-151 25.00 55.00 30.00 1.19
KBRC12-151 69.00 81.00 12.00 0.27
----------------------------------------------------------------------------
2250S KBRC12-152 36.00 39.00 3.00 0.50 87 Zone 1 infill
KBRC12-152 57.00 87.00 30.00 1.54
----------------------------------------------------------------------------
2250S KBRC12-153 0.00 3.00 3.00 0.50 99 Zone 1 infill
KBRC12-153 56.00 60.00 4.00 0.32
KBRC12-153 75.00 78.00 3.00 0.39
KBRC12-153 87.00 90.00 3.00 0.50
KBRC12-153 95.00 99.00 4.00 0.32
----------------------------------------------------------------------------
2275S KBRC12-154 0.00 18.00 18.00 0.96 93 Zone 1 infill
KBRC12-154 26.00 33.00 7.00 0.65
KBRC12-154 41.00 51.00 10.00 0.55
----------------------------------------------------------------------------
2275S KBRC12-155 1.00 4.00 3.00 0.65 123 Zone 1 infill
KBRC12-155 21.00 24.00 3.00 0.38
KBRC12-155 39.00 42.00 3.00 0.50
KBRC12-155 50.00 63.00 13.00 1.62
KBRC12-155 77.00 80.00 3.00 1.46
KBRC12-155 88.00 107.00 19.00 0.93
----------------------------------------------------------------------------
2310S KBRC12-156 38.00 54.00 16.00 0.43 93 Zone 1 infill
KBRC12-156 70.00 93.00 23.00 0.53
----------------------------------------------------------------------------
2310S KBD12-113 6.00 9.00 3.00 0.73 130 Zone 1 infill
KBD12-113 29.00 51.00 22.00 0.72
----------------------------------------------------------------------------
2310S KBRC12-157 0.00 38.00 38.00 0.95 99 Zone 1 infill
KBRC12-157 47.00 99.00 52.00 1.06
----------------------------------------------------------------------------
2330S KBRC12-158 11.00 18.00 7.00 1.10 87 Zone 1 infill
KBRC12-158 30.00 33.00 3.00 0.40
KBRC12-158 68.00 83.00 15.00 0.31
----------------------------------------------------------------------------
2330S KBRC12-159 0.00 18.00 18.00 1.45 93 Zone 1 infill
KBRC12-159 59.00 81.00 22.00 0.57
KBRC12-159 90.00 93.00 3.00 0.34
----------------------------------------------------------------------------
2330S KBRC12-160 0.00 75.00 75.00 3.06 93 Zone 1 infill
incl 27.00 28.00 1.00 125.00
KBRC12-160 90.00 93.00 3.00 0.34
----------------------------------------------------------------------------
2330S KBRC12-161 39.00 42.00 3.00 1.42 117 Zone 1 infill
KBRC12-161 60.00 91.00 31.00 1.45
KBRC12-161 98.00 117.00 19.00 0.38
----------------------------------------------------------------------------
2330S KBRC12-162 0.00 5.00 5.00 2.19 87 Zone 1 infill
KBRC12-162 35.00 61.00 26.00 0.52
KBRC12-162 74.00 87.00 13.00 0.80
----------------------------------------------------------------------------
2350S KBRC12-163 0.00 3.00 3.00 2.61 81 Zone 1 infill
KBRC12-163 23.00 43.00 20.00 0.32
----------------------------------------------------------------------------
2380S KBRC12-164 1.00 24.00 23.00 1.08 93 Zone 1 infill
KBRC12-164 59.00 71.00 12.00 0.79
----------------------------------------------------------------------------
2380S KBRC12-165 34.00 41.00 7.00 1.75 105 Zone 1 infill
KBRC12-165 50.00 75.00 25.00 1.48
KBRC12-165 94.00 103.00 9.00 1.06
----------------------------------------------------------------------------
2410S KBRC12-166 16.00 62.00 46.00 1.02 99 Zone 1 infill
----------------------------------------------------------------------------
2410S KBRC12-167 0.00 4.00 4.00 0.48 81 Zone 1 infill
KBRC12-167 15.00 18.00 3.00 1.08
----------------------------------------------------------------------------
2425S KBRC12-168 1.00 11.00 10.00 0.71 81 Zone 1 infill
KBRC12-168 70.00 77.00 7.00 0.37
----------------------------------------------------------------------------
2425S KBRC12-169 0.00 3.00 3.00 0.81 93 Zone 1 infill
KBRC12-169 14.00 27.00 13.00 0.71
KBRC12-169 36.00 58.00 22.00 2.29
KBRC12-169 67.00 93.00 26.00 0.67
----------------------------------------------------------------------------
2450S KBRC12-170 2.00 12.00 10.00 0.34 75 Zone 1 infill
