African Gold Group Announces $4 Million Private Placement

View this email in your browser AFRICAN GOLD GROUP ANNOUNCES $4 MILLION PRIVATE PLACEMENT NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Toronto, Canada – February 8th, 2021 – African Gold Group, Inc. (TSX-V: AGG) ("AGG" or the "Company") is pleased to announce a non-brokered private placement financing of up to 26,666,667 units (a "Unit") at a price of $0.15 per Unit for gross proceeds of up to $4,000,000 (the "Offering"). Each Unit will consist of one common share of the Company and one half of one common share purchase warrant (each whole warrant a "Warrant"), with each Warrant entitling the holder to acquire one additional common share of the Company at an exercise price of $0.25 for a period of 24 months from issuance.   The Company intends to use the net proceeds of the Offering to advance infill and exploration drilling on its Kobada Project in Southern Mali.    Closing of the Offering is expected to occur on or about February 19, 2021. In connection with the Offering, a finder's fee may be payable in line with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of TSXV approval.    About African Gold Group   African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa's next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG's principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2020 definitive feasibility study and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential for an increase in resource. For more information regarding African Gold Group visit our website at www.africangoldgroup.com. For further information please contact:   Danny Callow President and Chief Executive Officer +(27) 76 411 3803 Danny.Callow@africangoldgroup.com   Scott Eldridge Non-Executive Chairman of the Board (604) 722-5381 Scott.Eldridge@africangoldgroup.com   Daniyal Baizak  VP Corporate Development (647) 835-9617 Daniyal.Baizak@africangoldgroup.com   Camarco (Financial PR) Gordon Poole Nick Hennis +44 (0) 20 3757 4997 AfricanGoldGroup@camarco.co.uk   Forward-Looking Statements This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the intended use of proceeds, closing conditions and timing and other matters relating to the Offering, the Company's development and exploration plans for the Kobada project and other statements with respect to the future plans or intentions of the Company. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "aims", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.   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.     Follow on Twitter LinkedIn Follow on Instagram Our mailing address is: info@africangoldgroup.com Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

African Gold Group Announces Drill Results Including 39.48 g/t Au over 3.0 m

View this email in your browser AFRICAN GOLD GROUP ANNOUNCES DRILL RESULTS INCLUDING 39.48 G/T AU OVER 3.0 M  Toronto, Canada – February 2, 2021 – African Gold Group, Inc. (TSX-V: AGG) ("AGG" or the "Company") is pleased to announce that it has successfully completed Phases 3A and 4A of its drilling program at the Kobada Gold Project aimed at upgrading the oxide resources in the inferred category to indicated and measured (Phase 4A) and to initially prove mineralisation at the neighbouring Gosso shear zone (Phase 3A).   New Drill Intersects: 39.48 g/t Au over 3.00 m (Drill hole KB20_PH4A_34)  Including 17.90 g/t Au over 1.0 m and 94.00 g/t Au over 1.0 m  1.87 g/t Au over 13.00 m (Drill hole KB20_PH4A_38)  Including 20.10 g/t Au over 1.0 m  Previously Announced Highlights: Phase 3A: Confirmed gold mineralization at the Gosso target and delineated ~750 m of initial strike length. Drill intercepts include: 1.15 g/t Au over 12.50 m (Drill hole G20_PH3C_16) Including 7.19 g/t Au over 1.30 m 4.25 g/t Au over 3.10 m (Drill hole G20_PH3A_20) Including 10.40 g/t Au over 1.20 m 1.55 g/t Au over 5.20 m (Drill hole G20_PH3A_20) Including 6.38 g/t Au over 1.00 m Phase 4A: 38 holes were drilled to upgrade the inferred oxide resource immediately to the north of the planned open pit at the Kobada concession (see NI43-101 Technical Report on Kobada Gold Project dated June 17, 2020 (the "2020 DFS"). Drill intercepts include: 1.44 g/t Au over 68.00 m (Drill hole KB20_PH4A_6) Including 6.73 g/t Au over 1.0 m and 24.60 g/t Au over 1.0 m 1.98 g/t Au over 60.90 m (Drill hole KB20_PH4B_8) Including 22.10 g/t Au over 1.0 m and 10.80 g/t Au over 1.5 m 4.86 g/t Au over 17.00 m (Drill hole KB20_PH4A_16) Including 46.10 g/t Au over 1.0 m Proven up mineralisation along the northern extent of the prolific Kobada Shear zone, which will be followed up along its strike by Phase 5 drilling. High-grade gold mineralisation drilled in numerous intersections to the east and to the west of the reported mineral resource estimate in the 2020 DFS will be incorporated in the next mineral resource estimate update for early 2021. Danny Callow, Chief Executive Officer of AGG, commented: "It is very pleasing to have completed the initial 6,300 m phased infill drilling programme along our Kobada main shear zone and the step-out drill campaign at the nearby Gosso shear zone. The results from Gosso show that our regional focus that has identified up to 55 km of shear zones on the property which have the potential to be mineralised is bearing fruit, which can be converted into future resources. This is extremely encouraging for significant near-term resource upside potential. In addition, our thesis of deeper oxides within the current resource shell, with holes extending the oxides in saprolite down to 180m, and additional mineralised zones outside of our current ore resource envelopes gives us confidence in a positive improvement in resource and reserves as we update this information into our geological model.   