I don't believe that the mentioned "African Gold Zimbabwe" is AFG, but the article does demonstrate rapid resurgence of E&P in Zimbabwe:

Mining Giants Plan Massive Diamond Prospecting

The Herald (Harare)

January 22, 2004
Posted to the web January 22, 2004

Harare

MINING giants, De Beers Zimbabwe Prospecting Limited and Circle Three Mining Corporation are proposing a massive diamond prospecting project that will see the two companies prospecting for the mineral in Gweru, Harare, Bulawayo and Kadoma mining districts.

The two mining companies intend to prospect for diamond in areas covering a total of 448 180 hectares.


Another company, African Gold Zimbabwe, has also undertaken to prospect for gold on two areas measuring 120 550 hectares within the Harare and Gweru mining districts.

De Beers Zimbabwe Prospecting Limited, Circle Three Mining Corporation and African Gold Zimbabwe have applied to the Mining Affairs Board for an exclusive prospecting order for 12 areas under the four mining districts.

In the latest issue of the Government gazette, the Mining Affairs Board said De Beers, Circle Three Mining and African Gold Zimbabwe intend to prospect for diamonds and gold over an area of approximately 568 730 hectares from the three areas.

"The applicants intend to prospect for diamond within the areas, which have been reserved against prospecting pending determination of this application.

"Prospecting authority is sought upon registered base mineral blocks within the reservation," read part of the notice.

One of the two diamond prospecting projects to be undertaken by Circle Three Mining measures 65 000 hectares and is bounded by a line commencing on the Zimbabwe-Zambia border approximating five kilometres.

All areas, which have been earmarked for prospecting are within the 15 000 hectares and 65 000 hectares range and are mostly in the traditional mineral bearing areas of the country.

The proposal to prospect for diamond in the country comes at a time when the US$41 million Murowa Diamond Mine has started to operate following the successful relocation of 141 families which were on the mining site.

Mining is one of the sectors which has been depressed over the last five years but some of the players in the industry have said investors should look at non-traditional minerals.

An example that is often given is that of platinum, which is fast becoming the world's most lucrative mineral.

The mining of diamond in Zimbabwe is also fast gaining pace and it is expected that some of the mining projects would create a lot of employment.

Relevant Links

Southern Africa
Mining
Zimbabwe

Hi,

Expecting the price to stay in this range now since Monday when the fundraising announcement was made. In addition, the new shares appox.27 million are being admitted on Friday so the price will stay at these levels until then.

In the meantime, some heavy buying has continued into this week with for example 2*275,000 buys at 13.75 pence today.

Should start to gather pace again next week.

A markdown today with the new shares admitted to the market. Took the opportunity to buy more at 12.75 pence. Current price 12.0-13.0 pence.

Offer price up to 13.5 pence now from 13 pence. May see a few delayed buys coming through in the next hour.

Some climb back up with the price at 12.5-13.5 pence.

Price 12.5-14.0 pence. Would expect a significant number of delayed buys to come through later on.

A lot of good buys have come through now ranging from 12.25 pence to 13.75 pence. Nearly all of the buys have appeared in the sell column.

A 200,000 and 150,000 buy have been reported at 12.44 pence.

WHAT ABOUT CMS 50P TARGET !!!!HELEN IS STILL A GOOD WINNER OR NOT

cobra you are asking your question to the wrong person.SH is a trader not an investor.

Saturday's Independent Newspaper:

Press Comment: Independent Market Report

African Gold, which recently unveiled the purchases of gold assets in Ghana's Ashanti Belt, ticked 0.12p higher to 14.37p on whispers that another acquisition is on the cards. According to yesterday's market gossip, the deal would be quite substantial for the AIM listed company, which is presently valued at 30m. A source close to African Gold confirmed that the group was looking at a major acquisition but indicated that a deal is by no means imminent.

The above has been overlooked this week due to the fundraising announcement.

11.5-12.5 pence, treeshake??? These prices are cheap.

sorry cobra should have read penny share punter not trader

11.5-13.0 pence now.

Medium term investor, been holding these for the last five weeks, first higlighted these here when they were at 6.25 pence to buy.

LOok at the reserach on this thread, news on 2 sites is still due, which will have the biggest potential.

2*150,000 buys reported around 12.5 pence and a 100,000 buy. Three good buys got the offer price up from 12.5 pence to 13 pence.

Price 12.0-13.5 pence.

With the new shares admitted to the market today the price is quite volatile.

Uk Invest:

Small Caps, AIM and Ofex:


As we have predicted it would, for weeks and weeks, African Gold announced a placing at 9p to raise 2.44 million pounds and that saw its shares ease back by 0.375p to 14p since the news was pretty much discounted. With gold still trading higher and more deals in Africa to be announced the word in Dublin is that 20p is still very much on the cards.

Investtech Analysis after yesterday's close (12.5 pence mid-price):

Positive Candidate (Medium term) - Feb 20, 2004
Has risen 1932% since the bottom on 7 Apr 2003 at 0.63. Is within a rising trend. Continued positive development within the trend channel is indicated. The stock has support at p 2.00. High risk.

Neutral (Short term) - Feb 20, 2004
Has risen 747% since the bottom on 7 Oct 2003 at 1.50. Has broken the floor of the rising trend, which indicates a weaker initial rising rate. The stock is approaching the resistance at p 15.00, which may give a negative reaction. The average difference between the lowest and highest price of a month is 60%. The risk is therefore high.