African Gold Group, Inc. (TSX VENTURE:AGG) (“AGG” or the “Company“) announces that the binding letter of intent with Hummingbird Resources plc (“HUM“) announced on September 27, 2017 has terminated and that all further negotiations regarding the execution of a definitive agreement for a strategic investment by HUM and ongoing joint development of the Company’s Kobada gold project have ceased.
The Company is in the process of engaging counsel to evaluate all of its legal rights and potential remedies against HUM stemming from the termination of the binding LOI.
The Company continues to work with consultants to compile the historical data at Kobada and Madougou to establish and verify their respective geological models. AGG is in the process of designing an exploration program at both properties which it intends to release to the market in the coming months.
About African Gold Group
African Gold Group is a Canadian exploration and development company with its focus on West Africa. African Gold Group is focused on the development of the Kobada Gold Project in Mali, a low capital and operating cost gold project with potential to produce more than 50,000 ounces of gold per annum. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.
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