African Gold Group, Inc.: Mineralized Porphyry at Moseaso Yields 51.45 Metres at 0.74 g/t Au and 13.35 metres at 2.16 g/t Au; Board of Directors Announce Appointment of Chairman, CEO & President.TORONTO -- African Gold Group, Inc., ("AGG AGG Aggregate AGG Allgemeines Gleichbehandlungsgesetz AGG African Gold Group, Inc. AGG Arnall Golden Gregory LLP (Atlanta, GA) AGG Aggravated AGG Asociación de Gerentes de Guatemala " or the "Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AGG) is pleased to report the results of diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral at the Company's Moseaso gold concession, located in the Ashanti region Ashanti is an administrative region in central Ghana. Most of the region's inhabitants are Ashanti people, one of Ghana's major ethnic groups. Most of Ghana's cocoa is grown in Ashanti, and it is also a major site of Ghana's gold-mining industry. of Ghana and covering a portion of the Asankrangwa gold belt. A total of 2,155.89 metres of NQ core drilling was completed representing 12 holes drilled from 6 pads that covered a strike length of 380 metres and tested to a maximum vertical depth of approximately 185 metres below surface. In total 786 samples were collected during the program. A previous drill program occurred at the Topey prospect (see map) where prior surface cuts, diamond drilling and reverse circulation drilling had identified gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . This program confirmed the presence of gold, improved the density of intercepts and provided substantial data for a rigorous interpretation. Quartz stockworks are the primary targets at the Topey prospect. These occur in the Birimian sequence that consist of interbedded greywacke Greywacke (German grauwacke, signifying a grey, earthy rock) is a variety of sandstone generally characterized by its hardness, dark color, and poorly-sorted, angular grains of quartz, feldspar, and small rock fragments set in a compact, clay-fine matrix. , siltstone siltstone Hardened sedimentary rock that is composed primarily of angular silt-sized particles (see silt) and that is not laminated or easily split into thin layers. and mudstones. Irregular feldspar feldspar (fĕl`spär, fĕld`–) or felspar (fĕl`spär), an abundant group of rock-forming minerals which constitute 60% of the earth's crust. porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. dykes intrude intrude, v to move a tooth apically. the steeply dipping metasediments and are essentially parallel to the local stratigraphic stra·tig·ra·phy n. The study of rock strata, especially the distribution, deposition, and age of sedimentary rocks. strat planes. The maximum core length of feldspar porphyry was 56.21 metres. The sedimentary sed·i·men·ta·ry also sed·i·men·tal adj. 1. Of, containing, resembling, or derived from sediment. 2. Geology Of or relating to rocks formed by the deposition of sediment. package strikes northeast and dips approximately 065 degrees to the north. Present porphyries display a prominent quartz stockwork internally resulting from fracture filling. Each fracture carries a broad sericite Ser´i`cite n. 1. (Min.) A kind of muscovite occuring in silky scales having a fibrous structure. It is characteristic of sericite schist. alteration envelope. A well developed stockwork occurs in the footwall foot·wall n. Geology 1. The mass of rock underlying a mineral deposit in a mine. 2. The underlying block of a fault having an inclined fault plane. of the dykes. This occasionally recurs in the hanging wall as well. Stockwork veining vein·ing n. Distribution or arrangement of veins or veinlike markings. is present without the presence of porphyry as well, and correlates from hole to hole. Disseminated arsenopyrite arsenopyrite (är'sĭnōpī`rīt, ärsĕn`ō–) or mispickel (mĭs`pĭkəl), silver-white to steel-gray mineral with the metallic luster characteristic of a pyrite. and pyrite pyrite (pī`rīt) or iron pyrites (pīrī`tēz, pə–, pī`rīts), pale brass-yellow mineral, the bisulfide of iron, FeS2. occurs in the groundmass groundmass: see porphyry. of the porphyry and is related to the fracturing and subsequent alteration. The quartz veinlets also bear the two sulphides and volumes range up to 12% in both units, with arsenopyrite dominating. Stockwork veining normally is largely concordant with sedimentary bedding planes and quartz volume ranges from 10 to 85%. Zones within broad stockworks contain arsenopyrite and pyrite. The sulphides occur in and immediately adjacent to quartz veinlets. The most westerly Westerly, town (1990 pop. 21,605), Washington co., extreme SW R.I., between the Pawcatuck River and Block Island Sound; inc. 1669. Its textile industry dates from 1814, and granite has been quarried there since c.1850. holes revealed deformed de·formed adj. Distorted in form. and boudinaged quartz veinlet vein·let n. A small or secondary vein, as on the wing of an insect. stockworks which were discordant dis·cor·dant adj. 1. Not being in accord; conflicting. 