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OUR FOCUS

PRODUCTION

KOBADA, MALI

African Gold Group, Inc.Corporate Presentation

December, 2011All rights reserved

No regulatory authority has approved or disapproved the information contained in this presentation. This presentation includes certain statements that may be deemed “forward looking statements”. All statements in this presentation, other than statement of historical facts, that address future production, reserve potential, exploration drilling, exploration activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors should be cautious that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. 2

Cautionary and Forward Looking Statement

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3 SIGNIFICANT ASSETS

KOBADA, Mali 218 sq km

• PEA: July, 2011 - $216.9M NPV; 90.6% IRR @ $1,100 Au• 1,093,000 oz Au (Inferred) from 15% of strike; 43-101 • 126,600 oz Au annual production target, GRG from Oxide• Feasibility underway, Bulk Mining Model• < 3% of 218 sq km drill tested

MANKRANHO, Ghana 108 sq km

• Northern extension of Newmont’s Ahafo project• $8mm (USD) JV with Newmont to earn up to 70%• Geochem, IP & mapping to establish drill targets

ASANKRANGWA, Ghana 456 sq km

• On strike with PMI’s Obotan - 4.5M oz Au @ 2.5 g/t Au • Contiguous with Keegan’s 5.1M oz Au resource

(Esaase)• 24 km gold anomaly with extensive artisanal workings

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Corporate Overview

Ticker Symbol TSX-V: “AGG”Current Price Range C$0.40 – C$0.6052 Week Hi/Low C$1.06 / C$0.30Common Shares 115,564,988Options + Warrants 6,365,000 options + 9,804,000 warrantsFully Diluted 131,733,988Insider Ownership: ~15% (Fully Diluted)Debt: ZeroInstitutional SH’s Pinetree Capital ~15% PAM AM

Sprott AM ~10% Sentry Select RBC Asset Mgmnt Dundee

ResourcesUS Global Advisors SALIDA CapitalPicton Mahoney Swiss Canto AM

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KOBADA, MALI

Lake Tchad

LIBYA

NIGERIA

NIGER

MALI

ALGERIA

BURKINAFASO

MAURITANIA

GUINEA

IVORYCOAST

CAMEROUN

SIERRALEONE

GUINEABISSAU

SENEGALRiver

Senegal River

Niger

Benue River

GAMBIA

ACCRA

BAMAKO

GHANA

MOROCCO

TO

GO B

EN

INLIBERIA

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POSITIVE PRELIMINARY ECONOMIC ASSESSMENT July, 2011

+1,000,000 Oz Au - Oxide Resource - From 15% Of Strike - Kobada, Mali 126,600 Oz Au - Average Annual ProductionTarget

CapEx US$125,000,000 – OpEx US$470.00/oz Au

Gold PriceVariation $US

Pay BackPeriod

(month)

After Tax Net PresentValue (M)

IRR(%)

$900 23 $103.2 48.8$1,000 17 $160.1 70.1

$1,100 14 $216.9 90.6$1,200 11 $273.7 110.7

$1,450 8 $415.8 160.1

IRR vs Gold Price

Operation CostVariation (%)

Pay BackPeriod

(month)

After Tax Net

PresentValue (M)

IRR(%)

IRR Variation(%)

-25 11 $286.7 114.9 +26.8-15 12 $258.8 105.2 +16.1

Base 14 $216.9 90.6 -+15 16 $175.0 75.7 -16.4+25 18 $147.1 65.6 -27.6

IRR vs Operating Cost Variation

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Location map - KOBADA

Concession

• WATER: 7 km from Niger River

• POWER: 45 km from Selingue Hydro

• ACCESS: 3.5 hr drive to site

July, 2009

Gold Fields acquires 90% of

Glencar for ₤28,000,000

3 km from Kobada

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KOBADA AREAGeochemistry

Plan MapArsenic

0 10km

• +500 ppm arsenic anomaly

extending over 12 km strike x 1 km width

• Extensive artisanal mining activity

• Historical Exploration:

BRGM: 1988 – 1994

La Source 1995 – 1996

COMINOR 2002 – 2005

Foroko North Discovery

Gosso Discovery

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Compilation MapKOBADA GOLD PROJECT

Type Company Year No. HolesTotal

Metres

No. Holes inside

resource area

DDH BRGM 1988 7 913 6

RC La Source ‘95 to ‘96 50 4,803 27RC Cominor 2002 19 1,350 17AC Cominor 2002 25 1,736 2RC Cominor 2004 65 5,205 20RC Cominor 2004 23 1,820 1DDH AGG 2005 6 1,033 6

