Last checked at 8 Oct 2007 07:00
Pan African Resources plc (`Pan African' or the `Company') Directorship Changes
The Board of Directors announces the resignation of Mr. Colin Bird as Non-Executive Chairman and the appointment of Mr. Keith Cousens Spencer as Executive Chairman effective 8 October 2007.
Pan African's recent transformation from a junior gold explorer to a mid-tier gold producer and explorer, following the acquisition of 74% in Barberton Mines from Metorex Limited, has resulted in the requirement for an Executive Chairman. Mr. Bird could not, as a result of other business commitments, serve in an executive position and has decided to resign to allow for this position to be filled in line with the Company's current and future requirements.
The Company wishes to thank Mr. Bird for the tremendous impact he has had in the growth of the company over the past three years. Mr Bird remains a significant shareholder in the Company.
Mr. Spencer (58) is a qualified mining engineer with 34 years of practical mining experience. In 1984, Mr. Spencer was appointed as General Manager of Greenside Colliery and in 1986 moved to Kloof Gold Mine as General Manager. In 1989, Mr. Spencer was appointed as Consulting Engineer for Gold Fields of South Africa to the following mines: Doornfontein Gold Mine, Driefontein Consolidated Gold Mine, Greenside Colliery and Tsumeb Base Metals mine. He also served as Managing Director of Driefontein Consolidated, Chairman and Managing Director of Deelkraal Gold Mine, and as a Board Member of all Gold Mines belonging to Gold Fields of South Africa. In 1999, Mr. Spencer joined Metorex Limited first as a private consultant and after 2 years as a permanent member of the executive managing the Wakefield Coal operations, O'okiep Copper Company, Barberton Gold Mines, and Metmin Manganese Mine. In 2001, Mr. Spencer became the Operations Director for the Metorex Group. Mr. Spencer has managed some of the largest gold mines in the world and this expertise will now be available to the Pan African team.
Jan Nelson, Chief Executive Officer of Pan African commented on the recent changes: "The Company, and particularly myself, are indebted to Mr. Bird for the service he has provided to Pan African over the last three years. The Company is however, delighted to welcome Mr. Spencer whose considerable experience and expertise will be critical to the future development and growth of the Company"
The details of all current and past directorships within the last five years for Mr. Spencer are as follows:
Current Directorships: Past Directorships: Barberton Mines (Pty) Ltd Bankfontein Properties Metorex Limited Leeuwfontein Myne (EDMS) BPK Wakefield Investments (Pty) Ltd
The Company advises that there are no further details relating to the appointment of Mr. Spencer which it is obliged to disclose under Schedule Two paragraph (g) of the AIM Rules.
ENDS
For further information on Pan African Resources plc, please visit the website at www.panafricanresources.com
Enquiries:Pan African Ambrian Partners Macquarie First St. James's Resources Limited South Corporate Corporate Services Finance (Pty) Limited Jan Nelson CEO Richard Brown Limited Phil Dexter +27 (0) 11 777 +44 (0) 20 7776 6417 Amanda Markman 7840 +44 (20) 7499 3916 Richard Greenfield +27 (0) 11 343 2307 Keith Spencer +44 (0) 20 7776 6418 Donĩ Hattingh Executive Chairman +27 (0) 11 343 2308 +27 (0) 11 880 3155 Nicole Stoyell Public Relations +27 (0) 11 777 7840
PAN AFRICAN RESOURCES PLC