TORONTO, ONTARIO -- (Marketwired) -- 08/23/13 -- African Gold Group, Inc., (TSX VENTURE: AGG) ("AGG" or the "Company") announces that, as a result of a review by staff of the Ontario Securities Commission ("OSC"), the Company is issuing this news release regarding its disclosure on the Kobada gold project, located in Mali, West Africa. In order to clarify the information contained in the technical report filed on August 2, 2013 and its news release filed on June 18, 2013, the Company has amended and restated its technical report on the Kobada property (the "Amended and Restated Technical Report"). The information contained in the news release dated June 18, 2013 remains accurate and none of the amendments change the numbers reported for the updated 2013 resources.
The Amended and Restated Technical Report is dated August 15, 2013 and it contains further disclosure with regard to statements made in the report. Among others, the main additions fall under the "Additional Requirements for Advanced Property Technical Reports" section of NI 43-101F1 (items 15 to 22) with the inclusion of information related to the 2011 PEA. The following clarifications have been included: (i) the cautionary language required by NI 43-101 for discussions of inferred resources has been added, (ii) the term "ore" (which was used to describe the mineral resources contained within the 2011 Preliminary Economic Assessment) has been replaced with appropriate language, and (iii) whenever a resource estimate is quoted in terms of tonnage, grade and contained metal, the cut-off grade is now also quoted.
Mr. Pierre Lalande, P. Geo, an AGG Director, is the Company's designated QP for the purposes of reviewing the content of this release. All parties have reviewed and approved their respective content of this press release.
African Gold Group, Inc., based in Toronto, Canada, is fully focused on transitioning from an exploration/development company into a gold producer. In conjunction with this objective, a full Feasibility Study is currently underway for AGG's Kobada, Mali gold project. The Company is projecting the Feasibility Study will be completed in Q3/2014, at which time, the Company will submit an application to obtain an Exploitation License to the appropriate Malian authorities.
Additional Information is available on the Company's website at www.africangoldgroup.com and on www.sedar.com and through the Company's offices at: Sun Life Financial Tower, Suite 2518, 150 King St. West, Toronto, Canada, M5H 1J9
On Behalf of the Board:
Michael A. J. Nikiforuk
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
African Gold Group, Inc.
Michael A. J. Nikiforuk
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