We believe that 2021 will be a transformational year for AGG, and whilst this is still early days in the evolution of understanding the full Kobada potential, our short-term target still remains to hit 1 million ounces of mineable reserves as soon as possible." Overview of Drilling Programme The Company's exploration drilling programme is focused on the following targets: Increase resource from newly identified shear zones at Kobada, Faraba and Kobada Est concessions (Phase 3) Conversion of the inferred resources to measured and indicated category, with the goal of expanding the reserve base to over 1 Moz (Phase 4A, B, C) in the short term Strike extension of the main shear zone at Kobada concession (Phase 5) Exploration activities at the Kobada Gold Project were focused on continuing to define new mineral reserve base across the four-kilometer main shear zone, as well as advancing and evaluating several new regional targets. Building on the success of the 2019 drilling program and the additional high-grade mineralization that was defined throughout 2020, the Company has drilled 6,257.50 metres, or approximately 63% of the total planned drilling program, of combined Diamond Drilling ("DD") and Reverse Circulation ("RC") with encouraging results continuing to show deeper than anticipated extensions of the orebody. A significantly larger regional exploration program is planned in 2021. The focus will be on evaluating and advancing exploration targets outside the main shear zone area on the recently delineated Gosso target along with several other newly identified targets.   The Company has completed Phase 4A drilling aimed at upgrading the inferred resource in oxides at the northern extension of the current pit design at Kobada concessions. After evaluating the results over the next couple of months, the Company intends to continue with planned Phase 4B and 4C drilling. The technical team is encouraged with the large number of high-grade intersections at very shallow levels, as well as at deeper levels, but still in the "soft-rock" oxidic saprolite, which extends deeper than originally anticipated, thereby increasing the volume of the known orebody.   The Company's key internal goal for Q1 and Q2, 2021, is to further demonstrate the substantial potential for an increased resource base at the Kobada Gold Project. The Company expects to incorporate the results of the drilling programme in the next mineral resource estimate update on track for early 2021. Phase 3 - Increase resource from newly identified shear zones at Kobada, Faraba and Kobada Est concessions The Company has successfully confirmed gold mineralization at the Gosso target and delineated ~750 m of initial strike length. Diamond drilling program at Gosso target shows highly mineralized gold ore body with similar traits to the parallel striking Kobada shear zone (total resource of 2.3 Moz over 4 km). Four diamond drill holes (522 m) have been completed and were drilled through the saprolite (soft rock) to intersect the abundant auriferous quartz-veins. We believe that there is significant extension along strike, and further drilling will seek to delineate this.   Confirmed high grade gold mineralization, close proximity to the existing resource base (4 km east of Kobada shear zone) and significant upside potential, further reinforce managements view of the Gosso shear zone as a highly prospective target for further development of the Kobada Gold Project. Definition of a mineral resource at the Gosso target is seen as a crucial upside potential for further increase in mine life and production profile of the Kobada Gold Project.   Drill intercepts from Gosso shear zone include: 1.15 g/t Au over 12.50 m (Drill hole G20_PH3C_16) Including 7.19 g/t Au over 1.30 m 4.25 g/t Au over 3.10 m (Drill hole G20_PH3A_20) Including 10.40 g/t Au over 1.20 m 1.55 g/t Au over 5.20 m (Drill hole G20_PH3A_20) Including 6.38 g/t Au over 1.00 m Phase 4 - Conversion of the inferred resources to measured and indicated category, with the goal of expanding the reserve base to over 1 Moz A significant proportion of the 10,000 m drilling campaign has been allocated to the conversion of the 575,000 oz inferred oxide resources to measured and indicated category. The drilling of the inferred resources in oxides concentrated around the highlighted area (blue = inferred resource, plan view) to increase the level of confidence in the continuity of the mineralized zones and the confidence in the grade of the deposit. Figure 1: Plan view of the resource The drilling program has successfully extended the depth of the oxide-sulphides boundary from an anticipated 110 m to 180 m, representing ~60% increase. Results from the drilling program indicate good correlation of expected grades of inferred resource. New mineralized zones outside of the 2020 DFS resource model have been discovered during the drilling program and indicate further resource upside potential. The Company intends to continue to test new mineralized areas. Andy Rompel, VP Exploration of AGG, commented: "We are thrilled by the results of Phase 4A with the high-grade results from several of its boreholes and from the fact that we will gain volume for mining at depth through a deeper than expected soft rock / hard rock boundary. The latter will allow us to "free-dig" in our scheduled open pit deeper than projected. Furthermore, we are now assured that our prolific Kobada shear zone extends further north and most importantly it is mineralised. We will continue to pursue the Kobada shear northwards during our next campaigns."   