----------------------------------------------------------------------------
2450S KBRC12-171 1.00 16.00 15.00 0.41 93 Zone 1 infill
KBRC12-171 30.00 42.00 12.00 0.88
KBRC12-171 51.00 63.00 12.00 0.85
KBRC12-171 72.00 93.00 21.00 0.52
----------------------------------------------------------------------------
2450S KBRC12-172 0.00 13.00 13.00 0.69 81 Zone 1 infill
KBRC12-172 27.00 41.00 14.00 0.60
----------------------------------------------------------------------------
2475S KBRC12-173 2.00 11.00 9.00 0.68 81 Zone 1 infill
KBRC12-173 54.00 80.00 26.00 0.61
----------------------------------------------------------------------------
2475S KBRC12-174 3.00 6.00 3.00 0.41 75 Zone 1 infill
KBRC12-174 24.00 39.00 15.00 0.45
KBRC12-174 51.00 74.00 23.00 0.67
----------------------------------------------------------------------------
2490S KBRC12-175 5.00 8.00 3.00 1.82 75 Zone 1 infill
KBRC12-175 25.00 28.00 3.00 0.41
----------------------------------------------------------------------------
2490S KBRC12-176 3.00 53.00 50.00 1.12 81 Zone 1 infill
----------------------------------------------------------------------------
2490S KBRC12-177 42.00 63.00 21.00 0.57 81 Zone 1 infill
KBRC12-177 74.00 81.00 7.00 1.99
----------------------------------------------------------------------------
2525S KBRC12-178 10.00 36.00 26.00 0.83 81 Zone 1 infill
----------------------------------------------------------------------------
2525S KBRC12-179 2.00 6.00 4.00 0.96 81 Zone 1 infill
KBRC12-179 17.00 20.00 3.00 0.88
KBRC12-179 45.00 76.00 31.00 2.45
----------------------------------------------------------------------------
2525S KBRC12-180 64.00 67.00 3.00 0.36 87 Zone 1 infill
KBRC12-180 75.00 87.00 12.00 1.00
----------------------------------------------------------------------------
2550S KBRC12-181 10.00 13.00 3.00 0.62 81 Zone 1 infill
KBRC12-181 21.00 24.00 3.00 0.43
KBRC12-181 36.00 39.00 3.00 0.41
----------------------------------------------------------------------------
2550S KBRC12-182 9.00 12.00 3.00 1.08 Zone 1 infill
KBRC12-182 26.00 33.00 7.00 1.47 81
----------------------------------------------------------------------------
2550S KBRC12-183 10.00 13.00 3.00 0.48 75 Zone 1 infill
KBRC12-183 29.00 45.00 16.00 0.97
KBRC12-183 54.00 75.00 21.00 0.76
----------------------------------------------------------------------------
2580S KBRC12-184 9.00 12.00 3.00 0.44 75 Zone 1 infill
----------------------------------------------------------------------------
2580S KBRC12-185 5.00 8.00 3.00 0.63 81 Zone 1 infill
----------------------------------------------------------------------------
2580S KBRC12-186 11.00 20.00 9.00 1.34 81 Zone 1 infill
KBRC12-186 28.00 31.00 3.00 0.36
KBRC12-186 42.00 45.00 3.00 0.35
----------------------------------------------------------------------------
2580S KBRC12-187 10.00 13.00 3.00 0.32 75 Zone 1 infill
KBRC12-187 28.00 32.00 4.00 2.86
KBRC12-187 56.00 74.00 18.00 1.09
----------------------------------------------------------------------------
2580S KBRC12-188 NSR 75 Zone 1 infill
----------------------------------------------------------------------------
2595S KBD12-112 21.00 24.00 3.00 0.43 130 Zone 1 infill
KBD12-112 37.00 42.50 5.50 0.72
KBD12-112 63.50 68.50 5.00 1.16
KBD12-112 79.50 122.50 43.00 0.33
----------------------------------------------------------------------------
2605S KBD12-111 1.00 30.00 29.00 1.11 130 Zone 1 infill
KBD12-111 48.00 53.00 5.00 0.32
KBD12-111 76.00 79.00 3.00 1.54
KBD12-111 110.00 113.00 3.00 0.52
----------------------------------------------------------------------------
2610S KBRC12-189 14.00 24.00 10.00 0.30 81 Zone 1 infill
KBRC12-189 56.00 59.00 3.00 0.33
KBRC12-189 75.00 78.00 3.00 1.15
----------------------------------------------------------------------------
2610S KBRC12-190 37.00 47.00 10.00 0.80 75 Zone 1 infill
