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BCE Place, Canada Trust Tower,

26th Floor 161 Bay Street,


Toronto, Canada M5J 2S1
e.mail : info@africangoldgroup.com
website : www.africangoldgroup.com

African Gold Group, Inc.


PRESS RELEASE
TSX-Venture Exchange Symbol: AGG

July 16, 2004

Mankranho Project Update


Toronto, Canada - African Gold Group, Inc. (AGG) is pleased to provide the following
project update on the Mankranho gold concession, located in Ghana, West Africa, in
which AGG may earn an 85% interest.
Highlights

3,006 metre diamond drilling program completed ahead of schedule.


Mineralization intersected within shear zones, quartz vein swarms and alteration
zones.
A Banded Iron Formation (BIF), a significant geological environment associated
with gold deposits worldwide, has also been intersected.
Drill core samples to be sent to Canada for analysis due to significant backlog
experienced at the laboratory in Ghana. Assay results expected in 4-5 weeks.
Phase I program has identified additional drill targets.

MANKRANHO PROJECT

The Mankranho concession is located at the north-eastern end of the Sefwi Gold Belt in
Ghana and lies along strike and contiguous to Newmont Mining Corporations
(Newmont) 7.6 Moz Ahafo gold project, where production has been scheduled for Q3,
2006.
To date, AGG has completed 3,006 metres of diamond drilling, 151 km. of grid
establishment, 4,193 soil samples, 109 pit and trench samples and 70 km of ground
magnetic surveys, as part of a comprehensive Phase I Exploration Program announced
on May 19, 2004.

Area I
Two diamond drill rigs commenced working at Mankranho in mid May, 2004 and
completed 3,006 metres ahead of schedule. The 3,006 metres were drilled at varying
angles under trenches 5, 6, 10 and 17, for a total of 12 holes located within Area I of the
Mankranho concession. The holes were drilled to vertical depths ranging from 100 to 150
metres from surface and represent the first diamond drill core from the 108 sq. km.
Mankranho concession. These initial drill-hole locations were selected in order to gain a
better understanding of:

the geological signature of the region encompassed by Area I of the Mankranho


concession;
the orientation of the geological structure;
the geological features that control mineralization in the region.

As a result of this initial drilling phase mineralization has been intersected within shear
zones, quartz vein swarms and alteration zones. In addition, a magnetite/taconite oxide
facies Banded Iron Formation (BIF) was intersected. AGG believes that this is the first
time that such a system has been recognized in Ghana. Typically, a Banded Iron
Formation represents a significant geological environment that is associated with gold
deposits worldwide.
As stated in the AGGs May 19, 2004 press release, drill core samples from these first 12
holes were to have been shipped to a laboratory in Ghana, with check assays to be sent to
a certified Canadian lab prior to AGG releasing any assay results. AGGs project
managers, CME & Company, commenced shipping drill core and surface samples to the
laboratory in Ghana in early June, 2004 in anticipation of a normal turnaround (5 7
days) receipt of assay results. However, due to the significant backlog and workload at
the laboratory AGG has been advised by CME & Company that the turnaround time will
be much longer than originally anticipated and as such, AGG has determined that this
delay is unacceptable and therefore will undertake to move all current and future lab
work from Ghana to Canada. The situation at the laboratory in Ghana will be monitored
in order to ascertain whether at some point in the future it is appropriate to revisit the
facilities. AGG is now anticipating the release of its first set of assay results in
approximately 4-5 weeks.
AGG is pleased to report that diamond drilling is underway on additional high priority
targets, defined by ground magnetic and IP surveys and coincident with gold-in-soil
anomalies, within the northern region of Area l, north-west of trenches 5 and 6 (refer to
attached Map).
AGG is also pleased to report that results from a soil sampling exercise in the southern
region of Area 1 have indicated new anomalous gold-in-soil zones at the Newmont/AGG
concession border (refer to attached Map).
The first zone, at Trench 19, has to date been traced for 400 metres from the
border in a north-east direction with widths of 100 to 150 metres. Laboratory
results of soil samples have indicated gold values up to 289 ppb. *

The second zone, located near Trench 17, has so far been traced for 600 metres in
a south-west direction towards the border. This zone has widths of 25 to 50
metres. Laboratory results of soil samples have indicated gold values up to 738
ppb. *

Area III
In addition, the north eastern limb of the Mankranho concession, referred to as Area III
(refer to attached map in Press Release dated, May 19th 2004), has been completely
blanketed with infill soil sampling on 200 metre grid lines to further define the previously
identified gold anomalies. The Area III region, anticipated to be a new drill target, is in
close proximity to an extensive Newmont drill campaign that has been ongoing since
October, 2003 and listed in Newmonts 2003 Information Hand Book (page 20 Project
Pipeline) as a major exploration target.
This press release has been reviewed and approved by Christopher O. Naas, P. Geo., a
Qualified Person.
AGG, based in Toronto, is engaged in the identification, acquisition and exploration of
prospective gold projects situated along significant gold trends in Ghana, West Africa.
The Companys immediate focus is to systematically explore both surface, and in
particular, sub-surface targets along two major gold trends: the Sefwi and Asankrangwa
Gold Belts.
On Behalf of the Board:
Kevin J. van Niekerk
President and Chief Executive Officer
* Transworld Laboratory, Tarkwa, Ghana.

FOR FURTHER INFORMATION PLEASE CONTACT:


African Gold Group, Inc.
Michael A. Nikiforuk: Corporate Development Officer, Director
(416) 572-2225
info@africangoldgroup.com
OR
Ron Stabiner, Vice President
The Wall Street Group, Inc.
(212) 888-4848
rstabiner@thewallstreetgroup.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.

809000N

T4

808000N

T9
T14
T13

T8

T2
T12
MN04-13
Current drilling

T3
T7
T6

Area I

T1

T5

MN04-08
MN04-09

MN04-02
MN04-04
MN04-05

LEGEND

MN04-11

T11
Trench
807000N

Diamond drill hole


Gold-in soil geochemical
anomaly

T15
T16 T10

Concession boundary
MN04-07
MN04-10

Trench 17

MN04-12

T18

MN04-01
MN04-03
MN04-06

400m

UTM Zone 30 North


Mapsheet 0703C2

Trench 19

806000N

AFRICAN GOLD GROUP INC.


COMPILATION MAP
AREA I
Mankranho Concession

Area I
Extension
Project No:

Mankranho Project
Brong-Ahafo Region, Ghana
IPG41A
By:

TV

Scale:

1:20,000

Drawn:

TV

Date:

July 2004

Figure:

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