2. Disagreeable in sound; harsh or dissonant. dis·cor with bedding planes. Visible gold was noted in two holes, MA04-01 and MA04-08. There were two occurrences in MA04-01, both occurred in quartz within the feldspar porphyry. In diamond drill hole MA04-08 visible gold occurs in a prominent quartz stockwork that is in the footwall of a feldspar porphyry. Significant intercepts received from the drilling campaign are tabulated below.
Interval (m) Gold
Hole ------------------------------------------- (g/t)
From To Length
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MA04-01 3.96 6.40 2.44 1.40
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9.45 23.80 14.35 0.96
Incl 9.45 12.50 3.05 1.14
And 22.80 23.80 1.00 5.80
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46.00 50.50 4.50 0.69
58.00 67.00 9.00 0.48
Incl 59.50 61.00 1.50 1.41
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71.50 76.00 4.50 2.62
Incl 71.50 74.50 3.00 3.77
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80.50 83.50 3.00 0.37
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MA04-02 4.88 10.97 6.09 1.19
Incl 4.88 6.40 1.52 3.75
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15.54 17.07 1.53 0.50
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23.17 27.74 4.57 2.40
Incl 26.21 27.74 1.53 6.19
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47.50 49.00 1.50 4.16
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53.50 55.00 1.50 4.20
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77.50 79.00 1.50 0.62
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195.85 196.55 0.70 2.73
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212.50 215.50 3.00 0.50
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MA04-03 43.50 45.00 1.50 0.40
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46.50 47.25 0.75 0.42
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50.00 51.50 1.50 0.52
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58.80 60.30 1.50 0.83
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74.00 75.50 1.50 1.81
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MA04-04 38.50 40.00 1.50 0.42
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53.00 61.00 8.00 0.49
Incl 53.00 54.00 1.00 1.09
And 56.00 57.00 1.00 1.15
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73.00 74.50 1.50 0.40
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MA04-05 26.82 28.96 2.14 0.33
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33.83 36.88 3.05 0.36
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63.65 115.10 51.45 0.74
Incl 66.35 67.45 1.10 1.04
And 73.88 74.42 0.54 1.68
And 102.00 109.10 7.10 2.20
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160.00 163.00 3.00 0.31
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MA04-06 No significant results
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MA04-07 69.23 76.40 7.17 0.41
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84.00 111.00 27.00 0.46
Incl 90.00 91.50 1.50 2.83
And 102.00 103.50 1.50 1.37
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Interval (m) Gold
Hole ------------------------------------------ (g/t)
From To Length
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MA04-08 77.00 86.50 9.50 1.18
Incl 77.00 81.50 4.50 1.38
And 84.46 86.50 2.04 1.97
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88.50 89.50 1.00 0.69
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97.50 110.85 13.35 2.16
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100.50 103.50 3.00 6.62
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105.50 108.50 3.00 1.57
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110.50 110.85 0.35 7.58
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114.40 115.40 1.00 0.39
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MA04-09 2.44 3.35 0.91 0.70
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MA04-10 124.00 125.50 1.50 0.41
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128.50 131.50 3.00 1.03
