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

Real spread at the moment is 8.5-9.25 pence, can buy well inside the offer price of 10 pence.

Reply from an email sent to African Gold:

"The next news will relate to the completion of our properties in West
Africa and other potential acquisitions."

The price has closed above the support level of 9 pence for the last three days at a price of 9.25 pence.

The bubble has truly burst as far as African Diamonds is concerned. We will hopefully see the same sky high rise here if not more soon. In addition may see some investors switching from AFD into AFG now with all the imminent good newsflow to come.

Investtech Analysis:

Neutral (Long term) - Mar 15, 2004
Has risen 1260% since the bottom on 7 Apr 2003 at 0.63. 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. 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. Positive volume balance, i.e. high volume in days of rising prices and low volume in days of falling prices, strengthens the stock further in the short term. 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.

Neutral (Medium term) - Mar 15, 2004
Has risen 1260% 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.

Negative Candidate (Short term) - Mar 15, 2004
Has risen 467% since the bottom on 31 Oct 2003 at 1.50. Is within a falling trend. Continued negative development within the trend channel is indicated. RSI is, however, oversold, which indicates a potential short-term reaction up. The stock has support at p 4.00 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.

RSI is, however, oversold, which indicates a potential short-term reaction up - rises before the news comes would be nice.

Soft dollar, Spain terror jitters buoy COMEX gold
Reuters, 03.15.04, 2:45 PM ET


NEW YORK, March 15 (Reuters) - New York precious metals rose Monday as investors sought safe alternatives to a dollar weakened by security concerns and mounting evidence that al Qaeda planted the bombs that killed 200 in Madrid last week.

COMEX April gold ended up $4 at $399.60 an ounce. It traded from $396.00 to $401.00 after tumbling Friday, only to find solid support near $395.

"It's clearly currency, clearly a bit of a bounce off of what happened last week and the horrific event that we saw in Madrid," said Andy Montano, a director at bullion dealer ScotiaMocatta in Toronto.

Spot gold rose to $399.25/9.75, from $394.50/5.60 late Friday. The afternoon fix in London was $398.10.

"We continued to see reasonably good physical off-take on dips and we've been stuck in a $395-$405 range for quite a long time. It feels like an eternity," Montano said.

Gold stalled in the morning after better-than-expected data showing February U.S. industrial output rose 0.7 percent, while the capacity utilization rate rose to 76.6 percent.

But it stretched its gain late in the day after the Bank of Japan said it was mulling ending by the end of March its large-scale intervention to keep the yen from rising versus the troubled greenback.

The weaker dollar lowered the price of precious metals for overseas investors.

The dollar plunged below 110 yen before steadying at 110.37/40. Earlier, it fell to $1.2317 per euro, and was last quoted at $1.2244/49.

The perception of increased security and political risk enhanced gold's allure as insurance.

If al Qaeda did mastermind Thursday's commuter rail blasts it could claim to have caused Sunday's election backlash that removed Spain's ruling Popular Party and brought the Socialist Party into government.

The government of departing Prime Minster Jose Maria Aznar was a staunch ally of the United States in Iraq, despite widespread popular disapproval of Spain's role in the war.

Incoming leader Jose Luis Rodriguez Zapatero indicated he would pull Spain's 1,300 troops out of Iraq.

Many believed the government was trying to exploit the attacks for political gain by rushing to blame the militant Basque separatist group ETA, despite reputed claims of responsibility by a group linked to al Qaeda.

"People are playing defensively in the sense that gold is still a safe-haven commodity, and with the possibility that this is al Qaeda, people are becoming a little more friendly," said a bullion trader, who added that the euro was seen as a "safe-haven currency."

May silver went up 7.7 cents to $7.14 an ounce, trading from $7.075 to $7.165. Spot silver was quoted at $7.11/13, up from the close at $7.03/06 Friday. The fix was at $7.105.

NYMEX April platinum gained $6.90 to close at $914.00 an ounce. Spot closed at $910.00/915.00.

June palladium rose $1.20 to $279.75, reaching another contract high at $287.00. Spot fetched $276.00/281.00.

Copyright 2004, Reuters News Service

Current Price 8.5-9.5 pence.

I know this is Oldish News to some on here, but I thought it would bear the re-telling

Ashanti Gold Belt Play(released 29th January 2004)

African Gold has taken a 90-day option on the Konongo Gold Mining lease, which covers the northeast portion of the Ashanti Gold Belt in Ghana. The fully permitted mining lease is 125 sq. km. and covers 20% of the strike length of the Ashanti Gold Belt.

The Directors believe that there is outstanding potential in the Konongo lease. A shallow resource of 860,000 ounces of gold at 2.33 g/t has already been defined by over 1900 drill holes. This resource is likely to grow substantially from drilling at depth and from extensions of the existing operations.

Metallurgy is good and mine infrastructure including roads, buildings, and water supply is excellent. There is a CIL processing plant on site

A detailed due diligence is underway which will cover not only Konongo but some adjacent prospects which are also on offer to African Gold.



Note, that other properties are being evaluated, 2 more leases have been announced, a 4th is to be announced shortly, and other properties are being evaluated.

