African Gold Group, Inc.

Annual Report:

Income Statement: As of Dec. 31 US Dollar	2008	2007
EXPENSES
Administrative and General	(1,680,573)	(2,048,160)
Stock based Compensation	(928,771)	(33,080)
Amortization	(30,948)	(11,336)
Unrecoverable Mineral Properties and Deferred Exploration Expenditures	(637,500)
Interest Income	14,986	66,284
Currency Translation Gain(Loss)	71,874	991,218
Write off of Columbia River Resources	(40,124)
Minority Interest (Before Tax)		118
Earnings before Taxes	(3,231,056)	(1,034,956)
TAXES AND OTHER EXPENSES
Net Income (Loss)	(3,231,056)	(1,034,956)
SUPPLEMENTARY INFO
Basic and diluted EPS - Continuing Operations	(0.10)	(0.04)

Balance Sheet: As of Dec. 31 US Dollar	2008	2007
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	23,618	1,936,285
Short-term Investments		1,264,260
Receivables	68,686	85,871
Due from Director	24,561	30,224
Prepaid Expenses	22,298	59,904
Exploration Contract Advances		129,119
Total Current Assets	139,163	3,505,663
NON CURRENT ASSETS
Mineral Properties and Deferred Exploration Expenditures	17,377,144	15,662,965
Capital Assets	33,170	59,953
Total Assets	17,549,476	19,228,580
LIABILITIES
CURRENT LIABILITIES
Accounts Payable and Accrued Liabilities	1,519,588	1,042,279
NON CURRENT LIABILITIES
Minority Interest		424
SHAREHOLDERS' EQUITY
Common Stock - Par Value	23,305,690	23,159,396
Additional Paid in Capital	3,475,135	2,546,364
Deficit	(10,750,937)	(7,519,881)
Total Shareholders Equity	16,029,888	18,185,878
Total Liabilities & Shareholders Equity	17,549,476	19,228,580

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