TORONTO, ONTARIO--(Marketwire - Feb. 26, 2008) - African Gold Group, Inc., (TSX VENTURE:AGG)("AGG" or the "Company") is pleased to report that local artisanal miners have discovered a 2.7 kilogram gold nugget in the north-west quadrant of the Kobada concession.
AGG geologists, located on-site at Kobada, have recorded the UTM coordinates of the discovery at 543261 east, 1290951 north. Please click on the link to view the Kobada concession map and the location of the discovery of the gold nugget (http://media3.marketwire.com/docs/Kobada31.jpg ). A review of the map clearly illustrates that the discovery location is a considerable distance from the site of any work undertaken by AGG and speaks to the general prospective nature of the overall Kobada concession.
To view a picture of the 2.7 kilogram gold nugget, please click on the link (http://media3.marketwire.com/docs/agg0226.pdf ). AGG geologists describe the gold nugget as being "local", as witnessed by its irregular shape and the ease with which the nugget fell apart when lifted for weighing. These factors are indicative of the nugget not having travelled very far from its point of origin. It is hypothesized that the gold nugget was weathered out of a quartz-carbonate vein.
"Kobada shares a common characteristic of many established mining districts throughout the West African theater, that being the presence of extensive local artisanal mining. It is this feature or characteristic that has attracted the western miner(s) to the region, to test the depth extent of gold mineralization and in several instances, has resulted in world class mining projects - Syama, Sadiola and Siguri to name a few. The local population have been exploring and mining the Kobada region for hundreds of years and can still find new resources within sight of old workings", states AGG Chairman, Ben Adoo, C. Eng.
It is with great interest that we provide our readers with the following excerpt from a 2001 report entitled "Study on Artisanal and Small Scale Mining in Mali", authored by Seydou Keita, an Artisanal Mining and Environmental Specialist: "Traditional gold mining has been practised in Mali and West Africa for a very long time and has long formed the basis of wealth and power for many empires and kingdoms in the region.
The rich historical and cultural heritage contains many testimonies about the role played by gold in the expansion of these great empires since the 7th century. It is impossible to estimate with precision the amount of gold production during these times. Unlike other countries of the sub-region, gold washing has never been interrupted in Mali. Numerous old records and productions bought by the colonizers, bear evidence to this.
It is also the case in Ghana where gold powder was used as currency in 1471, well before the arrival of the Europeans. It is estimated that from 1471 to 1880, more that 14.4 million ounces, representing more than 443 tons of gold were produced. That was why Ghana was given the name 'Gold Coast' by the first explorers."
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
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.
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