DDH AGG ‘06 o ‘07 99 23,742 99RC AGG 2007 110 9,851 7

DDH D D 2009 2 100 2

RC D D 2009 24 2,257 9

RC AGG 2010 163 19,086 102

DD AGG 2010 8 827 8

Total 601 72,723 306

• 7 Distinct Geophysical Targets Identified

• 218.5 Sq Km Footprint• ~15% explored

Dec 31, 2010 (D D = Due Diligence)

Gosso Target

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KOBADA “ZONE 1”Plan Map

• 43-101 Zone 1 (Inferred) Resource (July, 2011) • 1,700 meter strike length

• 41,750,000 tonnes assaying 0.64 g/t Au• Bulk Mining Model• Includes 100% of material contained within

mineralized corridor

• Annual Prodn Target: 126,600 oz’s Au / annum • Gravity Recoverable Gold

• 2011 RC Drilling – 100% step-out

• 1,550 meters south of Zone 1• 2,000 meters north of Zone 1• Foroko North Discovery Zone• Gossokorodji Discovery Zone

• Testing East-West veins (extension fractures) within the N20°E Kobada Shear Zone

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BLUE SKY POTENTIAL

“NORTH”

July 2009

450 m Step out to 1100S

Arms Length Entity Drills 24 Holes As Part

of Due Diligence

• 11 holes in Zone 1

• 13 Step Out Holes To Test Northern

Extension

• KBRC09-208 m of 7.74 g/t Au

&21 m of 4.89 g/t Au

2011AGG drills 12 Step Out Holes drilling to 2000

To Test E-W Extension Fractures

• KBRC11-019• 34 m @ 2.08 g/t Au

• KBRC10-020• 14 m @ 0.53 g/t Au • 18 m @ 0.72 g/t Au• 66 m @ 0.71 g/t Au

• KBRC10-023• 10 m @ 1.24 g/t Au• 72m @ 0.76 g/t Au

• KBRC10-024• 8 m @ 2.68 g/t Au• 24 m @ 0.76 g/t Au

• KBRC10-025• 18 m @ 3.36 g/t Au• 15 m @ 4.79 g/t Au

• KBRC10-026• 7 m @ 1.14 g/t Au• 24 m @ 0.9 g/t Au• 45 m @ 1.21 g/t Au

Plan Map, “Zone 1” + RC Step-Out

Kobada Concession

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BLUE SKY POTENTIAL NORTH700 meter Step-Out to 400 S area

• KBRC11-016 15m @ 1.61 g/t Au 20m @ 0.46 g/t Au 10m @ 2.38 g/t Au• KBRC7-015 8m @ 5.08 g/t Au 22m @ 1.48 g/t Au

1.1 km Step-Out to 000 N area

• KBRC11-012 8m @ 0.59 g/t Au 7m @ 0.34 g/t Au 8m @ 6.23 g/t Au 9m @ 0.59 g/t Au 7m @ 0.56 g/t Au

1.5 km Step-Out to 400 N area

• KBRC11-003 6m @ 1.29 g/t Au 4m @ 0.51 g/t Au 10m @ 0.80 g/t Au 6m @ 1.23 g/t Au 13m @ 0.57 g/t Au• KBRC07-038 5m @ 4.04 g/t Au

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BLUE SKY POTENTIAL NORTH

“FOROKO NORTH”

DISCOVERING A NEW GOLD ZONE - 4.3 km

NORTH OF ZONE 1

• KBRC10-034• 23 m @ 2.10 g/t Au

• KBRC10-038• 53 m @ 1.53 g/t Au &• 9 m @ 5.78 g/t Au

• KBRC10-047• 62m @1.04

• KBRC10-59• 48 m @ 1.28 g/t Au

2011 Exploration Drilling: Test north & south strike extension of

mineralized corridor

1100S

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BLUE SKY POTENTIAL SOUTH

Up To 600m Step Out From Zone 1

Section 2750S

RPA10-006 18m @ 1.18 g/t Au 26m @ 1.08 g/t Au RPA10-005 16m @ 1.11 g/t Au

28m @ 1.79 g/t Au Section 2800S

RPA10-002 28m @ 0.69 g/t Au RPA10-003 16m @ 1.70 g/t Au

47m @ 1.99 g/t AuRPA10-008A 102m @ 1.0 g/t Au

Section 3000S

KBRC11-043 52m @ 1.02 g/t Au

Section 3350S

KBRC11-055 35m @ 0.9 g/t Au

Section 3400S

KBRC11-059 14m @ 3.08 g/t Au

BLUE SKY POTENTIAL SOUTHTERMITE ZONE

1.5 km SE of Zone 1 DepositFirst Pass Drilling

2800S Zone

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Dec 2010

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COMPILATION MAPNorthern Asankrangwa Belt

