Keegan Resources Inc.
TSX VENTURE : KGN

Keegan Resources Inc.

November 20, 2006 09:02 ET

Keegan Discovers 85m of 2.07 g/t Gold at Esaase Core Drilling Program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 20, 2006) - Keegan (TSX VENTURE:KGN) is pleased to announce results from the first four of thirty holes being drilled on the Esaase Gold Property located in southwest Ghana. Three of the four holes intercepted multiple zones of gold mineralization ranging from 12 to 85 meters in width. Highlights include 85 meters of 2.07 g/t Au, 12 meters of 9.76 g/t Au, and 36 meters of 1.2 g/t. Please see table 1 for further details.

Dan McCoy, president and CEO of Keegan Resources states: "These results represent an exceptional development in our pursuit of identifying a bulk mineable gold deposit at our Esaase project. The consistency of the results with the surface trenching program and the fact that the gold mineralization has been encountered both above and below the saprolite indicates that we very likely are on our way to delineating a large scale bulk tonnage gold deposit."



Table 1: Drill Results from Keegan's Esaase Property

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Hole # From (m) To (m) Width (m) Grade (g/t)
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KE6001C 119 204 85 2.07
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Including 119 168 49 2.85
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Including 166.5 168 1.5 68.4
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KE6001C 245 284 39 1.36
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including 245 264.5 19.5 2.2
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KE6002C 17 53 36 0.61
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KE6003C 109 131 22 1.32
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KE6003C 167.3 174.5 7.2 1.11
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KE6003C 191 227 36 1.36
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KE6004C 13 25 12 9.76
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KE6004C 79 97 18 1.02
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The current drill program is designed to test the greater than 250 ppb gold in soil contour of the main zone, now 2.8 km in length, where trench or adit intercepts have delivered a minimum of 10 meters of at least 1 g/t Au or better. The four holes, drilled approximately 100 meters apart, represent only 400 meters strike length of this zone. Keegan has completed an additional three holes, samples from which are currently in the assay lab. Drilling will continue until the program pauses for Christmas break in mid December.

Richard Haslinger, P. Eng. is the Qualified Person with respect to NI 43-101 at Esaase. All rock samples are assayed using standard fire assay with atomic absorption finish by Transworld Laboratories (GH) Ltd., Tarkwa, Ghana. QA/QC programs using internal and external standard samples, reassays, and blanks indicate good accuracy and precision to the assays. Keegan will be adding a drill hole plan map to www.keeganresources.com within the coming week.

About Keegan Resources

With a primary focus on established gold districts located in stable political environments, Keegan's seasoned exploration and management team have leveraged their collective experience and networks of contacts to efficiently assess, acquire and explore high quality, mid stage, precious and base metal projects. With two active exploration programs in Ghana combined with an enviable capital structure, the company is well positioned to deliver an active and exciting year for its investors.

On Behalf of the Board

Dan McCoy, Ph.D., President & CEO

This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

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