Pan African Resources Regulatory News (PAF)

12 Jan 2006 07:01

Pan African Resources PLC12 January 2006 12th January 2006 Pan African Resources PLC ("Pan African" or "the Company") Commencement of 1000m drilling programme at Manica project - Mozambique Pan African Resources PLC (AIM:PAF), the African based gold exploration company,announces that a 1000 m drilling programme will commence today, 12th January2006 at its Manica project in Mozambique. Highlights • 1000 m drilling programme to commence 12th of January 2006 • Drilling is planned around the Fair Bride prospect, where the Company is conducting a pre-feasibility study on the potential of an opencast mine • Collection of additional sampling material for metallurgical test work • Completion expected within the next 2-3 months The drilling programme is planned for the Fair Bride prospect ("Fair Bride")where Pan African is currently completing a pre-feasibility study on thepotential of an open-cast mine. The preliminary purpose of the drilling is toacquire additional material from the ore zone for metallurgical test work. Thecompany expects the drilling to be completed within the next 2-3 months. Jan Nelson, Chief Executive Officer of Pan African, commented: "An independentperson's report on the surface to near surface resource at Fair Bride is almostcomplete. The drilling programme is part of the next step of the pre-feasibilitystudy to acquire additional rock for metallurgical test work. The sampledmaterial will be used to carry out flotation test work - this test work willallow us to confirm gold recoveries". ENDS For further information on Pan African Resources please visit the new website atwww.panafricanresources.com Enquiries: Pan African Resources Ambrian Partners Parkgreen Communications Jan Nelson, CEO Richard Brown / Justine Howarth / +27 11 886 1211 Emma Priestley Victoria Thomas Colin Bird, Chairman +44 (0) 207 776 6400 +44 (0) 20 7493 3713 +44 (0) 20 7584 2155 Notes to Editor About The Manica Project Pan African Resources PLC has a 100% shareholding in the Manica Project, a goldexploration prospect to the north of Manica in Mozambique which has a surface tonear surface defined resource of 800,000 ounces of gold and considerable upsidepotential. To date, only 12% (2.4km) of the total strike-length of the 22kmlong mineralized zone has been explored Having exercised their right to do so on 9th January 2006, Pan African is in theprocess of acquiring the Manica Project through the acquisition of, 100% ofExplorator Limitada, the titleholder of the Manica Project. Pangea Exploration(Pty) Ltd retains a 20% carried interest in the Manica Project and Pan Africanhas the right of first refusal for any gold projects sourced by Pangea in Africaand developed to such a stage that Pangea requires additional funding from thirdparties. This information is provided by RNS The company news service from the London Stock Exchange