Mr. Georges Cohen reports

EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103 IN RESPECT OF THE ACQUISITION OF UNITS OF AFRICAN GOLD GROUP, INC.

Georges Cohen (56 Route de Vandoeuvres, Vandoeuvres, Switzerland) has recently acquired 10 million units of African Gold Group Inc. at a price of five cents per unit. Each unit is composed of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company for a period of 36 months at a price of six cents per common share. All securities acquired are subject to a four-month hold period.

Mr. Cohen now holds 35.27 million common shares and 22,635,000 warrants of the company, which represent 14.08 per cent of the company's currently outstanding common shares and 21.20 per cent of the company's common shares on a partially diluted basis, assuming full exercise of the warrants.

The securities acquired by Mr. Cohen referred to above are held for investment purposes. In the future, he may increase or decrease his ownership of securities of the company from time to time, depending upon the business and future market conditions.

A copy of the early warning report filed pursuant to Regulation 62-103 may be obtained on SEDAR.