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

Another call for help.

SAW, I recommend you to read thru this thread as it highlights that this stock is a growth stock and the potntial will be known once the drilling results appear in the public domain. I have bought quite a lot @ 11.20 p/s and will hold on until 20p (price target on T1PS.COM)as an initial target but will depend on the drilling results.

Alot of sells going through today,is it profit taking or is there something brewing!Azhar is this 19p in a years time or short term,

African Gold PLC
19 April 2004



In response to recent press comments, African Gold is near to completing due
diligence on the Konongo Gold Mining lease, which covers the northeast portion
of the Ashanti Gold Belt in Ghana, about which information was announced on 29
January 2004. African Gold expects to make an announcement about this shortly.



In addition, and further to the announcement made on 23 January 2004 in response
to press comments at that time concerning the Board and management of the
Company, the Board continues to review the structure of the Board and management
and, should the Board feel that any changes should be made, details will be
announced when required.
--end--

SAW, Can't put any dates but would like to think in a few months.

is the rise in price due to upcoming good news?

Yes.

Or it could just be the John Teeling AFD factor time will tell.

HT.

African Gold has been a star performer lately and is likely to improved in the short to medium term. The target is 25p.

hlyeo98, where did you get the 25p short/medium target from?

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Now I think, is it a good time to purchase shares in AFG? Anyone!

T Meditator, YES, I think this is a growth stock medium/longterm as we need positive drilling results to find out whether AFG can start making plenty of money. As always DYOR.

Thank you azhar. I rekon fit for the med/long term, more slanting towards the latter.

Right anyway, I was looking for a short term blast of faith. Am wanting to blast up the ladder very quickly but just keep missing the right shares.

All for now, with all the love in the universe.

T Meditator, investors are expecting further news which has been guaranteed my the AFG management. When that comes there will be people trying to make a quick buck and they will and I think the price will stabalise around 14/15p but in the medium term i'd say at least 20p.

Really,! May have a dabble then. Rather :o .

Any views to the recent decline?

Up 10% 2day ppl taking advantage of a bad day I suppose. Still waiting for news!!! Sounds very similar to AFD we had to wait ages for news from management.

PRESS RELEASE 21 May 2004



African Gold plc


African Gold acquires 70 percent of the Konongo/Owere 950,000 oz gold resource
in Ghana

Announces a new NOMAD

Oliver Baring becomes joint Chairman

African Gold is paying US $ 4 m to acquire 70 percent of three mining licences covering 125 sq km in the
Konongo/Owere district of the Ashanti Gold Belt in Ghana and has an option to acquire an additional 10 percent.
Payment will be made in two stages, US $2 million cash plus US $1m in African Gold shares immediately. A further
payment of US $1m cash will be made after 180 days.
An independent report indicates that the licence area contains a resource in excess of 950,000 ounces of gold at
an average grade of 2.30 g/t gold.
The acquisition includes an adjacent prospecting licence covering approx 76 sq km. containing numerous gold
exploration targets.
The bulk of the gold resource is contained in sulfide ore bodies at depths from 70 metres to below 250 metres.
These bodies are similar to the Ashanti-style mineralization mined by Anglo/Ashanti at the Obuasi gold mine.
Diamond drilling will commence in the near future and will focus on converting inferred and indicated ounces to
the measured category.
The joint venture is subject to regulatory approvals in Ghana.
Three other properties in the Ashanti Gold belt are under option to African Gold and are the subject of ongoing
due diligence.


Change of Nominated Advisor

Canaccord have been appointed nominated advisor and stockbroker to the company.
The board expresses its gratitude to Rowan Dartington for their high standard of
service over the years.


Oliver Baring appointment

The board has appointed Oliver Baring as joint-Chairman of African Gold plc. He
is London based and will focus on the development strategy of the company. Mr.
Baring is Executive Chairman of First Africa Group. He has recently retired as
Managing Director of the Corporate Finance Division of UBS, where he held
responsibility for both Africa and Mining. He is a former partner of Rowe &
Pitman, and spent five years with the Anglo American/De Beers Group in the US,
UK and South Africa. He is chairman of the board of directors of Ridge Mining
Plc and an advisor to The Sentient Resources Fund and the Tiedemann Investment
Group.



