Click here to close now.


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

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 and on the Company's website at

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
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).