Cautionary and Forward Looking Information

2. Cautionary and Forward Looking Information General Disclaimer Keegan Resources Inc. "Keegan Resources", has taken all reasonable care in producing and publishing information contained on this document, and will endeavor to do so regularly. Material on this document may still contain technical or other inaccuracies, omissions, or typographical errors, for which Keegan Resources assumes no responsibility. Keegan Resources does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this document. Under no circumstances, including, but not limited to, negligence, shall Keegan Resources be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material on this document. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this document, except for personal use unless you have obtained our express permission.The TSX Venture Exchange has not reviewed the information on this document and does not accept responsibility for the adequacy or accuracy of it.Forward-Looking StatementsThis document may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

3. Summary • Keegan is an advanced West African gold explorer with two premier gold projects. • Undervalued ounces • Excellent project locations • Aggressive exploration • Resource delineation and growth at flagship Esaase property • Increased resource estimate 2008 at Esaase property • Significant untested gold targets in Asumura property to be tested in 2008

4. Introduction • Keegan Resources is establishing itself as a significant participant in the West African gold discovery • Exceptional management team. • Quality flagship Esaase gold project growing at a significant rate. (1.7m ounce resource drilled in 10 months as of Oct 07) • Well financed with $17.5 million in the treasury and $28 million in dilutables. • KGN is listed on the AMEX as well as the TSX Venture Exchange and is planning to List on the TSX in 08.

5. Corporate Highlights • Two exceptional gold properties in Ghana with maximum private ownership: 1. Esaase Property: • Currently delineating and expanding resource with multi-million ounce potential • Full private ownership of property (90%) with existing mining lease in place 2. Asumura Property: • Testing significant targets in 2008 • Full private ownership (90%) • Property located along world class gold belt • Projects currently financed through 2008 work programs

6. Keegan Capital Structure & Share Price History 12 Month Stock Chart Capitalization____________________________________________Company Keegan Resources Inc.Ticker KGN (TSX-V) (AMEX)Current Price (1/31/08) $3.6852 week high/low $2.26 / $4.95Shares o/s (basic) 27,000,453Shares o/s (FD)* 35,895,213Market Cap. (C$M)** $99 MTreasury 17.5 MWebsite www.keeganresources.comManagement and Affiliate Ownership 25%Institutional holdings approx. 55% ____________________________________________* Includes 2,602,315 options at a weighted average strike price of $1.83 and 6,292,445 warrants at a weighted average strike price of $3.69.** Source Management Corporate Directory Dan McCoy, President/CEO, Director Keegan Resources Richard Haslinger, P.ENG, Director 1204-700 West Pender Street Rob McLeod, P.Geo, Director Vancouver, BC V6C 1G8 Mark Orsmond, Director Ph: 604-683-8193 info@keeganresources.com GordFretwell, LLB, Director Tony Ricci, CFO Michael Bebek, Officer Roman Shklanka, Chief Technical Advisor Ivan Bebek, Corporate Finance Shawn Wallace, Corporate Development Eric Ewen, West Africa Exploration Specialist John Eren, Manager of Investor Relations

7. Ghana Geology & Major Deposits

8. Esaase Project Summary • Located in SW Ghana 13 km NE of Resolute’s (mined) 3 M oz Obotan deposit • Over 57,000 meters in exploration and delineation drilling to date • Open pit low cost mining operation indicated 1) Initial metallurgical study indicates excellent recoveries 2) Good grades from surface with favorable geometry 3) Excellent infrastructure (power, water, roads, established mining district) • Community relations programs established

9. Esaase Project Surface Results

10. Resource Area Section A-A’ A A’

11. Esaase Main Zone Looking South Trench: 75 meters @ 1.65 g/t Au Grade shell sloping with topography Footwall fault

12. Esaase: next six months • Extend resource along strike and test new targets • Two drills operating, second drill will convert inferred resources to indicated • Continue metallurgical, environmental, socioeconomic planning • Initiate scoping level engineering and mine planning studies

13. Ghana Geology & Major Deposits

14. Asumura Property Summary • Located 65 km south of Ahafo (20 M oz @ 2 g/t Au) on same belt boundary structure • 280 square km property • Identified bulk mineable, targets on three major faults using regional magnetics, geochemistry, IP and reconnaissance drilling • Keegan holds 100% of Exploration License

15. West Sefwi Belt Airborne Magnetics regional structure regional structure

16. Asumura Airborne Magnetics

17. NW Structure new soil anomalies Initial Drilling Planned March 2008 regional structure regional structure

18. Summary • Esaase - Convert inferred to indicated and expand gold resources - Continue metallurgical, environmental, socioeconomic planning - Initiate scoping level engineering and mine planning studies • Asumura Complete geophysical processing at Asumura; begin drilling in March, 2008 • Two exceptional gold assets with maximum ownership (90% in Ghana) • Well financed: +$17.5 m in the treasury as of Jan 11, 2008 • Significant institutional share ownership (+55%) • Pursue additional acquisitions in Ghana • Strategic relationship with Newmont Mining (4.4% share ownership in company, January 08)