TORONTO, June 06, 2022 (GLOBE NEWSWIRE) — African Gold Group, Inc. (TSX-V: AGG, OTC: AGGFF, FRA: 3A61) (“AGG” or the “Company”) advises its Annual and Special Meeting of shareholders (“Meeting”) will be held on Wednesday, June 8, 2022 at 11:00 am (Toronto time) virtually via live audio webcast online at https://virtual-meetings.tsxtrust.com/1332. Shareholders who intend to participate in the meeting should refer to the Company`s management information circular (the “Proxy Circular”) for details regarding how to participate.

Annual and Special Meeting of Shareholders

The annual and special meeting of shareholders is being held to (A) receive and consider the audited consolidated financial statements of the Company for its fiscal year ended December 31, 2021 and the report of the auditor thereon, (B) elect directors of the Company for the ensuing year, (C) appoint the auditor of the Company for the ensuing year and to authorize the directors to fix their remuneration, (D) consider and pass an ordinary resolution of shareholders approving the Company`s updated stock option plan for the ensuing year, (E) consider and pass a special resolution of shareholders approving the Company`s consolidation of its common shares, (F) consider and pass a special resolution of shareholders approving the Company`s name change, (G) consider and pass an ordinary resolution of shareholders to ratify, confirm and approve the new by-law no. 3, in respect of the requirements of the Australian Securities Exchange (“ASX”) and (H) transact such other business as may properly come before the Meeting.

Registered shareholders and duly appointed proxyholders will be able to attend the Meeting, ask questions and vote, all in real time, provided they are connected to the internet and comply with all of the requirements set out in the Proxy Circular. Non-registered shareholders who have not duly appointed themselves as proxyholders will be able to attend the Meeting as guests, but guests will not be able to vote at the Meeting.

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Update on ASX Listing

The Company is pleased to announce that work is progressing well on its ASX listing process. Following the press release dated May 4, 2022, the Company has progressed in its preparations for the ASX listing and is working closely with the exchange to satisfy all requirements. In addition to the ASX listing procedure, the Company has evaluated a number of corporate approaches, but at this stage none of these are being pursued.

About African Gold Group

African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa’s next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG’s principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2021 definitive feasibility study and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential for an increase in resource. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.

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Cautionary statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding, the Meeting and the Proxy Circular; the dual-listing of the Company on the ASX, increase of mineral resources and reserves, upside potential of the Project, drilling and exploration plans of the Company, and development timetable with respect the Project. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.  Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AGG to be materially different from those expressed or implied by such forward-looking information, including but not limited to: shareholder approval at the Meeting; receipt of necessary approvals from the ASX and Australian regulatory authorities; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages; available infrastructure and supplies; the COVID-19 pandemic and other risks of the mining industry. Although AGG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. AGG does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.