African Gold Group continues to build its team
TSX-V-listed junior African Gold Group (AGG) has announced its second appointment this week, with news that Daniyal Baizak has been made VP for corporate development.
Baizak is a business consultant and will spearhead AGG’s business development efforts and seek out growth opportunities as the company advances from developer to producer.
“With a strong asset base in a stable region, the recent financing in place, the addition of Danny Callow focused on mine development, Andy Rompel heading up exploration and now Daniyal seeking additional growth opportunities, African Gold provides an excellent platform from which to grow into a significant midtier producer,” commented chairperson and CEO Stan Bharti.
He added that the timing for AGG “could not be more favourable”. “ . . . I believe, we are just on the cusp of one of the most bullish gold environments I have seen in my long career in mining.”
AGG’s flagship project is the planned 100 000 oz/y Koboda mine, in southern Mali, about 30 km from Endeavour’s Karma mine. The Koboda project has a 2.2-million-ounce resource and a 2016 feasibility study proposed a 50 000 oz/y mine that will be in operation for eight years. AGG is optimising the feasibility study and is now aiming for 100 000 oz/y. A bankable feasibility study should be completed by December.
When Bharti was appointed CEO earlier this month, he set a goal for the developer: To be a midtier African gold producer within the next two years.
Meanwhile, AGG announced a C$3-million nonbrokered private placement financing of up to 14 285 714 units at C$0.21 an unit.
AGG touched a 52-week high of C$0.38 a share on Wednesday, before closing at C$0.34 a share.
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