AGG.V buys 3 concessions in Mali from Cominor
[ Note: I added information on Cominor to the board header. Cominor is owned by Cogema which is owned by Areva which is/was about 89% owned by the government of France. Areva trades on the Paris Bourse. FL ]
African Gold Group, Inc: Acquisition of Cominor's 3 Mali Gold Concessions Concluded;
AGG (Barbados) Limited Created to Hold All African Concessions; Update on Ghana & Mali Drill Samples
TORONTO -- (MARKET WIRE) -- 02/06/2006 -- African Gold Group, Inc., ("AGG" or "The Company") (TSX-V: AGG) is pleased to report that it has concluded the acquisition of three gold concessions located in the Republic of Mali, West Africa, from Compagnie Miniere D'Or ("Cominor") SA, of France.
As per the terms of the Agreement, previously announced on June 28, 2005, the Kobada, Bagoe East and Bagoe West gold concessions are now registered in the name of the Company.
The Kobada concession comprises 41 sq. km of land located in the Kangaba region of Mali. It hosts an anomaly that is defined by 12 kilometres of strike length across 1 kilometre of width of plus 500 ppm arsenic in soil geochemistry with coincident extensive artisanal surface and hardrock as well as placer mining activity. Work carried out by the BRGM, La Source and Cominor (COGEMA) since the early 1980s has comprised surface geochemical and geophysical surveys and some 1,736 metres of AirCore drilling, 13,200 metres of RC drilling and 913.4 meters of diamond drilling. The primary target within the 12 kilometres of strike has been a one kilometre zone of extensive artisanal hardrock mining activity.
The Bagoe East concession comprises 183 sq. km of land located in the Sikasso region of Mali. Most of the exploration was conducted on the Darabougou-Tofola anomaly defined with 3,391 soil samples and soil radiometric and magnetometer geophysical surveys. The initial exploration work was followed by 3,796 m of RAB drilling in 82 holes.
The Bagoe West concession comprises 183 sq. km of land located in the Sikasso region of Mali. The soil surveys outlined two main zones. The southern Djissan soil anomaly, oriented at 010o, is continuous over 3.5 km. It corresponds to a sheared contact between intrusive and metasedimentary rocks. The Tiefala anomaly in the central portion of the claim extends for 4 km in an E-W orientation. In 2003, the Djissan Anomaly was tested with 1,342 metres of AirCore drilling in 32 holes.
The Bagoe East and West Concessions are situated approximately 30 km south-southeast of one of the most significant gold discoveries on the African continent in the past 20 years -- the Morilla deposit -- jointly owned by AngloGold Ashanti, Randgold and the Government of the Republic of Mali.
AGG (BARBADOS) LIMITED
The Company, adhering to the recommendation of professional advisors, has incorporated a wholly owned subsidiary in Barbados which will ultimately hold 100% of AGG's African based gold concessions as part of the fiscal management of these assets. This structure is intended to avoid the potential future possibility of double taxation issues arising where AGG's properties are located in African jurisdictions that do not have tax treaties with Canada.
UPDATE: GHANA & MALI DRILL SAMPLES
The recent increase in global exploration activity has resulted in high sample volumes flowing into many laboratory facilities throughout the world. This increased activity has created a backlog in sample analysis. AGG will report on the results of its Ghana and Mali drill campaigns that were concluded just prior to Christmas, as soon as the results become available.
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 nine gold concessions that are consolidated in six separate standalone gold exploration projects, of which three projects are located in Ghana and the remaining three are located in Mali, West Africa. The Company is embarking on the next phase of its planned development in both Ghana and Mali by focusing on converting known gold potential into resources, initially at Mankranho, Ghana and Kobada, Mali and subsequently at Nyankumasi, Ghana, in early 2006.
Additional Information
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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Distributed by Filing Services Canada and retransmitted by Market Wire
FOR FURTHER INFORMATION PLEASE CONTACT:
African Gold Group, Inc.
Michael A. J. Nikiforuk
(416) 572-2225
Email Contact
SOURCE: African Gold Group, Inc.
AI
