Gold Exploration in West Africa

[FL]

African Gold (AGG.V) agrees with Columbia River (CRVV)

[Huh? They already own almost 69% of Columbia River, whose only asset is this Mankranho License in Ghana NW of Kumasi. This agreement seems like, effectively, a convoluted way of buying out 85% of the remaining 31% of Columbia River's Mankranho not already (effectively) owned by AGG, by spending the money on the ground rather than paying the minority shareholders of Columbia River directly. AGG would still own most of Columbia River, but Columbia River would no longer own all or most of Mankrano. FL]
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African Gold Group, Inc. Enters Into An Earn-In Agreement With Columbia River Resources, Inc.
5/6/2004 7:55:13 PM

TORONTO, ONTARIO, May 6, 2004 (CCNMatthews via COMTEX) -- African Gold Group, Inc. ("AGG") announced today that it has entered into an Earn-In Agreement with Columbia River Resources, Inc. ("Columbia River"), a US public company in which AGG holds approximately 69% of the outstanding common shares. Columbia River in turn holds the 108 sq. Km. Mankranho License gold concession located at the north-eastern end of the Sefwi Gold Belt in Ghana, contiguous to Newmont Mining Corporation's multi-million ounce Ahafo project.

Columbia River retained a geologist John N. M. Coates (B.Sc. Hons, M.Sc., D.I.C.), to provide an independent valuation of the Mankranho License to Columbia River and its independent director. Under the Terms of the Earn-In Agreement and based on the independent valuation, the Earn-In Agreement provides AGG with the right to earn a 51% interest in the Mankranho License by spending US$1,253,000 and further allows for the right to earn up to an additional 34%, to total an aggregate of an 85% earned interest, upon spending an additional US$1,000,000 on the property comprising the Mankranho License.

AGG, based in Toronto, is engaged in the identification, acquisition and exploration of prospective gold projects situated along significant gold trends in Ghana, West Africa. The Company's immediate focus is to systematically explore both surface, and in particular, sub-surface targets along two major gold trends: the Sefwi and Asankrangwa Gold Belts.

On Behalf of the Board:

Kevin J. van Niekerk

President and Chief Executive Officer

African Gold Group, Inc.
Michael A. Nikiforuk
Corporate Development Officer, Director
[phone]
[e-mail]
or
The Wall Street Group, Inc.
Ron Stabiner
Vice President
[phone]
[e-mail]