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african gold group inc (AGG) Snapshot

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Market Cap
8.0M
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342.4K
EPS TTM
C$-0.03
Shares Outstanding
159.3M
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african gold group inc (AGG) Details

African Gold Group, Inc., a junior mineral exploration company, engages in the acquisition, exploration, and development of precious and base metal mineral resource properties in West Africa. The company’s principal gold projects located in Mali include the Kobada gold project, which covers an area of approximately 216 square kilometers in the Kangaba region. Its gold projects situated in Ghana comprise the Asankrangwa gold belt, which comprises 5 gold concessions; the Mankranho concessions; and the Nyankumasi concessions. African Gold Group, Inc. was founded in 1988 and is headquartered in Toronto, Canada.

Founded in 1988

african gold group inc (AGG) Top Compensated Officers

Co-Founder, Executive Director of Corporate D...
Total Annual Compensation: C$192.0K
Chief Financial Officer
Total Annual Compensation: C$99.8K
Corporate Secretary, Vice President, Director...
Total Annual Compensation: C$192.0K
Compensation as of Fiscal Year 2013.

african gold group inc (AGG) Key Developments

African Gold Group Inc. Provides Update of Ongoing Work for the Kobada Gold Project Feasibility Study

African Gold Group Inc. announced that it has provided an update of ongoing work for the Kobada Gold Project Feasibility Study. The company has received results from metallurgical test work being completed by Gekko Systems in Australia. The results exceed the company’s expectations for processing the Kobada saprolite ore and include: Overall gravity recovery of gold - 85.2%; High mass rejection, with 61% of saprolite total feed rejected in pre-concentration; Overall mass rejection through pre concentration and gravity concentration - 91.6% (that is 8.4% reports to concentrates). Work is also continuing in Mali with environmental studies progressing to support all permitting requirements. AGG has also been identifying and negotiating with construction and mining contractors in order to tightly define all costs for the Project. The results from testwork and cost estimation will now be used for the compilation of the Scoping Study and Preliminary Economic Assessment. The results of this study are expected prior to the end of 2014. The work in Mali is primarily focused on obtaining the mining license. It includes the Environmental and Social Impact Assessment (ESIA) for the property. This work started in July 2014 and has included environmental baseline and impact studies that form the cornerstone of information required for the conversion to a mining license. The company anticipates that the application for the mining license will be submitted by the end of the year. A second ESIA is also underway which deals specifically with the construction activities for the project, including the access road. These two documents are important for the rapid development of the Kobada Project. In parallel, the company is busy developing relationships with local mining and construction companies in Mali. The Company intends to utilize as much local content for the Project as possible. These local companies are providing quotations for many aspects of the project, from access roads, construction of maintenance facilities and accommodation camp infrastructure to a comprehensive mining contract. This detailed work will provide significant input to the capital and operating costs for the Kobada Feasibility Study. Metallurgical Test Work - Pre-concentration: The metallurgical test work is proceeding well. Pre-concentration test work has been completed and demonstrated that 61% of the total saprolite feed was rejected. Pre-concentration is a simple process of washing ore and then cycloning to remove the very fine (slime) fraction of ore. It is a characteristic of the Kobada saprolite gold mineralisation that makes this process so effective. Previous work completed independently by SGS Lakefield in 2010 achieved mass rejection of 57% with a gold loss of 3.8% (that is 96.2% recovery). The latest result has a very significant implication on the operating costs for the project, and is particularly relevant as the test work models the actual processing plant design. The pre-concentration step causes more than a two-fold increase in gold grade to the rest of the process flow sheet. The large mass rejection also equates to lower operating costs. Metallurgical Test Work - Gravity Concentration: Results from gravity test work have now been finalized by Gekko Systems. This test work has been designed to model the process flow sheet proposed by Gekko. For the saprolite ore type, total recovery of gold by gravity concentration was 85.2%, which is contained within 8.4% of the total mass of material processed. The company plans to leach the concentrate using traditional leaching technologies, and the gravity concentrate will be ground in a ball mill to ensure high leach recovery. It is the high overall mass rejection that is significant in minimizing the capital costs for the Kobada, as the ball mill can be sized to treat only 8.4% of the total mass of material. The company is considering a processing rate of 1.6 million tonnes per annum (4,400 tonnes per day), which equates to treating 134,000 tonnes of concentrate per annum (370 tonnes per day). Further metallurgical work is being completed which will examine the benefit that finer crushing will have on gold recovery. This will be finalized over the next two weeks. The company will also finalize capital and operating cost estimates for the project. The Resource Update and Preliminary Economic Assessment, including mine design, will be completed prior to the end of 2014.

African Gold Group, Inc. Appoints David Brown as Non-Executive Chairman

African Gold Group Inc. announced that the Board of Directors have appointed David Brown as Non-Executive Chairman of the company. He has been instrumental in the company's corporate governance and in recognition of his influence he has been appointed to the role of Non-Executive Chairman. Mr. Brown is a senior partner at the law firm of WeirFoulds LLP.

African Gold Group Inc. Provides Update on Kobada Feasibility Study

African Gold Group Inc. reported progress of its feasibility study for its Kobada Gold Project, located in southern Mali, which is on schedule and anticipated to be delivered prior to the end of 2014. The Company has further strengthened its feasibility study and mine development team with the appointment of Mr. Torben Michalsen as 'Project Infrastructure & Logistics Manager', effective July 11, 2014. Mr. Michalsen will be responsible for infrastructure and logistics activities relating to the construction, commissioning and project operation at the Kobada gold project. The Company has retained Gekko Systems Pty Ltd. ("Gekko"), a market leader in gold processing and low-energy mining solutions utilizing innovative modular plant designs, to partner with Montreal based Bumigene Engineering to complete the feasibility study for the Kobada bulk mining gold operation. On July 15, 2014, AGG shipped a 2 tonne bulk sample, via air freight, to Gekko in Ballarat, Australia for metallurgical testwork. The 2 tonne bulk sample is a composite of core samples of saprolite ore and auger samples of laterite ore collected over a wide area of the known gold resource. The purpose of this testwork is to determine the optimum process flowsheet for the project and to provide a more accurate estimate of key operating parameters, including process recovery and capital and operating costs. This work will ultimately form the foundation of the feasibility study that is to demonstrate the economic viability of the Kobada Gold Project. The results of the metallurgical testwork are expected to be available in the third quarter of this year.

 

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