Drill intercepts from Phase 4 drilling campaign include: 1.24 g/t Au over 11.00 m (Drill hole KB20_PH4A_4) 1.44 g/t Au over 68.00 m (Drill hole KB20_PH4A_6) Including 6.73 g/t Au over 1.0 m and 24.60 g/t Au over 1.0 m 1.17 g/t Au over 34.00 m (Drill hole KB20_PH4A_7) Including 10.60 g/t Au over 1.0 m 1.22 g/t Au over 7.90 m (Drill hole KB20_PH4B_8) Including 6.13 g/t Au over 1.0 m 1.98 g/t Au over 60.90 m (Drill hole KB20_PH4B_8) Including 22.10 g/t Au over 1.0 m and 10.80 g/t Au over 1.5 m 1.04 g/t Au over 37.00 m (Drill hole KB20_PH4A_11) Including 8.41 g/t Au over 1.0 m and 7.85 g/t Au over 1.0 m 1.09 g/t Au over 43.50 m (Drill hole KB20_PH4A_12) Including 9.10 g/t Au over 1.0 m and 9.93 g/t Au over 1.0 m 4.86 g/t Au over 17.00 m (Drill hole KB20_PH4A_16) Including 46.10 g/t Au over 1.0 m 3.50 g/t Au over 14.00 m (Drill hole KB20_PH4A_20) Including 38.20 g/t Au over 1.0 m 1.21 g/t Au over 10.00 m (Drill hole KB20_PH4A_27) 11.95 g/t Au over 4.00 m (Drill hole KB20_PH4A_31) Including 41.80 g/t Au over 1.0 m 39.48 g/t Au over 3.00 m (Drill hole KB20_PH4A_34) Including 17.90 g/t Au over 1.0 m and 94.00 g/t Au over 1.0 m 1.87 g/t Au over 13.00 m (Drill hole KB20_PH4A_38) Including 20.10 g/t Au over 1.0 m Phase 5 - Strike extension of the main shear zone at Kobada concession A detailed study of the airborne magnetic and radiometric survey has led to a reinterpretation of the structural inventory and resulted in a delineation of 55 km of mineralized shear zone structures across the Kobada, Faraba and Kobada Est concessions, representing ~80% increase to the previously identified shear zones. Figure 2: Plan view of drilling campaign at Kobada. Significant drill intersections and cumulative mineralization The Kobada Gold Project The Kobada Gold Project is an advanced stage gold development project located in Mali, Africa's 4th largest gold producing country. The property is located 126 km south-west of Bamako, the capital city of Mali, in the Birimian Greenstone Belt, with excellent transportation links to the capital and excellent logistics routes via other West African ports. In July 2020, the Company released an updated definitive feasibility study that showed Kobada`s potential as a highly profitable standalone mine, delivering IRR of 45.5% and NPV of US$284 m, with an AISC of US$788/oz Au. The Company continues to advance the Kobada Gold Project through an exploration drilling programme in parallel to negotiations on securing the financing for the construction of the project. Advanced discussions with several institutional investors are underway. About African Gold Group African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa's next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG's principal asset is the Kobada Gold Project in southern Mali, which is in an advanced stage of development having completed the 2020 DFS and is targeting gold production of 100,000 oz per annum by Q2 2022. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential for an increase in resource. For more information regarding African Gold Group visit our website at www.africangoldgroup.com. Qualified Person The scientific and technical information contained in this press release has been reviewed, prepared and approved by Dr. Andreas Rompel, PhD, Pr. Sci. Nat. (400274/04), FSAIMM, Vice President Exploration of AGG, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and by Mr. Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA), a director of Minxcon (Pty) Ltd and a member of the South African Council for Natural Scientific Professions. For more information: Danny Callow President and Chief Executive Officer +(27) 76 411 3803 Danny.Callow@africangoldgroup.com   Scott Eldridge Non-Executive Chairman of the Board (604) 722-5381 Scott.Eldridge@africangoldgroup.com   Daniyal Baizak  VP Corporate Development (647) 835-9617 Daniyal.Baizak@africangoldgroup.com   Camarco (Financial PR) Gordon Poole Nick Hennis Monique Perks +44 (0) 20 3757 4997 AfricanGoldGroup@camarco.co.uk   Cautionary statements This press release contains "forward‑looking information" within the meaning of applicable Canadian securities legislation. Forward‑looking information includes, but is not limited to, statements regarding, the Company's drilling and exploration programmes, expectations of increase in or conversion of resources and/or reserves at the Kobada Gold Project, timeline for delivery of future mineral resource estimates and extensions of orebody depth and length, anticipated construction timeline at the Kobada Gold Project and financing thereof. Generally, forward‑looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  Forward‑looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AGG to be materially different from those expressed or implied by such forward‑looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‑looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.   NEITHER 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. Table 1: Assay results from the mineralized zone Cumulative Mineralization Widths Significant Intersections (above 1 g/t Au)  Follow on Twitter LinkedIn Follow on Instagram Our mailing address is: info@africangoldgroup.com Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.