African Gold PLC announces that Guy S. Young has been appointed as a Non-Executive Director of the company as of 07 December 2004.
Guy Young was an Executive Director of Minorco S.A. between 1995 and 2000. Prior to this he worked at Anglo American Corporation for three decades in a series of roles, finally as Executive Chairman of Anglo American South America Ltd. He has had experience of mining exploration and production across the major mining continents and is a well known figure throughout the industry.
Oliver Baring, Chairman of African Gold, commented on the news: “We are very pleased to welcome Guy Young to the Board of African Gold. He has vast expertise in the mining business and will be of great assistance with our plans to build a leading focused African natural resources business. Guy will have a central role in the continuing broadening of our investor base and development of our management team. He is a great asset to have on the Board.”
2nd December 2004 – Updated Drilling Results from Konongo / Owere and completion of acquisition of 70% equity holding in project
African Gold is pleased to announce further positive drilling results from the Konongo / Owere gold project in Ghana. Economic gold grades have now been obtained in all twenty one drill holes analysed to date.
The latest seven results are shown in the table below. Fourteen drill hole results have previously been reported from Konongo and assays from a further seventeen holes are awaited.
| Hole Number | From(m) | To (m) | (m) | Au (g/t) |
| OBAPC-015 | 197.0 | 201.0 | 4.0 | 3.58 |
| 205.0 | 207.0 | 2.0 | 4.25 | |
| OBAPC-016 | 105.0 | 107.0 | 2.0 | 4.27 |
| 113.0 | 121.0 | 8.0 | 6.09 | |
| 149.0 | 151.0 | 2.0 | 2.55 | |
| 153.0 | 155.0 | 2.0 | 5.63 | |
| 160.0 | 162.0 | 2.0 | 2.30 | |
| OBAPC-021 | 177.0 | 182.0 | 5.0 | 6.40 |
| 183.0 | 185.0 | 2.0 | 1.57 | |
| 191.0 | 192.0 | 1.0 | 5.73 | |
| OBAPC-023 | 133.0 | 142.0 | 9.0 | 1.90 |
| OBAPC-024 | 146.0 | 148.0 | 2.0 | 2.20 |
| 174.0 | 177.0 | 3.0 | 3.68 | |
| 191.0 | 194.0 | 3.0 | 23.45 | |
| 200.0 | 202.0 | 2.0 | 4.64 | |
| 205.0 | 208.0 | 3.0 | 7.07 | |
| OBAPC-025 | 146.0 | 154.0 | 8.0 | 2.97 |
| OBAPC-027 | 167.0 | 169.0 | 2.0 | 1.94 |
| 176.0 | 180.0 | 4.0 | 3.85 |
African Gold recently made the final payment of $1 million to the vendors of the Konongo mining lease and now holds 70% of the total equity with Talos, a local Ghanaian company holding 20% and the Ghanaian government holding 10%. Ministerial approval from the Government of Ghana for the necessary transfer of the Mining leases has also now been granted.
Oliver Baring, co-chairman of African Gold, commented “The continuing strong drilling results from Konongo are very encouraging. This news puts us on track to proving up more than 1 million ounces of gold from our operations in Ghana in 2005”.
17th November 2004 – Holding in Company
The Company was notified on 15th November 2004 by Merrill Lynch Investment Managers Group Limited that it holds 22,000,000 Ordinary Shares in the Company (representing 7.7 per cent. of the total issued share capital of the Company), all of which shares are held on behalf of certain discretionary clients through nominees names