Keegan Resources Inc.
TSX VENTURE : KGN

Keegan Resources Inc.

November 02, 2005 11:25 ET

Keegan Resources Inc.: Geochemistry Results Show Three Distinct Anomalies

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2005) - Keegan (TSX VENTURE:KGN)is pleased to announce the completion of the second phase geochemistry program at its Asumura Project in southwest Ghana. The program followed up and infilled gold-in-soil anomalies announced in previous press releases. The new results show three distinct anomalies in the Twiapasi, Wagyakrom and Mangoase areas. The next phase will include further soil sampling, induced polarization testing and augur drilling.

The anomalies include:

- Twiapasi - 1500 meters long and varies in width from 50 to 500 meters with near continuous 25 - 1400 ppb Au-in-soil values and is open to the west and is in fact at its widest and strongest on its farthest west line.

- Wagyakrom - 500 X 750 metres in size with near continuous 25-500 ppb Au in soil values. It is open and at it's strongest in its NE quarter.

Please visit www.keeganresources.com for detailed maps of all anomalies.

Dan McCoy, President and CEO of Keegan Resources states: "Our recent tour of large Ghanaian gold deposits, discussions with exploration geologists working on these deposits, and research of available literature suggest that we have significant soil anomalies. We believe that we are on the road to discovering a gold district near or at the same NE trending greenstone belt contact as Newmont's Ahafo district."

Initial Test Induced Polarization (IP) Program Complete

Keegan also completed a pilot IP study on the Wagyakrom anomaly that shows a strong coincident resistivity anomaly and moderate chargeability anomaly both of which continue to the NE. Keegan plans to use additional soils and IP to further expand and define these anomalies as well as conducting a test augur sampling program designed to penetrate the masking duracrust separating the anomalous laterite soils from the bedrock below.

Additional Information

Keegan is also pleased to report that it recently received preliminary approval from the Ghanaian government to convert its holdings from reconnaissance to exploration concessions allowing trenching and drilling to proceed.

The Asumura Project consists of a 280 square kilometer reconnaissance concession located 65 km southwest of Newmont's (NYSE: NEM; TSX:NMX) Ahafo gold district (proven and probable reserves of 10.6 M oz at an average gold grade of 0.068opt (1.92g)). Vincent Dzakpasu, a qualified member of the Institute of Mining and Metallurgy in the United Kingdom is Keegan's QP on the property. TWL Labs in Tarkwa, Ghana performed all of the assays.

About Keegan Resources

With a primary focus on the United States and Canada, 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 active exploration programs in Nevada and Ghana combined with an enviable capital structure the company is well positioned to deliver an active, 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.

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