KBRC12-190 56.00 87.00 31.00 1.13
----------------------------------------------------------------------------
2630S KBRC12-191 15.00 20.00 5.00 0.45 75 Zone 1 infill
KBRC12-191 36.00 43.00 7.00 0.71
----------------------------------------------------------------------------
2630S KBRC12-192 1.00 21.00 20.00 0.40 75 Zone 1 infill
KBRC12-192 58.00 74.00 16.00 1.18
----------------------------------------------------------------------------
2630S KBRC12-193 13.00 18.00 5.00 0.42 87 Zone 1 infill
KBRC12-193 24.00 27.00 3.00 0.33
KBRC12-193 39.00 87.00 48.00 1.03
----------------------------------------------------------------------------
2650S KBRC12-194 3.00 6.00 3.00 0.54 75 Zone 1 infill
KBRC12-194 29.00 37.00 8.00 0.36
KBRC12-194 69.00 72.00 3.00 0.45
----------------------------------------------------------------------------
2650S KBRC12-195 0.00 4.00 4.00 0.33 75 Zone 1 infill
KBRC12-195 14.00 26.00 12.00 0.59
KBRC12-195 38.00 42.00 4.00 0.38
----------------------------------------------------------------------------
2650S KBRC12-196 12.00 19.00 7.00 2.35 87 Zone 1 infill
KBRC12-196 30.00 33.00 3.00 0.31
KBRC12-196 46.00 49.00 3.00 0.69
KBRC12-196 62.00 85.00 23.00 0.52
----------------------------------------------------------------------------
2650S KBRC12-197 7.00 44.00 37.00 0.74 93 Zone 1 infill
KBRC12-197 66.00 92.00 26.00 1.86
----------------------------------------------------------------------------
2650S KBRC12-198 13.00 16.00 3.00 1.62 87 Zone 1 infill
KBRC12-198 28.00 35.00 7.00 0.38
KBRC12-198 43.00 69.00 26.00 0.77
KBRC12-198 78.00 87.00 9.00 2.43
----------------------------------------------------------------------------
2650S KBRC12-199 0.00 3.00 3.00 0.37 75 Zone 1 infill
KBRC12-199 10.00 13.00 3.00 0.34
KBRC12-199 37.00 41.00 4.00 1.62
----------------------------------------------------------------------------
2675S KBRC12-200 4.00 18.00 14.00 0.54 81 Zone 1 infill
KBRC12-200 29.00 32.00 3.00 0.61
KBRC12-200 59.00 70.00 11.00 0.96
KBRC12-200 77.00 80.00 3.00 0.34
----------------------------------------------------------------------------
2675S KBRC12-201 5.00 90.00 85.00 1.27 93 Zone 1 infill
----------------------------------------------------------------------------
2675S KBRC12-202 43.00 49.00 6.00 0.88 93 Zone 1 infill
KBRC12-202 61.00 92.00 31.00 0.83
----------------------------------------------------------------------------
2700S KBRC12-203 4.00 11.00 7.00 0.49 75 Zone 1 infill
----------------------------------------------------------------------------
2700S KBRC12-204 2.00 7.00 5.00 0.58 87 Zone 1 infill
KBRC12-204 17.00 21.00 4.00 2.41
KBRC12-204 30.00 87.00 57.00 1.68
----------------------------------------------------------------------------
2700S KBRC12-205 6.00 24.00 18.00 0.52 93 Zone 1 infill
KBRC12-205 41.00 93.00 52.00 0.81
----------------------------------------------------------------------------
2700S KBRC12-206 NSR 63 Zone 1 infill
----------------------------------------------------------------------------
2725S KBRC12-207 4.00 17.00 13.00 0.62 75 Zone 1 infill
KBRC12-207 31.00 34.00 3.00 1.09
KBRC12-207 47.00 75.00 28.00 0.66
----------------------------------------------------------------------------
2725S KBRC12-208 9.00 12.00 3.00 0.96 93 Zone 1 infill
KBRC12-208 21.00 93.00 72.00 1.79
----------------------------------------------------------------------------
2740S KBD12-110 1.00 4.00 3.00 0.47 130 Zone 1 infill
KBD12-110 13.00 17.00 4.00 0.46
KBD12-110 26.00 29.00 3.00 1.32
KBD12-110 37.00 54.00 17.00 0.55
KBD12-110 69.00 101.00 32.00 0.76
----------------------------------------------------------------------------
1. Significant drilled intercepts have a minimum length of 3m at 0.3 g/t or
the product "Length X Grade" greater than 0.9 g.m/t. Intercepts are
drilled lengths and may not be true width within a structure dipping 70
degrees to 80 degrees.
