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Business News Wed, 25 Feb 2004

Irish gold mining company acquires additional Ghana options

African Gold has signed an exclusive option with Ahanta Mining Co Ltd to acquire the Ahanta gold property located on the Ashanti Belt in Ghana.

Chaired by Dublin businessman John Teeling, the company said that soil and trench sampling have defined a 1.2km-long zone of gold mineralisation open to the north and south of this area.

African Gold has the rights to earn an 80% interest in the property and has the first rights of refusal to increase this to a maximum of 90%.

An initial payment $20,000 (?15,800) has been made.

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Further payments are due on the completion of due diligence and on the first, second and third anniversaries of the agreement. The maximum aggregate consideration is $155,000.(?123,00).

John Teeling said: ?African Gold continues to define and acquire mid to late stage gold properties in Ghana.

"The acquisition of the Ahanta property is a major addition to what is developing into an important Ghana gold portfolio and is an integral part of our strategy to become a significant independent African gold miner," he added.

African Gold is an Alternative Investment Market listed company.

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