African Gold Group Changes Name to Toubani Resources

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 line with its corporate strategy and shareholders' approval, the Company completed its change of name to “Toubani Resources Inc.” on June 15, 2022. Common shares of the Company began trading on the TSX Venture Exchange under the new trading 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 position the Company anew with all stakeholders as a growing and prospective gold company.

Toubani Resources Highlights:

• A robust multi-million-ounce gold resource base with significant expansion potential
  • Total proven and probable mineral reserve of 1,252,522 ounces of gold
  • Total measured and indicated mineral resource of 1,711,000 ounces of gold
  • Total mineral resource (including inferred resource) of 3,144,000 ounces of gold
  • Over 50 km of new potential shear zones identified on Kobada and Kobada Est concessions
  • Over 5,500 hectares of prospective mineral trends within trucking distance yet to be explored
• Recently published definitive feasibility study outlines robust economics of the Project
  • 3 Mtpa operation producing 1.2 Moz of gold over a 16-year Life-of-Mine (“LOM”)
  • Average annual gold production of 100,000 oz over the first 10 years
  • Pre-tax NPV5% of US$506 million with an IRR of 45%

Toubani Resource’s President and CEO, Mr. Danny Callow, stated: “We are pleased to complete the first step in our strategic expansion by re-branding and enhancing our marketing strategy with the change of the corporate identity to Toubani Resources Inc., combined with our new trading symbol 'TRE' and corporate logo.”

“The name change to Toubani Resources Inc reflects the name of a popular bird in the region, in the local Malinke language. The name change reflects the company spreading its wings, the near-term resource growth potential of the Company and better reflects our local heritage, our strong relationship within the local communities in which we operate and our progress in the development of our flagship Kobada Project. The Company is poised for transformational growth with the advancement of continued exploration of the Kobada Project over the coming year which we believe gives us the potential for further resource growth increases and build on the highly successful drilling campaigns since late 2019. Over the last 2 years our team has been successful in expanding the resource base at Kobada with a 144% increase in reserves and 44% increase in measured and indicated resource categories.”