African Gold Group Strengthens Mine Development Team With the Appointment of New President and Chief Executive Officer
29 April 2014 - 3:00PM
Marketwired
African Gold Group Strengthens Mine Development Team With the
Appointment of New President and Chief Executive Officer
TORONTO, ONTARIO--(Marketwired - Apr 29, 2014) - 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.
African Gold Group, Inc.Michael A. J. Nikiforuk(647)
288-0453majn@africangoldgroup.com
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