Welcome!

News Feed Item

African Gold Group Strengthens Mine Development Team With the Appointment of New President and Chief Executive Officer

TORONTO, ONTARIO -- (Marketwired) -- 04/29/14 -- African Gold Group, Inc. ("AGG" or the "Company") (TSX VENTURE: AGG) is pleased to report the following Board and Management appointments:

--  The appointment of Declan Franzmann as Director, President and Chief
    Executive Officer ("CEO"), reporting to AGG's Board of Directors. Mr.
    Franzmann's immediate focus is to accelerate the completion of the
    Feasibility Study and oversee and expedite the initiation of production
    at AGG's Kobada Gold Project, located in south-west Mali; and

--  The appointment of Michael Nikiforuk, past President, Founder and
    Director of AGG, to Executive Director, Corporate Development. In his
    new role, Mr. Nikiforuk will focus on the Company's corporate social
    responsibility programs, community stakeholder and government relations
    initiatives.

Appointments Intended To Fast-Track The Kobada Gold Project Into Production

Mr. Declan Franzmann, a professional mining engineer, has more than 22 years experience in corporate, operational and senior engineering roles. Declan has accumulated significant experience working on gold projects within Australia and internationally. Most recently, Declan was Founding Director of Crosscut Consulting, a resource engineering business providing mine planning and management services since 2005. Mr. Franzmann has held senior management roles at the Tritton, CSA, Gympie, and Chariot Mines. He has extensive experience in both underground and open-pit mining as a professional engineer. Declan has held executive and non-executive director positions for several ASX and TSX listed companies, most recently for Lachlan Star Limited (TSX: LSA). Mr. Franzmann completed a Bachelor of Engineering (Mining) at the University of Ballarat, Victoria, Australia and holds First Class Mine Manager's Certificates in Western Australia, Queensland and NSW. Declan is a Fellow of the Australasian Institute of Mining and Metallurgy ("FAusIMM").

Executive Director, Corporate Development of AGG, Michael. Nikiforuk commented, "Over the past several months our Executive Team and Board have worked extensively in the search for a CEO with the right credentials and experience required to develop AGG's Kobada gold project. It gives me great pleasure to welcome Declan on behalf of the entire AGG team. The depth of Declan's experience in the development of gold projects and his background in mine planning will be invaluable during this significant period of AGG's growth. We are excited at the prospect of continuing to demonstrate the exceptional economics of the Kobada Project through the impending Feasibility Study, with a view to aggressively transitioning the Company from explorer/developer to gold producer."

Newly appointed Director, President and CEO of AGG, Declan Franzmann comments, "I am excited to be joining AGG at this very important time in the Company's growth and I look forward to working with the team as we progress Kobada towards production. I am convinced that Kobada is a strong project both technically and economically. The simplicity of the deposit and metallurgical characteristics will make for a robust bulk mining operation. I am particularly impressed by the extent and potential of the mineralized system and believe there is significant exploration potential outside of the present Indicated and Inferred Mineral Resource."

In respect to his appointment as President and CEO of the Company, Mr. Franzmann has been granted 1,000,000 incentive stock options exercisable at $0.15 per share, expiring on April 29, 2019. The Company has also agreed to grant Mr. Franzmann an additional 500,000 options once there is availability under the Company's stock option plan. 500,000 of Mr. Franzmann's incentive stock options will vest immediately; an additional 500,000 options will vest upon Mali's Minister of Mines granting AGG a Mining License for Kobada with the final 500,000 incentive stock options vesting upon the first pour of gold at Kobada. The granting of the options is subject to regulatory approval of applicable filings.

Non-brokered Private Placement

AGG is also pleased to announce a proposed non-brokered private placement offering of up to 18,333,333 units (each a "Unit") at $0.12 per Unit for gross proceeds of up to $2,200,000 (the "Offering"). Each Unit is comprised of one common share and one-half (1/2) of one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one common share at an exercise price of $0.18 per share for a period of two years from the closing date of the Offering.

In connection with the Offering, the Company may pay eligible persons (the "Finders") a finder's fee equal to up to 5% of the gross proceeds from the Units placed by the Finder in cash and also issue compensation warrants (each a "Compensation Warrant") equal to 5% of the total number of Units placed through each Finder under the Offering. Each Compensation Warrant entitles the holder to acquire one common share at $0.12 for a period of 12 months from the closing date of the Offering.

The proceeds of the offering will be used for the completion of the Feasibility Study, as well as, additional drilling, metallurgical and mine planning studies and general working capital. The securities issued pursuant to the Offering will all be subject to a 4 month regulatory hold period, commencing from the date of closing. The Offering remains subject to TSX Venture Exchange approval and of requisite regulatory filings.

About African Gold Group

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 Gold Project, located in south-west Mali, West Africa. 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 under the AGG's profile on the SEDAR website at www.sedar.com and on the Company's website at www.africangoldgroup.com.

On Behalf of the Board:

Michael A. J. Nikiforuk, Executive Director

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.

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.

Contacts:
African Gold Group, Inc.
Michael A. J. Nikiforuk
(647) 288-0453
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
Disruption, Innovation, Artificial Intelligence and Machine Learning, Leadership and Management hear these words all day every day... lofty goals but how do we make it real? Add to that, that simply put, people don't like change. But what if we could implement and utilize these enterprise tools in a fast and "Non-Disruptive" way, enabling us to glean insights about our business, identify and reduce exposure, risk and liability, and secure business continuity?
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
DXWorldEXPO LLC announced today that Telecom Reseller has been named "Media Sponsor" of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Transformation Abstract Encryption and privacy in the cloud is a daunting yet essential task for both security practitioners and application developers, especially as applications continue moving to the cloud at an exponential rate. What are some best practices and processes for enterprises to follow that balance both security and ease of use requirements? What technologies are available to empower enterprises with code, data and key protection from cloud providers, system administrators, inside...