African Gold Group, Inc.: Appoints Mr. Ben Adoo as Managing Director for Ghana Operations
TORONTO--(BUSINESS WIRE)--Sept. 30, 2004--African Gold Group, Inc. ("AGG") (TSX VENTURE:AGG - News) is pleased to announce the appointment of Benjamin Adoo as Managing Director of its newly created and 100% owned Ghana subsidiary, AGG (Ghana) Limited, ("AGG Ghana").
Mr. Adoo received an Associateship of the Camborne School of Mines, U.K in 1971 and a Master of Engineering Degree in Mineral Economics & Production Management from McGill University, Canada in 1987. Mr. Adoo has over three decades of mining experience in Ghana and is recognized as one of the country's most senior mining executives. He is a Chartered Engineer and a Member of both the British and Ghanaian Institutes of Engineers. He has served as General Manager of Prestea, Tarkwa, and Dunkwa Goldfields in Ghana. Most recently and for the past 5 years, Mr. Adoo served as Managing Director of Ghana Bauxite Co. Ltd., a subsidiary of Alcan Inc.
During the past 20 years Mr. Adoo has been associated with the Ghana Western University (School of Mines) in the training of mining engineers. His extensive consulting portfolio on mining policy includes the Ghana Ministry of Mines and the Ghana Minerals Commission. Mr. Adoo is a recent past President of the Ghana Chamber of Mines, a position he held for 21/2 years. In September 2004 Mr. Adoo was made an Honorary Member of Council of the Ghana Chamber of Mines.
Based in Accra, Ghana, Mr. Adoo will primarily be responsible for the development and strategy of AGG's growing operations in Ghana and to establish strong relationships with mining and related entities operating in Ghana and the West African sub-region. In addition, Mr. Adoo will devote considerable time to the identification and acquisition of additional precious metal properties within Ghana and greater West Africa for AGG.
Mr. Adoo's decision to join AGG Ghana is a strong endorsement of the quality of the people and exploration properties held within the organization. This appointment further demonstrates AGG's commitment and determination to build on the current foundation established within Ghana and signals the redoubling of its efforts to acquire additional opportunities on the African continent.
Under AGG's stock option plan, AGG has granted incentive stock options entitling Mr. Adoo to purchase, in total, up to 125,000 shares over a five (5) year term at the exercise price of $2.00 per share.
AGG, based in Toronto, is engaged in the identification, acquisition and exploration of prospective gold projects in Ghana, West Africa. The Company's immediate focus is to systematically explore both surface and in particular, subsurface targets along the Sefwi and Asankrangwa gold belts, two of Ghana's most prospective gold trends.
On Behalf of the Board:
Kevin J. van Niekerk
President and Chief Executive Officer
African Gold Group, Inc. BCE Place, Canada Trust Tower, 27th Floor 161 Bay Street, Toronto, Canada M5J 2S1 e.mail: email@example.com website: www.africangoldgroup.com
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African Gold Group, Inc. Michael A. Nikiforuk Corporate Development Officer, Director (416) 572-2225 firstname.lastname@example.org www.africangoldgroup.com OR The Wall Street Group, Inc. Ron Stabiner Vice President (212) 888-4848 email@example.com