Incl 130.00 131.50 1.50 1.54
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MA04-11 101.50 106.00 4.50 4.12
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104.50 106.00 1.50 10.60
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119.50 121.00 1.50 0.36
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MA04-12 72.50 74.00 1.50 0.93
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83.00 86.00 3.00 1.05
Incl 83.00 84.50 1.50 1.69
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Mr. Greg Hawkins Gregory Dale Hawkins was a trader and principal in the hedge fund Long-Term Capital Management that after four spectacularly successful years lost most of its clients' money in 1998 when the Russian government defaulted on its debt payments on August 17, 1998, triggering a , P. Geo., CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AGG, states that, "we have confirmed that the style and controls of mineralization are consistent with the ore mined at the Nkran Hill deposit to the south where 34.5 million tonnes grading 2.22 g/t Au were identified, and in part, mined in the 1990's. The results also confirm that additional resources remain to be discovered in the district and within the current holdings of AGG." Sample preparation was conducted by CME CME See: Chicago Mercantile Exchange CME See Chicago Mercantile Exchange (CME). & Company at their Prep Lab located in Sunyani, Ghana. Samples were then shipped by air to Eco-Tech Laboratories Ltd. of Kamloops, BC, Canada. All samples were analyzed by Fire Assay and multi-element ICP (1) (Internet Cache Protocol) A protocol used by one proxy server to query another for a cached Web page without having to go to the Internet to retrieve it. See CARP and proxy server. . Three samples were checked by Metallics Fire Assay where coarse gold was noted. Corporate Update AGG is pleased to announce the addition of Mr. Benjamin Adoo as a director, and his appointment as Chairman of the Board of Directors. Based in Ghana, Mr. Adoo has over three decades of mining experience and is recognized as one of the country's most senior mining executives (please see press release dated September 30, 2004 for a more detailed background of Mr. Adoo.) AGG is also pleased to announce the appointment of founder and director, T. Gregory Hawkins as its interim Chief Executive Officer ("CEO"). Mr. Hawkins, who also resides in Ghana, brings over 30 years of African mining experience to AGG, having consulted for some of the world's largest mining companies, amongst others, with respect to their African projects. Mr. Hawkins holds a B. Sc. (Geology) from the University of Alberta, and a M. Sc. (Mineral Economics) from McGill University McGill University, at Montreal, Que., Canada; coeducational; chartered 1821, opened 1829. It was named for James McGill, who left a bequest to establish it. Its real development dates from 1855 when John W. Dawson became principal. . Mr. Hawkins will be replacing the former President and CEO, Mr. Kevin van Niekerk. "The appointments of the new Chairman and CEO, both based in Ghana, are consistent with strengthening AGG's focus on the identification and exploration of prospective gold projects in Ghana, West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. ," stated director David S. Brown. In addition, AGG has appointed founder and director, Mr. Michael A. J. Nikiforuk as President of African Gold Group, Inc. Mr. Nikiforuk, based in Toronto, brings over 20 years working experience within the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European capital The term European capital may refer to:
The AGG Board of Directors wishes its former President and CEO, Mr. Kevin van Niekerk, success in his future endeavours. The geotechnical portion of this press release has been reviewed and approved by Christopher O. Naas, P. Geo., a Qualified Person. African Gold Group, Inc., 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, subsurface sub·sur·face adj. Of, relating to, or situated in an area beneath a surface, especially the surface of the earth or of a body of water. Adj. 1. targets along three major gold trends: the Sefwi, Asankrangwa and Ashanti Gold Belts. On Behalf of the Board: Michael A. J. Nikiforuk President NOTE: A map is available on CCNMatthews' website at the following link: http://www2.ccnmatthews.com/database/fax/2000/AGG0120M.pdf The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. African Gold Group, Inc. (TSX VENTURE:AGG) |
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