Of course we will need to see some return for our capital, but my guess in a year or so, AFG may well be over 50p. and that's why the insitutions are on board.

Remember, how much the New directors have invested, and how much the insitutions have invested. THEY will not be looking for a measly few thou' after investing those kind of sums.

This has never been a get rich quick share, but it certainly could be a get rich slowly share..:))

MACD to cross in the next day or so, and the rise should be STRONG looking at the charts. BOTTOM now reached, and support level is here IMHO. Price tested the lows, and was found wanting. Rebound to 11p on NO NEWS and if news is released we should see 15p-20p if it as good as I feel.

EXPLORATION

GHANA

Four major properties have been identified and obtained in Ghana.
ZIMBABWE

The Inez property and surroundings are largely unexplored.
A 150,000 exploration programme over 15 months is required to evaluate the potential of:
the Dalmeny mine some 6km from Inez.
the old Mahogony mine on the Inez claims.
the recently discovered Green Reef on the Inez property.
A 70,000 ton surface ore body grading 3.5g/t lies 12km from Inez called the Eve. The possibility of quarrying the ore, transporting it by truck to Inez and processing through the big mill is being evaluated. The project will be a 50/50 joint venture with the owner of the orebody.
Ten prospecting licences (EPOS) have been acquired.


OTHER OPPORTUNITIES

Proposals to acquire producing and late stage projects in Africa are under appraisal.



http://www.africangoldplc.com/

The Inez Mine is located 25 km east of Kadoma in the gneissic-granites terrain south of the Chiqatu (Hartley) greenstone belt. A large number of small gold mines have been worked in this area over the past 100 years.

In December 1993, Afgold acquired a two year option to purchase various claims and properties comprising the Inez mines and complex. As prospecting results proved to be substantially better than original expectations the mine was purchased in July 1995.

The Inez Mines complex comprises the old original mine called the Main, the Inez East last mined in the late 40's, the operating mine, Inez North section, as well as a 200,000 ton plus tailings dump.

Inez produces ore from the east section of the Inez. The Main and North sections are not been worked.

Inez has a processing plant with a daily capacity of 250 tons of which only 30 tons are being used.

It was planned to produce 100 tons a day from the East, 50-60 tons from the North and the balance coming from the Main.

Low gold prices and lack of cash restricted underground development which has greatly reduced available ore.

The plant has been processing development ore at low grades.

Investment is needed to develop mineable ore. The investment will be entirely in development. No plant is required.

Estimated gold reserves are 725,000 tons containing over 200,000 ozs of gold.

Existing milling facilities can produce over 1,000 ozs a month.

An investment of 300,000 is required to develop the East, pushing the North to the 10th level and opening the Main.

It will take 15-18 months to complete the development which is currently on hold due to the political situation.

http://www.africangoldplc.com/

GOLD AND AFRICA


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

After 20 years in the doldrums, gold is back in favour.
At prices above $ 400 an oz, many known gold properties become economic.
The supply demand balance for new gold suggests further price rises.
Africa is the centre of gold production. It holds many deposits and has the skills, expertise and knowledge to develop them.
Afgold is well positioned. Existing and new directors have a wealth of experience and contacts.

http://www.africangoldplc.com/

FINANCIAL INFORMATION

2,100 Shareholders, listed on AIM.
200 million shares in issue. 250 million fully diluted.
20% controlled by directors.
Three market makers, Merrill Lynch, Winterflood and Share Capital.
Nominated Advisors: Rowan Dartington.
Stockbrokers: Rowan Dartington, Walker Crips.

http://www.africangoldplc.com/

Investtech Analysis:

Neutral (Medium term) - Mar 16, 2004
Has risen 1276% 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. RSI is oversold, which indicates a potential short-term reaction up. The stock has support at p 2.00 and resistance at p 15.00. High Risk. The average difference between the highest and lowest price of a moving trading month is 62%.

Negative Candidate (Short term) - Mar 16, 2004
Has risen 473% since the bottom on 31 Oct 2003 at 1.50. Shows a weak development within a falling trend channel. A further negative development is indicated, and there is resistance against the ceiling of the trend channel. RSI is, however, oversold. The stock can still fall further, and we should see an increasing RSI before this is used as a positive signal. The stock has support at p 4.00 and resistance at p 15.00. High Risk. The average difference between the highest and lowest price of a moving trading month is 62%.

Neutral (Long term) - Mar 16, 2004
Has risen 1276% 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. High Risk. The average difference between the highest and lowest price of a moving trading month is 62%.

Technical Analysis: African Gold (AFG.L) Last Time Updated Tuesday March 16
Short Term Commentary

Short term trend is strongly bearish, trendline slope is negative. Levels over 10.01 can act as a resistance if price bounces up.

Medium Term Commentary

Medium term price trend for African Gold is still bullish this week. This stock overperforms the FTSE 100 INDEX by 138.92 %. Volatility has been decreasing during last month. Be alert to the proximity of support 9 , and a possible rebound from this level.

http://uk.biz.yahoo.com/tech/a/afg.l.html