Mankranho Project Update

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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, inwhich 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 alterationzones.

• A Banded Iron Formation (BIF), a significant geological environment associated

with gold deposits worldwide has also been intersected

BCE Place, Canada Trust Tower,26th Floor 161 Bay Street,

Toronto, Canada M5J 2S1e.mail : [email protected]

website : www.africangoldgroup.com



with gold deposits worldwide has also been intersected

Area ITwo 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 varyingangles 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 150metres 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 shearzones, 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 firsttime that such a system has been recognized in Ghana. Typically, a Banded Iron

Formation represents a significant geological environment that is associated with golddeposits worldwide.

As stated in the AGG’s May 19, 2004 press release, drill core samples from these first 12holes 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. AGG’s projectmanagers, 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 – 7days) receipt of assay results. However, due to the significant backlog and workload atthe 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



• 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 sinceOctober, 2003 and listed in Newmont’s 2003 Information Hand Book (page 20 – ProjectPipeline) as a major exploration target.

This press release has been reviewed and approved by Christopher O. Naas, P. Geo., aQualified 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 Company’s 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.

O O A O AS CO AC



806000N

807000N

808000N

809000N

T5

T6

T7

T8

T3

T4

T14T13

T9

T2

T12

T18

Trench 17

T10T16

T15

T1

T11

Current drilling MN04-13

MN04-11

MN04-02MN04-04

MN04-05

MN04-08MN04-09

MN04-01MN04-03MN04-06

MN04-07MN04-10

MN04-12

Trench 19

Project No: IPG41A

AFRICAN GOLD GROUP INC.

Figure:

Sc al e: 1 :20 ,0 00

By: TV

Drawn: TV

Date: July 2004

COMPILATION MAPAREA I

Mankranho ConcessionMankranho Project

Brong-Ahafo Region, Ghana

Area IExtension

LEGEND

Trench

Diamond drill hole

Gold-in soil geochemicalanomaly

Area I

Concession boundary

400m0

UTM Zone 30 NorthMapsheet 0703C2

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Mankranho Project Update