2. Up to 7 m of horizontal "waste" included within mineralized intercept.
3. NSR: no significant results.
"Today's results continue to establish and confirm the extent of gold
mineralization contained within AGG's Kobada, Mali gold project. Increasing
drill density from 50 meter centers to 25 meter centers is anticipated to have a
positive impact on increasing average gold grade within the overall Kobada
deposit as well as upgrading the resource from the Inferred category to Measured
and Indicated. At present, the overall strike length of the Kobada gold project
now stands at 3,200 meters, representing an increase in strike length of 1,500
meters, relative to the 1,700 meters of strike length reported in the July 14,
2011 press release that detailed the results of the Kobada Preliminary Economic
Assessment. We are encouraged to report that Kobada remains open along strike in
both directions (north/south), at depth and to the west of the current
resource," states AGG President, Michael A. Nikiforuk.
Kobada Review
On July 14, 2011 AGG announced the results of a positive NI 43-101 Preliminary
Economic Assessment (the "PEA" or the "Study") that evaluates the potential of
an open pit, bulk mining model, utilizing a gravity recovery process plant, at
the Company's Kobada (Mali) gold project. The PEA incorporates and includes
drill data up to the end of December, 2010. There is no drill data from either
the 2011 or 2012 campaign included in the PEA. More specifically, the PEA does
not incorporate drill data for the northern extension holes that hold potential
to extend Zone 1 up to 2 kilometers north of the Zone 1 deposit, in addition,
the PEA does not incorporate the 2011 southern holes that hold potential to
extend Zone 1 up to 1.55 kilometers south of the Zone 1 deposit, nor does the
Study include any potential from the newly discovered Foroko North deposit, the
newly discovered Termite Zone or the recently announced Gosso discovery zone,
the latter three discovery zones being separate and distinct structures from
Zone 1.
Project Economics - Base Case
The PEA estimates an after-tax Net Present Value (NPV) of US$216.9 million from
commencement of construction and an after-tax Internal Rate Of Return (IRR) of
90.57% using a base case of US$1,100 per ounce of gold and a discount rate of
5%.
The Kobada project base case is for processing 20,000 tonnes per day for a total
of 7,000,000 tonnes per year in a gravity process plant that is projected to
recover 85% of the gold contained in 41,750,000 tonnes of lateritic material
assaying 0.64 g/t Au, for average annual production of 126,600 ounces of gold
for the first five years of operation. The average annual operating cost is
calculated to be US$8.27/t for the first five years of operation with a CAPEX of
US$122,500,000. The project produces gold at the direct cost of US$470.90 per
ounce. The Study demonstrates that the Kobada gold project is economically
optimized by adopting bulk mining versus selective mining. The direct
implications of bulk mining are demonstrated in a substantial increase in
tonnage and recoverable gold but with an associated decrease in the average gold
grade. Please visit www.africangoldgroup.com to review the entire content of
AGG's July 14, 2011 press release announcing the results of the positive
Preliminary Economic Assessment.
Sampling - QA/QC Program
RC cuttings are recovered at the bottom outlet of the RC rig cyclone into 50-kg
capacity poly-weave bags to recover the cuttings from each 1 meter of drill
penetration. Each one meter sample weighs an average of approximately 19 to 23
kg. Each sample is passed through a 3-tier Jones Riffler (1 to 8 split), the
samples are riffled twice to obtain from 3 to 5 kg of cuttings which are put in
a numbered sample bag. Each bag is sealed and picked up on site by ALS Chemex
Laboratories for delivery to its Burkina Faso facilities. The remaining 14 to 18
kg of cuttings (field rejects) are stored in camp under tarps to protect the
bags against the elements.
Original samples are analyzed using Leachwell on 2 kg of pulp. Leachwell is a
bottle roll cyanidation procedure with the addition of a catalyst to speed up
gold dissolution. A QA/QC program is in place and includes: blank (1 in 20
samples), duplicates (1 in 20), standards (1 in 20), external lab checks (1 in
30) and two different analytical procedures checks (1 in 100).
Under the guidelines of National Instrument 43-101, the qualified person for the
Kobada Gold Project is Mr. Pierre Lalande, P.Geo. Mr. Lalande is a member of the
Association of Professional Geoscientists of Ontario and has reviewed and
approved the contents of this news release.
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
for AGG's Kobada, Mali gold project. The Company is projecting the Feasibility
Study will be completed in Q4/2013, at which time, the Company will submit an
application to obtain an Exploitation License to the appropriate Malian
authorities.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The preliminary assessment includes inferred mineral
resources that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as
mineral reserves, and there is no certainty that the preliminary assessment will
be realized.
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
FOR FURTHER INFORMATION PLEASE CONTACT:
African Gold Group, Inc.
Michael A. J. Nikiforuk
President, Director
(647) 288-0453
majn@africangoldgroup.com
www.africangoldgroup.com
African Gold (TSXV:AGG)
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African Gold (TSXV:AGG)
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