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

If you look at the final candle on the 3 month chart you will notice a "Harami Cross". Which if it follows the accepted rules shows a reversal. The MM's should start testing the upper limits now, and that usually means a mark up in price. Since the trend over the last few days was a shallow dive, we should see a pick up in demand.

http://www.leavittbrothers.com/education/candlestick_patterns/bull/haramiX.cfm

SH.. What is a Harami Cross? What is the relation with behavior of the share price? Thanking u in advance. xmortal

Hi Xmortal, click on the above link.

Harami Cross

The Mind of a Trader
by Alpesh B. Patel

Pattern: reversal
Reliability: high

Identification
A long black day is followed by a Doji which gaps opposite the trend and is completely engulfed by the real body of the first day.
The Psychology
In a downtrend or within a pullback of an uptrend, a long black day occurs. The next days gap up comes as a surprise to the shorts who thought they were sitting on a great position the previous day. The stock closes where it opens to signify a churn day with neither the bulls nor bears showing much force after the opening gap up. Reliability of the bullish Harami Cross is low, so a strong following day is needed for confirmation.

African Gold Sponsor ....
Global Mining Forum 04
Hilton London Metropole
May 4-5, 2004

http://www.iiconf.com/london04/

WHO WILL ATTEND AND WHY?

Professional and private investors attend this annual conference to meet with Investment specialists and financiers, sophisticated private investors and fellow mining executives. The industry's most important recent developments and opportunities are presented and pursued in this highly charged professional arena.

WHO WILL SPONSOR AND WHY?

Sponsors of this conference will establish and renew relationships with European based analysts, portfolio and fund managers, investment specialists and financiers.


(Guess that means Mr T will be there !!!!
Another date to put in your diaries for possible price rises soon after !!!!

Mugabe 'suffers chest pains'

http://news.bbc.co.uk/1/hi/world/africa/3511221.stm

Mugabe's removal from the scene could boost AFG' price to a new high .

Thxs SH.

Price possibly bottomed out now at 11.5-13.0 pence.

Not quite 11.0-12.5 pence now. Should bottom out soon.

Price 11.25-12.00 pence.

Price 11.0-12.0 pence. Believe those who took part in the placing may have been selling over the last couple of days, hence the price fall.

Thanks SueHelen. You are one in a million. Where would we all be without your running commentary on this stock? Still topping up are we?

Hi there,

Added a few more today after the double bottom formation was formed. The price should start rising again now tomorrow.

Out of interest there were 7*100,000 buys reported today. Lines of 100K buys going through is a good sign.

The double bottom formation was formed as the price went back up having dipped to 10.25-11.5 pence, the previous low of 10.88 mid-price.

SAN FRANCISCO (AFX) -- April gold climbed $1.30 on the New York Mercantile
Exchange, but closed at $399.30 an ounce -- under the key $400 level for a
second session. Other metals futures ended the session on a mixed note, with
copper and platinum making modest gains, but silver and palladium logging
losses.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.

Gold ticks higher as dollar dips

Precious metal trades at $399.70 an ounce after sharp jump in U.S. currency prices last week.
February 23, 2004: 8:17 AM EST



LONDON (Reuters) - Gold prices inched higher Monday to drift just under $400 an ounce as last Friday's jump in the U.S. dollar limited buying in the precious metal for investors seeking havens.

Dealers said the market had garnered some support from buying at current levels, but all eyes were expected to stay glued on the dollar for definitive direction.

Analysts said the market looked set for a choppy ride this week in tandem with the dollar, as players were still convinced that the U.S. currency's overall downtrend remained intact.

After months of heavy selling, the dollar rocketed about two percent against major currencies Friday, led by a move up against the yen after news Japan had tightened security as more troops left for Iraq.

Gold rose $1.70 to $399.70, compared with $398.00 last quoted in New York Friday.

"I suspect the pattern of trading will be choppy, not just for today but for the coming weeks because it does look as though the trend decline in the dollar is still there," HSBC metals analyst Alan Williamson said.

"The fact that the $1.30 line in euro/dollar seems to be quite an important resistance level means its probably going to be quite difficult to get through," he added.

"So I can see the euro-dollar bouncing between $1.23 and $1.30, and gold bouncing between $395.00 and $410.00," Williamson said.

In the currency market, the dollar hit a new three-week high of $1.2450 in early trading, before paring its gains to $1.2566.

Gold, which inversely tracks movements in the currency market, failed to hold above $416 an ounce last week even after the euro set a new record high against the dollar.

Dollar selling pushed gold to a 15-year peak of $430.50 an ounce January 6.


--------------------------------------------------------------------------------

Copyright 2004 Reuters All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Gold Gains From Lowest in Almost Three Months as Dollar Drops
Feb. 23 (Bloomberg) -- Gold futures in New York rose from almost a three-month low as the dollar fell against the euro and yen, boosting the metal's appeal as a store of value.

The rise may signal a new rally in gold after its first weekly decline in three weeks, said Richard Radez, vice president of precious-metals trading at David A. Noyes & Co. in Indianapolis. The dollar rose against the euro on Friday on speculation European officials would stem their currency's 16 percent advance in the past year.

``The market looks great for gold bugs,'' Radez said. Any buying of dollars by the European central bank ``is like money down the drain,'' he said. ``The long-term trend is going to continue.''

Gold for April delivery rose $1.80, or 0.5 percent, to $399.80 an ounce at 10:44 a.m. on the Comex division of the New York Mercantile Exchange. The metal had fallen 7.8 percent from a 15-year high of $431.50 an ounce on Jan. 6.

The dollar has slumped in the past two years on widening U.S. trade and budget deficits. The trade gap in December was $42.5 billion, the second-widest monthly amount ever, as oil prices rose and imports of other goods rebounded. In 2003, the deficit was $489.4 billion, the widest ever, because of record imports from China.

``The U.S. is the largest debtor in the world,'' Radez said Radez. ``I continue to see an outflow of investment out of the U.S.''

Gold to Reach $500?

The dollar will fall 15 percent against the euro in the next 12 months, and gold will rise to $450 to $500 an ounce this year, Radez said.

The U.S. government had a budget deficit in January, the first for that month since President George W. Bush's father was in the White House, with expenditures outstripping receipts by $1.4 billion. A year earlier, the government had a surplus of $10.6 billion.

The shortfall may increase the likelihood that the deficit in the fiscal year, which ends Sept. 30, will grow to the record $521 billion forecast by the White House. The deficit in fiscal 2003 was a record $374.2 billion. The U.S. has boosted spending on the military and homeland security, while tax cuts and a stagnant job market have diminished receipts.

Hedge funds and other large speculators bought 70,305 more gold futures contracts than they had sold as of Tuesday, up from 60,286 the week before, the Commodity Futures Trading Commission said Friday. That marked the second weekly gain in six weeks.

Over the past month, gold has moved almost in lockstep with the euro's performance against the dollar, at a correlation coefficient of 0.91. The maximum reading is 1. The coefficient measures the degree to which two variables move in unison.



To contact the reporter on this story:
Choy Leng Yeong in Chicago at clyeong@bloomberg.net

To contact the editor of this story:
Steve Stroth at sstroth@bloomberg.net.
Last Updated: February 23, 2004 10:49 EST

Price closed at 11.0-12.5 pence today.

Positive Candidate (Medium term) - Feb 23, 2004
Has risen 1700% 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. The average difference between the lowest and highest price of a month is 60%. The risk is therefore high.