John Teeling, joint-Chairman of African Gold commented, 'This is the beginning
of the African Gold development strategy. The Konongo acquisition together with
our assets in Zimbabwe gives us a gold resource in excess of 1 million ounces.
The appointments of Canaccord and Oliver Baring and the establishment of a
London office reflects the increased level of activity in London. We have an
active deal flow at present which I am confident will lead to additional
acquisitions in the near future.'




Contacts:

John Teeling + 353 1 833 2833
Oliver Baring + 44 (0)7785 320567

Press Mention: Sunday Times

May 23, 2004

Sharewatch: Mineral rises prompt gold rush
Edited by Frank Fitzgibbon



With precious metals enjoying a new lease of life, it’s hard to see how you can go wrong with a company called African Gold. That’s probably what serial entrepreneur John Teeling thought too when he launched it on Aim earlier this year.
On Friday the shares closed in London at 8p, capitalising the business at 19m (€28.3m). At these levels the company is priced at nearly half the valuation it enjoyed in mid-March.



There hasn’t been much in terms of a news flow from the company since then but last week it announced the acquisition of 70% of the Konongo/Owere gold resource in Ghana at a cost of $4m with an option to acquire a further 10%.

African Gold quotes an independent report which claims the licence area contains a resource in excess of 950,000 ounces of gold at an average grade of 2.30 grams of gold a tonne of ore. The acquisition includes an adjacent prospecting licence covering some 76 sq km and containing numerous gold exploration targets.

The other important announcement is that Rowan Dartington has been replaced as nominated adviser and stockbroker to the company by Canaccord, and Oliver Baring becomes chairman. Baring recently retired as managing director of the corporate finance division of UBS, where he held responsibility for both Africa and mining. Teeling looks like he is getting all his ducks in a row and the price of the shares should reflect these improvements.

http://www.timesonline.co.uk/newspaper/0,,176-1119450,00.html

PARIS (Reuters) - Once the darlings of the market, gold funds have posted significant falls in the last month but according to Merrill Lynch Investment Managers recent gold price falls are simply a correction in an upward trend.

"We're very confident gold is going to remain in a rising trend," Evy Hambro, manager of the Luxembourg-based $1.8 billion Merrill Lynch International Investment World Gold fund told Reuters on Friday.

His fund was down 15.85 percent during April, according to fund research firm Lipper, but is still showing a 54 percent gain in the year to April compared with an average for the precious metals sector of 30.9 percent.

The gold price has tumbled in recent weeks to around $381 an ounce from $426.25 at the end of March due to the recovery in the U.S. economy and the dollar.

Gold is often used as a hedge against the dollar so its change in direction has led speculators to unwind their gold positions.

The fall has hurt French funds invested in the precious metals sector. According to Lipper, this was one of the worst performing fund sectors in April with an average fall of 15.48 percent.

Nevertheless, Hambro remains positive on gold and said there were a number of factors, on both the demand and supply side, supporting a strong price.

"The supply of gold is continuing to fall, there have been few significant gold discoveries in recent years and most of the current mines have been producing gold for around 20 years," he said.

The price of gold hit a low of $252 an ounce in September 1999 because of uncertainty over central bank sales of the yellow metal. Since then, central banks have agreed to cap their selling and at the same time investor demand for gold has risen, from 400 tonnes in 2002 to 900 tonnes in 2003.

Hambro said he expects investor demand to remain strong as more institutions consider gold as a tool for diversification.

Regulations by the Chinese government restricting gold purchases are also being lifted allowing the gold market in China, the fourth largest in the world, to open up.

"Our view on gold is that it's trading too low relative to trading capacity. There's a deficit and that has to be positive for prices," said Hambro.