Last checked at 19 Nov 2007 07:00
Regulatory Announcement Company Pan African Resources plc TIDM PAF Headline Drilling Update Released 19 November 2007 Date: 19 NOVEMBER 2007Pan African Resources PLC
("Pan African" or the "Company")
Drilling Update
Pan African Resources PLC (AIM: PAF, AltX: PAN), the African based gold mining and exploration company is pleased to report further results from the ongoing drilling programme at the Manica gold project in Mozambique and provide an update of progress with respect to the Company's drilling program in the Central African Republic.
Manica Project, Mozambique
On 10 September 2007 the Company reported the results for 15 boreholes out of a planned 37 to be drilled, representing 4,476m of drilling. Assay results have now been received for an additional 16 boreholes drilled representing 2,191m of drilling.
The following composite intersections are highlighted; widths reported are as intersected in hole (the results of these boreholes have not been included in the current resource statement and a new resource will be declared once all of the planned boreholes have been drilled):
4.35m @ 7.49 g/t (drill hole Andd009, from 123.00m - 127.55m)
0.65m @ 6.47 g/t (drill hole Andd009, from 148.70m - 149.35m)
0.73m @ 7.79 g/t (drill hole Andd009, from 160.37m - 161.10m)
0.65m @ 12.15 g/t (drill hole Andd009, from 182.70m - 183.35m)
3.00m @ 1.04 g/t (drill hole Andd012, from 58.40m - 61.40m)
2.00m @ 2.45 g/t (drill hole Andd013, from 139.98m - 141.98m)
2.00m @ 2.77 g/t (drill hole Andd015, from 87.00m - 89.00m)
2.00m @ 6.02 g/t (drill hole Andd016, from 104.80m - 106.80m)
3.02m @ 4.75 g/t (drill hole Andd017, from 90.94m - 93.96m)
7.00m @ 1.25 g/t (drill hole Andd017, from 100.96m - 107.96m)
2.97m @ 3.52 g/t (drill hole Andd017, from 117.80m - 120.77m)
3.85m @ 3.10 g/t (drill hole Andd020, from 15.15m - 19.00m)
2.90m @ 18.70 g/t (drill hole Andd020, from 22.00m - 24.90m)
0.96m @ 3.78 g/t (drill hole Andd020, from 75.24m - 76.20m)
1.18m @ 3.74 g/t (drill hole Andd021, from 100.02m - 101.20m)
2.02m @ 3.94 g/t (drill hole Andd022, from 47.84m - 49.86m)
2.44m @ 3.38 g/t (drill hole Andd023, from 22.54m - 24.94m)
7.76m @ 3.40 g/t (drill hole Andd023, from 64.50m - 72.26m)
1.86m @ 9.04 g/t (drill hole Andd027, from 71.19m - 73.05m)
7.00m @ 1.44 g/t (drill hole Andd027, from 94.10m - 101.10m)
7.80m @ 2.12 g/t (drill hole Andd027, from 126.27m - 134.07m)
10.36m @ 2.26 g/t (drill hole Andd028, from 11.85m - 24.17m)
2.36m @ 1.04 g/t (drill hole Andd028, from 48.69m - 52.05m)
4.19m @ 7.12 g/t (drill hole Andd029, from 208.04m - 212.24m)
7.05m @ 9.28 g/t (drill hole Andd029, from 214.15m - 221.20m)
7.61m @ 7.56 g/t (drill hole Andd030, from 43.27m - 50.88m)
3.41m @ 2.03 g/t (drill hole Andd032, from 45.09m - 48.50m)
6.60m @ 5.30 g/t (drill hole DL11, from 54.40m - 61.00m)
To date, 6,667m out of a total of 15,600m of planned core and RC drilling has been reported on. The Company is awaiting assay results from a further 35 drill holes already completed the results of which will be reported on as they become available. Drill results will be made available as soon as the assay results are received. The current resource for Manica has been independently verified at 1,550Moz at 2.96 g/t, as soon as the new drill results have been received a updated Resource Statement will be sent out in Q1 2008.
