UPDATE: African Gold Boosts Resources at Kobada to 2.3 Mln Ounces; Shares Jump 20%

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African Gold Group, Inc. (AGG.V) reported an updated mineral resource estimate for its Kobada gold project.

Resource estimate in the measured and indicated categories totaled 2.3 million ounces of gold. In the inferred category, resource estimate came in at 542,000 gold ounces. Included, 186,000 inferred ounces reported for the Foroko North Deposit (5.16 million tonnes at 1.13 g/t Au at a 0.3 g/t Au cutoff).

AGG has jumped 20% to 12 cents, trading close to the lower end of 52-week range $0.09 - $0.27.

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