Pan African Resources Regulatory News (PAF)

9 Mar 2005 07:00

Embargoed: 0700hrs, 9 March 2005 Pan African Resources Plc (the "Company") Exploration Update * Further significant exploration results from Ghana including 10 metres at 6.44 g/t Au (including 4 meters at14.25g/t Au) and 7 metres at 9.93 g/t Au (including 4 meters at16.47 g/t Au). * Acquisition opportunities continue to be evaluated by management. Following its announcement on 26 January 2004, Pan African Resources Plc ispleased to update shareholders on further results from the Company'sexploration project in Ghana (the Wa Gold Project):The Wa Gold Project, Ghana.The Company has completed its 6,000 metre reverse circulation drillingprogramme at the project, which was designed to further test and extend theknown gold mineralization of the Julie Prospect (current inferred resource ofover 300,000 ounces of gold to only a shallow depth) both along strike and atdepth and to increase the quality of the resource estimate.Whilst full results for the entire 6,000 metre project are still beingprocessed, results from a further 1,321 m of reverse circulation drilling arenow available and the following table details some of the more significantintersections:Drill Hole Intersection To Width Grade From(m) (m) (Au g/t) JRC 30 0 10 10 2.12 14 15 6 3.18 23 24 1 1.22 JRC32 9 10 1 1.18 14 16 2 0.70 19 21 2 1.79 31 32 1 3.59 JRC33 14 24 10 6.44 Including 4 14.25 JRC38 27 30 3 1.76 50 53 3 2.91 JRC44 0 1 1 0.66 5 8 3 4.06 31 33 2 0.60 38 39 1 1.09 JRC52 22 24 2 0.59 33 40 7 9.93 Including 4 16.47 JRC72 8 9 1 0.81 16 21 5 9.52 Including 3 15.04 JRC77 29 32 3 3.95All holes were drilled at an inclination of -50 degrees.Further drilling results will be provided shortly after which an assessment ofthe resource at Julie will be made.The Wa Gold Project is located in the Upper West Region of Ghana, approximately50 km east of the regional capital, Wa and comprises three explorationlicences, Julie, Collette and Josephine, totalling 304 square kilometres.The project is situated in an area of Birimian greenstones and granites in anacurate belt, which represents the junction between the north-south trendingLawra Belt and the north-east trending Bole-Navrongo Belt.The geological setting of the project and the range of mineralization stylesidentified to date are comparable to the major Birimian hosted gold deposits inthe south of Ghana and elsewhere in West Africa.Further drilling results from both The Wa Gold Project and The Manica GoldProject will be announced when they become available.The Board of Pan African is currently pursuing a number of project acquisitionopportunities, which it believes would contribute shareholder value.Shareholders will be informed of developments in this area as appropriate. -Ends- For further information please contact,Roger CraddockManaging Director, Pan African Resources PlcTel. 07785 364 291Ben SimonsHansard CommunicationsTel. 020 7245 1100ENDPAN AFRICAN RESOURCES PLC