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TORONTO, ONTARIO--(April 29, 2010) - African Gold Group, Inc., (TSX VENTURE:AGG) ("AGG" or the "Company") is pleased to report that an airborne magnetic and radiometric survey of AGG's 456 sq km Asankrangwa Holdings, located on strike and contiguous with Keegan Resource's Esaase gold deposit, has commenced.
In addition, an airborne survey of the Company's 20 sq km Nyankumasi concession, located approximately 30 km south-southwest of Newmont Mining's 6.3 million ounce Akyem project, will proceed immediately following the completion of the Asankrangwa airborne survey.
The two distinct projects will consist of high resolution helicopter borne magnetic and radiometric surveys. A total of approximately 11,000 line kilometers will be flown with an AS350 helicopter which will utilize a horizontal boom mounting to separate magnetic sensors that will allow for measurement of the horizontal gradient of the magnetic field. Incorporating the magnetic gradient in gridding algorithms provides significant improvement in delineating line parallel features, spatial positioning of off-line anomalies and overall resolution of the magnetic data. The AS350 platform will be flown at low survey heights of not greater than 30 vertical meters from surface. Magnetic and radiometric data will benefit significantly from the lower survey height. Full spectral processing of all collected data will be an integral part of the exercise.
The objective of the program will be to identify structural targets, on a regional scale, that will be followed up with regional geochemistry, ultimately culminating in the identification of drill targets.
AGG's consolidated Asankrangwa land holdings comprise 5 contiguous concessions (Assuowunu, Twedee, Moseaso, Manso Nkwanta and Manso Atwere) that collectively encompass 456.2 sq. km of ground, representing 94% of the active exploration ground contained within the Northern Asankrangwa gold belt. A gold-in-soil anomaly that measures 24 kilometers in strike length, oriented in a north-east / south-west (NE/SW) direction, is contained within AGG's consolidated boundaries. This linear anomaly is perceived to run parallel to the major structural target(s) currently being drilled by Keegan Resources at its 28 sq. km Esaase concession.
Please activate the link to view a regional map that depicts AGG's Asankrangwa Holdings and proximity to Keegan's Esaase gold deposit.http://www.africangoldgroup.com/i/pdf/2007-10-25_NRM.pdf
AGG has retained Paterson, Grant & Watson Limited ("PGW"), headquartered in Toronto, Canada, as project manager of the airborne geophysical survey. PGW has been furnishing technical excellence in the planning, supervision, processing and interpretation of a wide variety of geophysical surveys, since 1973.
Historical Regional Work – Pre-Dating AGG Ownership
The area encompassing the northern Asankrangwa gold belt has a significant history of exploration as well as gold mining. Historical activity within close proximity to AGG's (456.2 sq km) 5 contiguous concessions is summarized below (please refer to the above regional map link for a regional perspective):
AGG Historical Work Program Highlights: 2004 – 2008
|
Interval (m) |
||||
|
Hole |
From |
To |
Length |
Gold |
|
(g/t) |
||||
|
MA04-01 |
9.45 |
23.80 |
14.35 |
0.96 |
|
and |
71.50 |
76.00 |
4.50 |
2.62 |
|
MA04-02 |
4.88 |
10.97 |
6.09 |
1.19 |
|
and |
23.17 |
27.74 |
4.57 |
2.40 |
|
MA04-05 |
63.65 |
115.10 |
51.45 |
0.74 |
|
incl |
102.00 |
109.10 |
7.10 |
2.20 |
|
MA04-08 |
77.00 |
86.50 |
9.50 |
1.18 |
|
and |
97.50 |
110.85 |
13.35 |
2.16 |
|
MA04-11 |
101.50 |
106.00 |
4.50 |
4.12 |
|
TABLE 1 CHANNEL SAMPLE ANALYSIS |
||
|
Anomaly |
Interval with sample numbers |
Grade (g/t) Au and width of mineralization |
|
1 |
J1001-J1004 (0 - 8m) |
1.14 g/t over 8m |
|
2 |
J1016-J1027 (30 - 52m) |
2.36 g/t over 22m |
|
3 |
J1047-J1052 (88 - 100m) |
2.73 g/t over 12m |
|
Manso Atwere: |
18 meters grading 1.65 g/t Au |
|
Including: |
9 meters grading 3.52 g/t Au |
|
Assuowunu: |
7 meters grading 2.34 g/t Au |
"There is a growing conviction amongst AGG's team that our 456.2 sq km Asankrangwa Holdings represents significant potential for our Company and our shareholders. We hold the dominant land position in the region and are bordered by historical sites of production to the north, south and west of our footprint. Current exploration and development by Keegan and others continues to demonstrate the growing importance of the region," states AGG President, Michael A. Nikiforuk.
AGG announces that, subject to regulatory approval, it has granted certain directors, officers and consultants of AGG an aggregate total of 1,725,000 incentive stock options to purchase common shares of the Company at the exercise price of $0.60 per common share for a period of five (5) years from the date of issuance, being April 29, 2010. All options shall vest upon grant.
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 atwww.africangoldgroup.com and onwww.sedar.com and through the Company's offices at: Brookfield Place, Canada Trust Tower, 27thFloor, 161 Bay Street, Toronto, Canada M5J 2S1.
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
info@africangoldgroup.com
www.africangoldgroup.com
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