African Gold Group, Inc.

Transcription

1 -1- BCE Place, Canada Trust Tower, 27 th Floor, 161 Bay Street, Toronto, Canada M5J 2S1 e.mail : info@africangoldgroup.com website : African Gold Group, Inc. TSX-V: AGG AFRICAN GOLD GROUP, INC. CONSOLIDATES STRATEGIC LAND POSITION AT KOBADA, MALI WITH FOROKO & ACOMA CONCESSIONS ADDED TO REGIONAL HOLDINGS PRESS RELEASE TORONTO, CANADA, JANUARY 17, 2008 African Gold Group, Inc., ( AGG or the "Company ) is pleased to report that it has added the Foroko and Acoma concessions to its strategic land position at Kobada, Mali. This process was accomplished via direct application for the concessions with the Government of Mali s Department of Mines, Energy and Water. The inclusion of the Foroko and Acoma concessions to AGG s regional land position represents a strategic consolidation of the Company s footprint on the eastern flank of the Kobada gold concession. Foroko is contiguous with Kobada s eastern and southern borders and Acoma is contiguous with Kobada and Forokos s eastern borders. Total land holdings in the region have increased from Kobada s 41 sq km to include Foroko s 22 sq km plus Acoma s 153 sq km for a total of 216 sq km, representing a 527% increase in AGG s original holdings. This increase in regional land holdings represents the culmination of a strategic initiative that commenced with the Company s acquisition of the Kobada gold concession in February, All three concessions are located in the Kangaba region of south western Mali. (Please see the link to the regional map that illustrates the respective concessions and their respective borders). ATTACH MAP LINK NEW STRUCTURE IDENTIFIED AT FOROKO In Q4, 2007, AGG technical personnel conducted a general reconnaissance of the northern most section of the Foroko concession that has resulted in the discovery of a previously unidentified structure oriented in a North/South (NS) direction. This newly identified structure is unrelated to the N30ºE Kobada Trend and has aptly been named the Foroko Structure. Limited reconnaissance efforts to date indicate this structure extends approximately 1 km N/S within the northern section of the Foroko concession and continues north for an additional 1 km in the north-eastern section of the Kobada concession. The full extent of the Foroko Structure has not been defined, in either direction, at this point in time. On site geo-technical personnel hypothesize that the N30ºE Kobada Trend possibly merges with the N/S Foroko Structure on or about section thru to

2 Of potential significance is the fact that the Foroko Structure is coincident with extensive hydrothermal alteration and is the site of very intense ancient artisanal workings that extend for approximately 2 km in length and are, to a large extent, overgrown with local vegetation. Much of the ancient workings involved the mining of the in situ resource, resulting in the creation of underground caves that remain intact and can be accessed up to 50 meters distance underneath the surface duricrust or have collapsed over centuries of time and weathering. The identification of these features, within this newly identified structure, resulted in the decision to drill test the Foroko Structure. A total of 41 RC drill holes were drilled on 8 fences within the boundaries of the Foroko concession, out of the total of 110 RC drill holes announced in the Company s Press Release dated January 10, (Please see the link to a location map that details the concession borders for Kobada and Foroko and the collars of the RC holes on the Foroko concession.) ATTACH LINK HERE -2- WATTS, GRIFFIS and McOUAT RETAINED The Company is pleased to advise that it has retained Watts, Griffis and McOuat Limited ( WGM ) to assist the Company with the implementation and execution of its expanded Kobada exploration project, located in Mali, West Africa. In addition, it is anticipated that WGM will also assist the company with the management of its recently expanded Asankrangwa, Ghana exploration initiatives. WGM is a firm of consulting geologists and engineers which has served the international mining community since WGM has solid credentials in West Africa, having extensive experience in Ghana, Mali, Burkina Faso and Cote d'ivoire, as well as having played a key role in managing the exploration that led to the discovery of Sadiola, located in western Mali. Due diligence reviews, ore reserve audits and valuation assignments completed in over 120 countries have contributed to the firm s worldwide reputation of excellence. Retaining WGM to assist the Company with the exploration and development of its expanding exploration portfolio represents the most efficient and expedient means of addressing AGG s immediate to medium term technical personnel requirements. Efforts to build our technical team internally have proved elusive in this current resource cycle, which is putting enormous demand pressures on available human capital. We are pleased that WGM has been able to assist us in fulfilling our technical personnel requirements in this environment, states AGG President, Michael A. Nikiforuk. This news release has been reviewed by Mr. Al Workman, P.Geo., Vice-President of Watts, Griffis and McOuat. 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 ten gold concessions that are consolidated in five separate 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 and on and through the Company's offices

3 at: BCE Place, Canada Trust Tower, 27 th Floor, 161 Bay Street, Toronto, Canada M5J 2S1 On Behalf of the Board: Michael A. J. Nikiforuk President, Director FOR FURTHER INFORMATION PLEASE CONTACT: African Gold Group, Inc. Michael A. J. Nikiforuk (416) The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. -3-

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