AGG Select DD ResultsMoseaso (2004)

MA04-05: 51.45 m @ 0.74 g/t

MA04-08: 13.35 m @ 2.16 g/t Manso Atwere (2008)

MADD08-11 18 m @ 1.65 g/tincl 9 m @ 3.52 g/t

Asuowunu (2008)

TADD08-12 7 m @ 2.34 g/t

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ASSAY RESULTS FROM PIT WALL CHANNEL SAMPLES

• 12 M of 2.73 g/t Au• 22 M of 2.36 g/t Au• 8 M of 1.14 g/t Au

ARTISANAL PITMANSO ATWERE, GHANA

110m(L) X 40m(W) X 30m(H)

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48

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Newmont’s Development Plans & Drill Targets

Source: Newmont, Information Handbook, September 2003

NewmontRC drilling

Area II

Area III

Area IVb

Area IVa

Area I South

Area I North

Mankranho LicenseMankranho License

NEWMONT JVUS$8 mm – 70%

Drill Target generation underway

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Board of Directors

Michael A. Nikiforuk, President, Founder and Director• Former Vice President, Corporate Development and Former Director, Banro Resource Corp.• Represented Banro in three rounds of equity financing totaling approximately $30 million

Marco J. Durante, Vice President & Secretary, Founder and Director• Substantial past experience with mining companies including Banro Resource Corporation and Lyndex Exploration• Focus on Investor Relations strategies and financing initiatives

Pierre Lalande P. Geo. • 1994-2001, Chief Geologist IAMGOLD Corp.• 40 years field experience – 35 years West African experience• 2001-2005 Technical Adviser to Orezone Resources Inc. (Essakane, Burkina Faso)• Contributed to Development of: Sadiola & Yatela (Mali), Siguri (Guinea), Kiniero (Guinea) and Samira-Libiri (Niger)

Jean-Jacques Lefebvre, MSc, (Belgium); Eng. (France), Director• Former Chief geologist , Union Miniere, Central Africa• Involved in negotiation and acquisition of SOMINKI for Banro Resource Corp (1995)• Negotiated acquisition of Kobada gold concession with Cominor S.A. for AGG (2005)• Senior Geologist with PBK Engineering Ltd. (Director of Geology in Congo for SODEMIZA project)• Extensive African continent experience

David S. Brown, LL.B, Director• Partner, Corporate Practise, WeirFoulds LLP, Toronto, Canada• Founder and past Chairman of the Toronto Venture Group.• President of the Limited Market Dealers Association of Canada and a member of the Executive Committee of the Toronto Angel

Group.

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Management & Advisory Board

Michael A. Nikiforuk, President• See Board of DirectorsMarco J. Durante, Vice President & Secretary• See Board of DirectorsJaimie Macpherson, CFO• 20+ years experience in financial management, tax, audit and corporate governance expertise.Kevin Downing, PhD, Vice President, Exploration• Structural geologist with17 years experience in gold exploration.Sekou Konate, Managing Director, AGG (Mali) SARL• Former senior bureaucrat and advisor to the Minister of Mines, Government of Mali.

Advisory BoardW. Durand (Randy) Eppler, M.Sc.• Former Vice President, Corporate Planning for Newmont Mining Corp., Vice President, Newmont

Capital Corp., and former President of Newmont Indonesia• Prior to joining Newmont, was the Managing Director of Chemical Securities Inc.• Holds a Master’s Degree in Mineral Economics from the Colorado School of Mines

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HIGHLIGHT SUMMARY • KOBADA, Mali – Positive Preliminary Economic Assessment • ASANKRANGWA, Ghana – On Strike with PMI’s Obotan and

Keegan’s Essase deposit• MANKRANHO, Ghana – Northern extension of Ahafo• Management = +100 Collective years of African experience.• Michael Nikiforuk: Former VP & Director, Banro (’95-’98)• Pierre Lalande: Former Chief Geologist IMG, 35 years

experience West Africa• Marco Durante: Former IR Banro• Jean-Jacques Lefebvre: 40 years experience African continent• Kevin Downing: 17 years exploration experience• Closed 6 tranches ~$40,000,000• Strong Institutional Ownership: Pinetree, Sprott, US Global,

RBC, …