TORONTO, ONTARIO--(Marketwired - July 17, 2014) - African Gold Group, Inc. (TSX VENTURE:AGG) ("African Gold Group" or the "Company") is pleased to announce that its Board of Directors have appointed Mr. Misha Anthony Collins as Feasibility Study Coordinator. In addition, Mr. Collins has also been appointed to African Gold Group'sAdvisory Board. Both appointments are effective immediately. Management views this appointment as an important milestone for AGG as the Company embarks on "the road to production" at its Kobada Gold Project.
Mr. Collins, CFA. is currently the non-executive Chairman of Sihayo Gold Limited, an Australian Securities Exchange ("ASX") listed company and non-executive director of ASX listed Ask Funding Limited. Misha has a diverse background in technical, financial and oversight roles. He is also a significant shareholder in African Gold Group. Mr. Collins holds a First Class Honors Degree in Metallurgical Engineering from RMIT University of Melbourne, Australia; has a Graduate Certificate in Banking and Finance from Monash University of Melbourne, Australia and holds a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. Misha has also completed the Chartered Financial Analyst program and is a current CFA charter holder. Mr. Collins operates his own investment and corporate consultancy business and is a Member of the Australian Institute of Company Directors.
President and CEO of African Gold Group Mr. Declan Franzmann, FAusIMM, comments, "We welcome the appointment of Misha to both African Gold Group'sAdvisory Board and as Feasibility Study Coordinator for our Kobada Gold Project. Misha's extensive metallurgical and financial experience will significantly strengthen and compliment African Gold Group's existing project development team. His expertise will be invaluable in AGG meeting its Q4, 2014 completion of the Kobada feasibility study, as well as, project development the following year."
Mr. Collins, African Gold Group's newly appointed Feasibility Study Coordinator, comments, "In my opinion there is a unique opportunity to build a significant and highly profitable gold business at Kobada with demonstration of concept at a meaningful but manageable scale followed by rapid incremental growth. Kobada has unique metallurgical characteristics with previous test work indicating the majority of the deposit is characterized by relatively coarse, free milling gold distributed in a saprolitic rock mass. The saprolite exhibits a very high percentage of material with a fine grain size. The combination of fine saprolite and relatively coarse gold is very significant, providing an opportunity for high mass rejection at low cost but with high gold recovery. When this aspect is combined with high subsequent gravity recoveries as previous work has demonstrated, there is the potential for this project to deliver exceptional returns. The large resource also allows for a long mine life and scalable growth well beyond the initial 5,000 ton per day modular plant currently being contemplated. All in all, this is a very exciting time, both personally and as a shareholder of African Gold Group. I look forward to working with the team we are putting together to deliver financially rewarding outcomes for all shareholders."
Results of the Annual & Special Meeting of Shareholders
The Company is also pleased to announce shareholders of the Company have approved all matters voted on at the Company's Annual and Special Meeting of Shareholders held on June 26, 2014 being, the:
1. election of management's proposed slate of directors of the Company;
2. reappointment of BDO Dunwoody LLP, as the auditors of the Company to
hold such office until the close of the next annual meeting of
3. approving the Company's stock option plan, reserving for grant options
to acquire up to a maximum of 10% of the issued and outstanding shares
of the Company calculated at the time of each stock option grant.
More specific details of the matters approved at the meeting are set forth in a management information circular of the Company dated May 27, 2014
and posted on the System for Electronic Data Analysis and Retrieval (SEDAR) at www.sedar.com
AGG also announces that it has granted certain directors, officers and consultants of AGG an aggregate total of 3,775,000 incentive stock options to purchase common shares of the Company at the exercise price of $0.15
per common share for a period of five (5) years from the date of issuance. The granting of the options is subject to regulatory acceptance of applicable filings.
About African Gold GroupAfrican Gold Group
is a Canadian exploration and development company with a strong focus on West Africa
. African Gold Group
is positioned to grow in value as it progresses its Kobada Gold Project
through a feasibility study, development and into production. For more information regarding African Gold Group
visit our website at www.africangoldgroup.com
On Behalf of the Board:Declan Franzmann
, President and CEO
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.
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact included herein, including without limitation, statements regarding future plans and objectives of African Gold Group
; and statements regarding the ability to develop and achieve production at Kobada are forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from African Gold Group's
expectations have been disclosed under the heading "Risk Factors" and elsewhere in African Gold Group's
documents filed from time-to-time with the TSX Venture Exchange
and other regulatory authorities. African Gold Group
disclaims any intention or obligation to update or revise any forward looking statements whether resulting from new information, future events or otherwise, except as required by applicable law.
FOR FURTHER INFORMATION PLEASE CONTACT:
African Gold Group, Inc.Michael A. J. Nikiforuk
Source: African Gold Group, Inc.