The Company expects the drilling programme to be complete by the end of January 2008 whereafter the Mineral Resource - Model & - Statement for the Manica Gold Project will be updated.
To date, metallurgical test work, plant design and cost estimation studies have been completed to Pre-Feasibility level. The Environmental Impact Assessment will be complete as soon as the final mining plan is concluded.
Central African Republic - Bogoin Gold Project
To date, 2,085m of the 15,600m of the Bogoin Rotary Air Blast ("RAB") drilling programme have been completed in the Central African Republic and assay results from 21 boreholes have been received. The Company's geological team are currently compiling the results which The Company expects to announce once verification is completed (Q4 2007).
Jan Nelson, CEO of Pan African, commented: "The results from the ongoing drilling programme continue to confirm the Company's expectations of the Manica gold project, in terms of both volumes and grade of the deposit. The final geological model is expected to reach completion by January 2008; upon which final mine optimisation will be completed in-house. The acquisition of Barberton Mines and the extensive project and management skills available to the Company as a result of this transaction has not only allowed the Company to accelerate the exploration project at Manica but will also enable the Company to more critically review the working and capital cost estimates for the project"
Laboratory Results of Composite Intersections Stated
Exploration drill hole Depth Depth Length (m) Gold number (BHID) From (m) To (m) grade (g /t) ANDD009 123.00 123.73 0.73 5.53 ANDD009 123.73 124.65 0.92 5.40 ANDD009 124.65 125.55 0.90 9.43 ANDD009 125.55 126.43 0.88 7.90 ANDD009 126.43 127.35 0.92 8.86 ANDD009 148.70 149.35 0.65 6.47 ANDD009 160.37 161.10 0.73 7.79 ANDD009 182.70 183.35 0.65 12.15 ANDD012 58.40 59.40 1.00 2.29 ANDD012 59.40 60.40 1.00 0.24 ANDD012 60.40 61.40 1.00 0.60 ANDD013 139.98 140.98 1.00 2.73 ANDD013 140.98 141.98 1.00 2.17 ANDD015 87.00 88.00 1.00 3.81 ANDD015 88.00 89.00 1.00 1.73 ANDD016 104.80 105.77 0.97 9.28 ANDD016 105.77 106.80 1.03 2.95 ANDD017 90.94 91.94 1.00 3.80 ANDD017 91.94 92.96 1.02 7.46 ANDD017 92.96 93.96 1.00 2.93 ANDD017 100.96 101.96 1.00 1.27 ANDD017 101.96 102.96 1.00 0.41 ANDD017 102.96 103.96 1.00 2.80 ANDD017 103.96 104.96 1.00 1.50 ANDD017 104.96 105.96 1.00 0.20 ANDD017 105.96 106.96 1.00 1.27 ANDD017 106.96 107.96 1.00 1.31 ANDD017 117.80 118.80 1.00 3.03 ANDD017 118.80 119.78 0.98 6.31 ANDD017 119.78 120.77 0.99 1.24 ANDD020 15.15 19.00 3.85 3.10 ANDD020 22.00 24.90 2.90 18.70 ANDD020 75.24 76.20 0.96 3.78 ANDD021 100.02 101.20 