Mining world making moves

African Gold Group (AGG) has announced that it has issued 500,000 units in its capital at a price of $1.05 per unit for gross proceeds of $525,000, according to the terms of the private placement it recently undertook.

The non-brokered private placement has been issued with a finder's fee of $26,250, representing five per cent of the gross proceeds which are sought through the finder.

Each unit of the private placement is matched by one common share and one half warrant in AGG, the Toronto-based gold-explorer.

Focusing on West Africa for its exploration sites, the company now controls as many as nine gold concessions, with three standalone exploration projects located in gold-rich Ghana and a further two in nearby Mali.

The announcement of AGG's private placement unit issues came amid high spirits in the gold mining world, where soaring gold prices have kept profits rolling in.

Second-biggest world gold producer Newmont told Mining Weekly Online that it believed that the recent record level of gold production would continue to rise healthily for a "number of years".