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

Relevant to AFG too

Buy Golden Prospect at 27.75p
Argues bear raider Evil Knievil of t1ps.com

I am famous - or should I say infamous - as a shorter of stocks. That is to say, selling shares that I don't own hoping that they will collapse and then as ordinary investors gnash their teeth and wail, I buy back and collect the lolly. If you are looking for a good short right now, Jarvis is - even at 24.5p - free money all the way down.

But I also dabble with buying shares and though I say so myself I am rather good at it. There are some fools out there who base their investments on following fund mangers - so called shrewdies. I am of the view that there are more shrewdies in the penguin pen at London Zoo than there are in the City and Golden Prospect rather proves my point.

A couple of years ago when this company had net assets of 10p a share (of which half was cash) two "shrewdies" sold their entire holding at 4p or less. Yours truly lapped it up and now has a notifiable interest. Indeed I have kept buying (to a high of 36p) and with the shares at 27.5p I am more than a few lunches ahead.

Run by the wise old coot Malcolm Burne, Golden Prospect invests in an array of small mining companies and its net assets are currently worth - I believe - just under 40p a share. In addition it has direct stakes in a couple of exploration projects which I suspect are worth another 4p per share or so.

But gold and thus gold shares will go higher. The idiots in charge of the west (Bush, The Wicked Witch and her consort Mr Blair, and the fools from Euroland) think that the answer to all our problems is to print more of their paper currencies and are doing so with wild abandon. No more gold is being produced by God. Hence basic economics dictate that gold must appreciate against currencies whose worth is being devalued by the day.

Since gold mines are operationally geared to the price of gold, another $100 on the gold price (which will in time happen) will cause gold shares to soar and with it so will the NAV of Golden Prospect. Before I even start to sell this share I would expect the NAV to hit 80p and the shares to see 60p. It may take a couple of years but I am a patient man.

Legendary bear raider Evil Knievil outlines all his trading positions on EvilCast - a fortnightly webcast available only on website www.t1ps.com. The website also features the tips of Tom Winnifrith who also recommended this share at just 5.25p. For more details click here

Buy at 7p

Xmortal,have you got an email address for Oliver Baring

no soz.

Thanks all the same.

Some one on advfn received an email saying annual report will be out within two weeks.

Do u think it will go up?

Hopefully we will get a drilling up date at the same time.

A tickup today any news?

Excellent drilling results

Can you tell us where you found the result please...John

Hlye - click on news icon at top and put in epic code

That must be the shortest rally in history. I sometimes think AFG has to hit a million tonnes of platinum if it's price is ever to go up ! What's keeping it down ?

mm are going mad today

This has got to be the one of the craziest days in AFG's history. Up 11% down 5%, up 22%, what on earth is going on? John50, I think you may well be right. probably finish up where it started!

I think there is more good news on the way with annual report

Rumour / fact has it that AFG have been shorted to the nth degree in Berlin. Some say that this Berlin Shorting is fiction, others fact. Whatever the truth the drilling report looks positive, seems to be considered good news. Hopefully if this type of shorting has been prevalent in AFG, the positions will be closed and we will see a dramatic increase in the SP.

Hope so PH.

African Gold PLC
27 September 2004

Contacts:

John Teeling + 353 (1) 833 2833
Adrian Lungan +233 (24465) 6485



27th September 2004



PRESS RELEASE
AFRICAN GOLD PLC the AIM listed gold miner is pleased to
announce the following:



Significant gold mineralisation intersected in initial drill holes at Owere/
Konongo, Ghana.



Diamond drilling at our Owere/Konongo gold project in Ghana has
intersected significant zones of high-grade gold mineralisation.



The best intersections are from Hole OBAPC-05 where 12.06g/t Au was
intersected over a width of 16m and Hole OBACP-02 where 10.90g/t Au was
intersected over 12m.



Drilling confirms that substantial widths of highly-mineralised wall rock
exist in the mine workings.



Results of all holes have confirmed the presence, continuity and grade of
mineralisation in just one of nine such ore-bodies.



The Company is pleased to announce the results of initial drilling of the
Obenemase ore body at our Owere/Konongo Gold Mine in Ghana.



Hole No. Dip From(m) To(m) Interval(m) g/t Au

OBAPC-001 -47 134.0 137.0 3.0 5.68
144.0 145.9 1.9 5.63
190.0 192.6 2.6 3.55
OBAPC-002 -50 108.0 120.0 12.0 10.90
OBAPC-003 -45o 103.0 109.0 6.9 3.06
115.0 120.0 5.0 6.03
127.0 129.0 2.0 4.17
OBAPC-004 -53o 133.0 138.0 5.0 5.08
OBAPC-005 -46o 70.0 79.0 9.0 2.79
107.0 123.0 16.0 12.06






An initial thirty-hole drill programme is designed to test the grade and
continuity of gold mineralisation remaining in the wall rocks marginal to just
one of nine ore bodies at Owere/Konongo. The assay results obtained are from HQ
drill core and are the first received to date from Analabs in Ghana. In the
1930's, underground mining at Owere focused entirely on high-grade, gold-rich
quartz veins and the sulphide hosted high-grade, gold mineralised host rock was
left behind.



Previous drilling indicated the potential of the wall rocks to host an economic
ore body and the current programme is focused on converting inferred and
indicated gold ounces to measured ounces. An earlier study indicated a resource
of over 900,000 ozs in the area.



Drilling is ongoing and further results are expected in the very near future.



John Teeling co chairman said 'These are excellent results and fully support our
belief that we can turn the 900,000 oz indicated gold resource into a
significant gold mine.'







African Gold is an AIM listed company (AFG) with gold mining interests in Africa


www.africangoldplc.com

LONDON (AFX) - UK mining company African Gold PLC will be taken over by unlisted African peer Mwana Africa Holdings in the next few days, according to the Sunday Telegraph.

Citing sources close to the deal, the paper said the reverse takeover would create a group with a market capitalisation of 60 mln stg. African Gold is worth just 15 mln stg at current prices.