1.18 3.74 ANDD022 47.84 48.90 1.06 1.28 ANDD022 48.90 49.86 0.96 6.87 ANDD023 22.50 23.50 1.00 0.65 ANDD023 23.50 24.94 1.44 5.27 ANDD023 64.50 65.75 1.25 15.90 ANDD023 65.75 67.15 1.40 0.90 ANDD023 67.15 68.15 1.00 0.33 ANDD023 68.15 68.80 0.65 1.21 ANDD023 68.80 69.50 0.70 0.16 ANDD023 69.50 70.43 0.93 0.77 ANDD023 70.43 71.29 0.86 2.74 ANDD023 71.29 72.26 0.97 0.97 ANDD027 71.19 72.19 1.00 10.20 ANDD027 72.19 73.05 0.86 7.70 ANDD027 94.10 95.10 1.00 0.58 ANDD027 95.10 96.10 1.00 0.14 ANDD027 96.10 97.10 1.00 1.09 ANDD027 97.10 98.10 1.00 3.13 ANDD027 98.10 99.10 1.00 2.27 ANDD027 99.10 100.10 1.00 1.76 ANDD027 100.10 101.10 1.00 1.12 ANDD027 126.27 127.20 0.93 3.48 ANDD027 127.20 128.20 1.00 2.77 ANDD027 128.20 129.20 1.00 0.14 ANDD027 129.20 130.14 0.94 - ANDD027 130.14 131.14 1.00 3.42 ANDD027 131.14 132.14 1.00 1.03 ANDD027 132.14 133.09 0.95 3.60 ANDD027 133.09 134.07 0.98 2.56 ANDD028 11.85 12.30 0.45 1.52 ANDD028 12.75 14.08 1.33 0.33 ANDD028 14.59 15.74 1.15 0.73 ANDD028 15.74 16.74 1.00 2.40 ANDD028 16.74 17.35 0.61 3.10 ANDD028 17.35 18.35 1.00 1.25 ANDD028 18.35 19.35 1.00 0.42 ANDD028 19.35 20.35 1.00 0.55 ANDD028 20.35 21.35 1.00 1.05 ANDD028 22.35 23.19 0.84 15.20 ANDD028 23.19 24.17 0.98 1.14 ANDD028 48.69 50.00 1.31 - ANDD028 51.00 52.05 1.05 2.33 ANDD030 43.27 44.15 0.88 5.20 ANDD030 44.15 45.90 1.75 core loss ANDD030 45.90 46.33 0.43 1.50 ANDD030 46.33 48.33 2.00 core loss ANDD030 48.33 49.33 1.00 15.90 ANDD030 49.33 50.88 1.55 5.20 ANDD029 208.04 208.65 0.61 2.41 ANDD029 208.65 209.31 0.66 13.60 ANDD029 209.31 209.94 0.63 6.76 ANDD029 209.94 211.03 1.09 6.93 ANDD029 211.03 212.23 1.20 6.30 ANDD029 214.15 215.10 0.95 1.86 ANDD029 215.10 216.10 1.00 2.46 ANDD029 216.10 216.77 0.67 5.81 ANDD029 216.77 217.25 0.48 4.56 ANDD029 217.25 217.90 0.65 23.30 ANDD029 217.90 218.70 0.80 20.80 ANDD029 218.70 219.40 0.70 31.20 ANDD029 219.40 220.33 0.93 0.80 ANDD029 220.33 221.20 0.87 0.89 ANDD032 45.09 48.50 3.41 2.03 DL11 54.40 55.06 0.66 0.96 DL11 55.06 55.98 0.92 12.80 DL11 55.98 56.92 0.94 9.31 DL11 56.92 58.00 1.08 9.90 DL11 58.00 59.03 1.03 1.19 DL11 59.03 60.07 1.04 1.66 DL11 60.07 61.00 0.93 0.21
Martin Bevelander, Group Consulting Geologist for Pan African Resources, is SACNASP (South African Council for Natural Scientific Professions) accredited and was responsible for validating the borehole intersections.
For further information on Pan African 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 (0) 20 7499 Richard Greenfield +27 (0) 11 343 2307 3916 Keith Spencer, Chairman +44 (0) 20 7776 6418 Donĩ Hattingh +27 (0) 11 880 +27 (0) 11 343 2308 3155 Nicole Stoyell Public Relations +27 (0) 11 777 7840
PAN AFRICAN RESOURCES PLC