This stock is having a good run, up for the last 5 days, Anybody know why?

This little snippet was taken from African Gs web site.

EXPLORATION

AFRICA

Four major properties have been identified and will be evaluated in the first quarter of 2004.

So this could be good news for buying and holding med /long ,and yesterday clearly broke the 5p barrier and up 36% on the day

G12

I'll have a read of the papers and try and find out whats going on..

...The word is that the company has agreed to buy a producing gold mine in African (sic) and that the (cracking) deal will be announced within a fortnight....

In response to recent press comments, African Gold is near to completing due
diligence on the Konongo Gold Mining lease, which covers the northeast portion
of the Ashanti Gold Belt in Ghana, about which information was announced on 29
January 2004. African Gold expects to make an announcement about this shortly.

hmmm price been falling quite dramatically on these. any ideas?

good news is rumoured.lets wait and see if this is mm tactic.

it would nt be the first time the price fell before positive news!

This is rediculouse 6.5 - 8p. The institutions bought in at 9p. Does anyone know if the institutions are bailing out?

what can we do now? sell or hold?

We are still due to hear some news from AFG management. Hopefully sooner than later. Maybe MM tacktic?

theres a lot of buying going on compared to sells now.

tbrooking66, not surprised at these prices.

hi all

just read a piece in the telegraph (yesterday), saying that african gold is under investigation, regarding a number of share bought when the first came on AIM ???(dont know why its taken this long). sorry cant inform you anymore it was very vague, but whilst afg keep us gusting on the news front. its going to be a rough ride for the next few weeks.
on a plus side, at least the rains stopped over there :o)
the next 3-4 weeks will be interesting.

hold in my book, looking 12 -14p short term, 20p plus long... imho
keeping an eye on AFE as well.

Thanks for that info. in_2_art I was getting confused to the amount of decline.

clipping from ADVFN
====
your reprt of Telegraph article is relating to the Phil Edmunds company of a similar name and nothing to do with AFG.
Headline mentioned africa gold but the correct title was in the article.

Optimist23 - 12 May'04 - 19:02 - 3287 of 3295


African Gold

The Financial Services Authority is looking into the placing of shares in Central African Gold, the mining company brought to Aim in March by former England spin bowler Phil Edmonds.

http://www.money.telegraph.co.uk/money/main.jhtml?xml=%2Fmoney%2F2004%2F05%2F11%2Fcnbul11.xml

----Seems to be an error here, I think the article is relating to Central African Gold which has fallen very heavily over the last few weeks
======

Does anyone know if AFG are due anymore announcements or are we in a period of 'correction' leading to more lows ?

Flinny ,
"In response to recent press comments, African Gold is near to completing due
diligence on the Konongo Gold Mining lease, which covers the northeast portion
of the Ashanti Gold Belt in Ghana, about which information was announced on 29
January 2004. African Gold expects to make an announcement about this shortly"

Azhar, thanks for that - hopefully they will strike diamonds at the same time and make us all rich !

Flinny, not sure about any body else but I went in this @ 11.2 p/s and topped up few weeks ago @ 7.75p with long term view. T1ps.com recommended medium term price of 20p. Waiting for imminent news as per previous quote and hopefully some good drilling results. This price is a bargain as insitutions have bought in @ 9p to raise 2.44m couple of months ago. As always DYOR

PRESS RELEASE 21 May 2004



African Gold plc


African Gold acquires 70 percent of the Konongo/Owere 950,000 oz gold resource
in Ghana

Announces a new NOMAD

Oliver Baring becomes joint Chairman

African Gold is paying US $ 4 m to acquire 70 percent of three mining licences covering 125 sq km in the
Konongo/Owere district of the Ashanti Gold Belt in Ghana and has an option to acquire an additional 10 percent.
Payment will be made in two stages, US $2 million cash plus US $1m in African Gold shares immediately. A further
payment of US $1m cash will be made after 180 days.
An independent report indicates that the licence area contains a resource in excess of 950,000 ounces of gold at
an average grade of 2.30 g/t gold.
The acquisition includes an adjacent prospecting licence covering approx 76 sq km. containing numerous gold
exploration targets.
The bulk of the gold resource is contained in sulfide ore bodies at depths from 70 metres to below 250 metres.
These bodies are similar to the Ashanti-style mineralization mined by Anglo/Ashanti at the Obuasi gold mine.
Diamond drilling will commence in the near future and will focus on converting inferred and indicated ounces to
the measured category.
The joint venture is subject to regulatory approvals in Ghana.
Three other properties in the Ashanti Gold belt are under option to African Gold and are the subject of ongoing
due diligence.


Change of Nominated Advisor

Canaccord have been appointed nominated advisor and stockbroker to the company.
The board expresses its gratitude to Rowan Dartington for their high standard of
service over the years.


Oliver Baring appointment

The board has appointed Oliver Baring as joint-Chairman of African Gold plc. He
is London based and will focus on the development strategy of the company. Mr.
Baring is Executive Chairman of First Africa Group. He has recently retired as
Managing Director of the Corporate Finance Division of UBS, where he held
responsibility for both Africa and Mining. He is a former partner of Rowe &
Pitman, and spent five years with the Anglo American/De Beers Group in the US,
UK and South Africa. He is chairman of the board of directors of Ridge Mining
Plc and an advisor to The Sentient Resources Fund and the Tiedemann Investment
Group.



John Teeling, joint-Chairman of African Gold commented, 'This is the beginning
of the African Gold development strategy. The Konongo acquisition together with
our assets in Zimbabwe gives us a gold resource in excess of 1 million ounces.
The appointments of Canaccord and Oliver Baring and the establishment of a
London office reflects the increased level of activity in London. We have an
active deal flow at present which I am confident will lead to additional
acquisitions in the near future.'




Contacts:

John Teeling + 353 1 833 2833
Oliver Baring + 44 (0)7785 320567