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Business News of Thursday, 5 February 2004

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African Gold extends Ghana interests

African Gold have acquired a 52% controlling interest in the Akrokeri gold lease located on the Ashanti Belt in Ghana through a joint venture with Birim Goldfields.

The company has the right to increase its interest through expenditure over time. The lease has a common boundary with the Obuasi Gold Mine which has, to date, produced 42 million ounces of gold.

The historic Akrokeri gold mine is located within the lease and was last mined nearly 100 years ago. Five targets have been identified and a detailed exploration programme is planned to prove up reserves.

'We are moving fast to consolidate our position in the Ashanti Gold Belt in Ghana,' said John Teeling, Chairman of African Gold. '

'The best place to find a mine is where there is a mine,' he added. 'We believe that there is no better role model than Obuasi which has been, and remains a world-class mine'.

African Gold is an AIM listed company with gold mining interests in Africa.