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

excellent. More to come.

Excellent day second % gainer with 26%

Let's hope it stays up in the short term. obviously medium to long term prospects are excellent. T1p.com had a target of 20p.

Azhar...can you paste the t1p.com article here please? Thanx in advance

Up 17.24%,Merril Lynch holds 22 million shares.

hlyeo98 i'll try to find it cos it has been a while since the article was puplished. This was during the period last year when the shares went from 8p to 15p. sorry it should be T1ps.com. Excellent start to the day.

No 1 percentage gainer 34.48%.

9p now yipee.

what is the next resistance, where is likely to open tomorrow (as momentum is gathering) txs

likely up again

Yipeee go AFG. here we come 20p

Lot of small sells this am.

Anything above 9.88p is a buy at the moment

Apparently 8.4p is the support level?

what happened here back to 8p. Oh well it will probablu take slightly longer to get to 20p

FT.com

African Gold
Published: November 20 2004 02:00 | Last updated: November 20 2004 02:00

With gold prices trading at a 16-year high, African Gold's latest news was greeted warmly. The shares rose 39.1 per cent to 8p this week after the gold exploration company announced it had discovered rich deposits of gold ore in one of its test sites in Ghana. Further tests are required to determine if the site has commercial potential. The shares received another boost following the disclosure that Merrill Lynch Investment Managers had increased its stake to 7.7 per cent after the company raised 1.4m through an offering of 28m new shares as it attempts to become a leader in African gold exploration.

AFG is a large potential winner

nice to see AFG ticking up nicely again. with gold looking interesting again and merril lynch being interested and the recent news, i am very interested to see how far these will go.... any ideas ladies and gents?

African Gold PLC
02 December 2004


2 December 2004

Updated Drilling Results from Konongo / Owere
and completion of acquisition of 70% equity holding in project

African Gold is pleased to announce further positive drilling results from the
Konongo / Owere gold project in Ghana. Economic gold grades have now been
obtained in all twenty one drill holes analysed to date.

The latest seven results are shown in the table below. Fourteen drill hole
results have previously been reported from Konongo and assays from a further
seventeen holes are awaited.

Drill Hole Results

Hole No From (m) To (m) (m) Au (g/t)

OBAPC-015 197.0 201.0 4.0 3.58
205.0 207.0 2.0 4.25
OBAPC-016 105.0 107.0 2.0 4.27
113.0 121.0 8.0 6.09
149.0 151.0 2.0 2.55
153.0 155.0 2.0 5.63
160.0 162.0 2.0 2.30
OBAPC-021 177.0 182.0 5.0 6.40
183.0 185.0 2.0 1.57
191.0 192.0 1.0 5.73
OBAPC-023 133.0 142.0 9.0 1.90
OBAPC-024 146.0 148.0 2.0 2.20
174.0 177.0 3.0 3.68
191.0 194.0 3.0 23.45
200.0 202.0 2.0 4.64
205.0 208.0 3.0 7.07

OBAPC-025 146.0 154.0 8.0 2.97
OBAPC-027 167.0 169.0 2.0 1.94
176.0 180.0 4.0 3.85


African Gold recently made the final payment of $1 million to the vendors of the
Konongo mining lease and now holds 70% of the total equity with Talos, a local
Ghanaian company holding 20% and the Ghanaian government holding 10%.
Ministerial approval from the Government of Ghana for the necessary transfer of
the Mining leases has also now been granted.

Oliver Baring, co-chairman of African Gold, commented 'The continuing strong
drilling results from Konongo are very encouraging. This news puts us on track
to proving up more than 1 million ounces of gold from our operations in Ghana in
2005'.

Are these true width or apparent width intersections? Seems to be the latter in which case the results are meaningless without knowing the angle of the drill hole and the intersection angle with the mineralised zone. Are the results from drill core or reverse circulation drilling?
Is the gold free milling or refractory? If refractory the treatment cost will be high.
This has to be an open pit target - the grades will not support an underground operation. What is the surface terrain like and what is the stripping ratio for these hole intersections?
The note says economic grades have been obtained. How can that statement be made at this stage? "Economical" implies that studies have been carried out that demonstrates the mining and treatment of these gold resources will be profitable under reasonable gold price assumptions. Where is the evidence of that?