African Gold Group changes name to Toubani Resources

African Gold Group, Inc.

TORONTO, June 27, 2022 (GLOBE NEWSWIRE) — Toubani Resources, Inc. (formerly African Gold Group, Inc.) (TSX-V: TRE, FRA: 3A61) (“Toubani Resources“or the”Company”) is pleased to announce that, in accordance with its corporate strategy and with the approval of its shareholders, the Company has completed its name change to “Ressources Toubani Inc.” on June 15, 2022. The common shares of the Company began trading on the TSX Venture Exchange under the new symbol “TRE” at the opening of trading on June 15, 2022.

The Company has changed its name to better reflect its strategic focus on the development of the Kobada project in southern Mali and its decision to dual list on the Australian Stock Exchange. The name change to “Toubani Resources Inc.” and the related rebranding exercise will provide an opportunity to reposition the Company to all stakeholders as a growing and promising gold mining company.

Toubani Resource Highlights:

Toubani Resource President and CEO, Mr. Danny Callow said: “We are delighted to take the first step in our strategic expansion by renaming and enhancing our marketing strategy with the change of corporate identity to Toubani Resources Inc., combined with our new ‘TRE’ trading symbol and logo. of business. »

“The name change to Toubani Resources Inc reflects the name of a popular bird in the region, in the local Malinké language. The name change reflects the company spreading its wings, the company’s near-term resource growth potential and better reflects our local heritage, our strong relationship within the local communities in which we operate and our progress in developing our flagship Kobada project. The Company is poised for transformational growth with the continued exploration progress of the Kobada Project over the coming year, which we believe gives us the potential to further increase resource growth and develop building on very successful drilling campaigns since late 2019. Over the past 2 years our team has successfully expanded the resource base at Kobada with a 144% increase in reserves and a 44% increase in grades. measured and indicated resources.

The scientific and technical information contained in this press release has been reviewed, prepared and approved by Mr. Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/ 08, MGSSA), director of Minxcon (Pty) Ltd and member of the South African Council for the Natural Science Professions.

About Toubani Resources Inc

Toubani Resources is a TSX Venture Exchange (TSX-V: TRE) listed exploration and development company focused on creating 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 to production.

Toubani Resource’s main asset is the Kobada project in southern Mali, which is at an advanced stage of development after completing the 2021 definitive feasibility study and is targeting gold production of 100,000 ounces per year. In addition to the initial Kobada Gold project, other exploration sites have been identified on the Kobada, Farada and Kobada East concessions, offering the potential for increased resources. For more information on Toubani Resources, visit our website at www.toubaniresources.com.

For more information:

Danny Callow
President and CEO
+(27) 76 411 3803
Danny.Callow@toubaniresources.com

Daniel Baizak
Vice President, Corporate Development
+1 (647) 835 9617
Dbaizak@toubaniresources.com

Warnings

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the listing on the Australian Stock Exchange, the expansion of mineral resources and reserves and the Company’s drilling and exploration plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is planned”, “budget”, “expects”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or statements that certain actions, events or results “could”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals from Canadian and Australian regulatory authorities; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labor disputes and shortages; infrastructure and supplies available; the COVID-19 pandemic and other mining industry risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. 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. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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

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