African Gold GroupInc. said July 12 that it has completed the sale of its AGG Ghana Ltd.subsidiary to private Ghanaian firm Star Goldfields Ltd. for US$1.2 million.

AGG Ghana holds all of African Gold's assets in Ghana, and thesale included the company's Asankrangwagold tenements and Nyankumasigold concession in the country.

The company has received the remaining US$1.0 million of theconsideration amount. Star Goldfields paid African Gold a nonrefundable US$200,000deposit upon signing the initial purchasedeal in January.