TORONTO, ONTARIO, Oct. 27, 2009 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 10/27/09 -- African Gold Group, Inc., ("AGG" or the "Company")(TSX VENTURE: AGG) is pleased to report that it has received an interim exploration report from Newmont Ghana Gold Limited, ("NGGL" or "Newmont"), a subsidiary of Newmont Mining Corporation (NYSE: NEM), that details Newmont's ongoing work at AGG's Mankranho, Ghana gold concession.
On October 23, 2008, AGG issued a press release announcing the commercial terms of an Option Agreement and a Venture Agreement that would provide for NGGL to earn up to a 70% interest in AGG's Mankranho, Ghana concession, in consideration of NGGL's expending up to US$8,000,000 on Mankranho exploration.
The 107.24 sq km Mankranho concession is located in the Brong Ahafo region of Ghana and is situated at the north-eastern end of the Sefwi Gold Belt. Mankranho shares nine common borders and surrounds the northern extension of Newmont's Ahafo project on three sides. As at December 31st, 2008 Newmont provided guidance that the Ahafo Gold District contained 9.4 million ounces of gold. Ahafo commenced production in July, 2006, following the construction of an 8.4 million ton/year CIL treatment plant. As at June 30, 2009 Newmont forecast 500,000 - 525,000 ounces of equity gold sales for Ahafo for 2009. (To view a map of the Mankranho concession please activate the link: http://www.africangoldgroup.com/s/Mankranho.asp)
RECENT EXPLORATION ACTIVITIES BY NEWMONT
Newmont's ongoing exploration program consists of comprehensive structural/geological mapping and an IP survey that are focused on generating additional exploration targets, including drill targets.
Regolith Mapping
A regolith map covering the entire Mankranho tenement (107.24sq.km) has been completed by Newmont using largely remote sensing techniques.
The Mankranho tenement features a variety of regolith regimes broadly categorized into: Ferruginous, Residual, Erosional and Depositional Regimes.
Pole-Dipole Induced Polarization (IP) Survey
Data collection for the pole-dipole IP survey is currently ongoing on the Mankranho concession as part of the overall target generation program. To date, 84 km of line cutting; 21 km of Gradient Array and 1.2 km of Pole-Dipole IP/Resistivity Surveys have been completed. The lines were oriented at the same bearing as AGG's soil grid.
The objective of the IP survey is to map out the disseminated sulphide (mainly pyrite) halo and resistive features that are typically associated with thrust fault/shear zone at the northern extension of the Yamfo-Kenyase structurally controlled mineralized system.
