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.

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
What are the successful IoT innovations from emerging markets? What are the unique challenges and opportunities from these markets? How did the constraints in connectivity among others lead to groundbreaking insights? In her session at @ThingsExpo, Carmen Feliciano, a Principal at AMDG, will answer all these questions and share how you can apply IoT best practices and frameworks from the emerging markets to your own business.
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Traditional IT, great for stable systems of record, is struggling to cope with newer, agile systems of engagement requirements coming straight from the business. In his session at 18th Cloud Expo, William Morrish, General Manager of Product Sales at Interoute, outlined ways of exploiting new architectures to enable both systems and building them to support your existing platforms, with an eye for the future. Technologies such as Docker and the hyper-convergence of computing, networking and sto...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, discussed the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filterin...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
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, Lee...
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.