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

Investtech Analysis:

Weak Negative Candidate (Short term) - Mar 10, 2004
Has risen 567% since the bottom on 31 Oct 2003 at 1.50. Has broken through the ceiling of a falling trend channel. This indicates a slower falling rate initially, or the start of a more horizontal development. The stock has support at p 5.00 and resistance at p 15.00. The average difference between the lowest and highest price of an average month is 62%. The risk is therefore high.

Neutral (Medium term) - Mar 10, 2004
Has risen 1500% since the bottom on 7 Apr 2003 at 0.63. Has broken through the floor of a rising trend channel. This indicates a slower rising rate at first, or the start of a more horizontal development. The stock has support at p 2.00 and resistance at p 15.00. High risk.

Neutral (Long term) - Mar 10, 2004
Has risen 1500% since the bottom on 7 Apr 2003 at 0.63. Has broken the ceiling of the falling trend, which indicates a slower initial falling rate. Has risen strongly since the positive signal from a inverse head and shoulders formation at the break through the resistance at 2.00. The objective at 6.40 is now met, but the formation still gives a signal in the same direction. The stock has support at p 3.00. The average difference between the lowest and highest price of an average month is 62%. The risk is therefore high.

Price was unchanged today at 10.0-11.25 pence. More selling absorbed today by the MMs, in other words stocking up to sell at higher prices once the good news comes. Just the one solitary decent buy of around 46,000 shares at 10.75 pence which is a real pity, but hey good news is on the horizon now.

MMs strategy is to buy low and sell high. That is happening here.

MACD crossing nearly there now, divergence gap smaller, price just off the ten and fifty day moving averages. The rises will be really explosive once the news comes with all the indicators pointing the way there are at the moment.

Hmm Afr Gold getting hammered today so far. Doing much worse than many other companies such as Afr Diamonds who them selves are doing badly. Mind you, this would be a good time to increase investment while the price is low though. Is it worth the gamble?

It's red everywhere today tbrooking66. Worry not!!

True, true azhar. This game isnt for the weak nerved! Its an opportunity aswell if you have the guts to act. Any decent newsflow on AFG once the market settles and 9p may look a bargain.

The price is very cheap indeed, been away from my screen hence...not here earlier. It's down because the market is so much down today. Some MM manipulation as didn't expect this kind of a drop.

Price 8.5-10.0 pence. 2*100,000 buys reported at 10 pence an hour ago. Otherwise very good buying today with a pickup in volume.

News on one more operation is coming and it will be this last operation to be announced which will be the most substantial to the company.

Strong Buy.

Price went up to 9.75-10.0 pence just before close for a short while before closing at 8.5-10.0 pence which was a good sign that news may be coming very soon.

Delayed 100,000 buy at 9.38 pence reported just before close.

Looks like gold has lost its shine,sue any views,or still patience is required.

Hi ateeq, patience required for a few more days. MMs trying to trigger stop losses by the looks of it.

Incredibly cheap price now at 7.5-8.5 pence. I think the good news may be forthcoming this afternoon judging by how deperate the MMs seems to be to try and get some stock back.

THANKS SUE,ITS NICE OF YOU TO GIVE THIS FEED BACK SO QUICKLY,AND I HOPE THATS THE CASE,ANY WAY GOOG LUCK TO ALL AFG HOLDERS.

Slightly better now, 8.0-9.5 pence, all buys coming through.

Price 8.5-9.5 pence, a lot delayed buys will be coming through later.

Already hold shares in AFG, but consodering wacking down some more cash as the shares are so cheap!!!!!!!!!!! Any body eles buying today?????

Some very good buys have come through including a 100,000 buy at 9 pence. In addition, 10*50,000 or around buys have been reported in the last 2 1/2 hours.

3*50K block buys have been reported around 9.5 pence. Most of them have appeared in the sell column including the 80,000 buy around 8.44 pence.

More good buys reported in the last few minutes.

Price 8.5-10.0 pence now, unchanged for the day. Strong buy signal.