Last checked at 10 Mar 2008 07:00
Regulatory Announcement Company Pan African Resources plc TIDM PAF Headline Manica Project: Resource Upgrade & Drilling Results Released 10 March 2008 Pan African Resources PLC ("Pan African" or the "Company")
(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000) Share code on AIM: PAF Share code on JSE: PAN ISIN: GB0004300496
Manica Project: Resource Upgrade and Significant Improvement on Grade at the Fair Bride Prospect
Pan African Resources PLC (AIM: PAF, Altx: PAN), the African based gold mining and exploration company is pleased to announce a further increase in resource at the Manica gold project in Mozambique and a substantial increase in the grade at the Fair Bride prospect, for which the Company will announce the results of a pre-feasibility early in Q2 2008.
Highlights:
* Manica resource increased by 10% to 1.700Moz contained gold compared to the previously reported 1.550Moz. * Grade at the Fair Bride prospect increased by 94% to 5,49g/t in situ, from the previously reported 2,83g/t in situ. * Total resource grade for the Manica deposit increased by 56% to 4,61g/t in situ from the previously reported 2,96g/t in situ.
The increase in the grade is the result of (a) optimisation with regard to width of mineralised zone, resulting in narrower width but higher grades and (b) additional high grade zones delineated along strike and to depth.
The RC (`Reverse Circulation') programme at the Manica project has been completed and the Company is currently completing follow up core drilling on two adjacent targets to the Fair Bride prospect. These results and the outstanding assay results, as mentioned in the release dated 20 January 2008 are not included in the current resource upgrade and will be reported on as soon as the results are received from the laboratory. The resource will be reviewed accordingly.
The total Manica resource has been upgraded from 1.550Moz at 2.96g/t in situ to 1.701Moz at 4,61g/t in situ. The resource at the Fair Bride prospect has been increased by 12% to 1.396Moz at 5.49g/t as part of the ongoing pre-feasibility study that will be complete by Q1 2008 and reported to the market in Q2 2008 once the results have been independently verified.
The revised resource statement for the Manica project is shown in the table below.
Jan Nelson, CEO of Pan African, commented: "These results have significantly exceeded our expectations and we are particularly pleased with the grade that has almost doubled at the Fair Bride prospect. The increase in the in situ grade will impact positively on the economic viability of the deposit and we expect a significant optimisation from the scoping study completed previously."
Manica Mineral Resource Inventory - March 2008 Inferred Mineral Total Resource Prospect Mineral Resource Tonnes Grade Gold Gold (Oz) Category (kgs) Fair Bride Inferred 3,472,000 5.65 19,608 630,357 Guy Fawkes Inferred 600,000 2.80 1,700 56,000 Dots Luck Inferred 500,000 3.35 1,500 49,600 Boa Esperanza Inferred 300,000 2.96 1,000 31,200 Total Inferred 4,872,000 4.89 23,808 767,157 Indicated Mineral Resource Prospect Mineral Resource Tonnes Grade Gold Gold (Oz) Category (kgs) Fair Bride Indicated 2,012,000 5.19 10,447 335,840 Guy Fawkes Indicated 2,150,000 2.44 5,200 168,300 Total Indicated 4,162,000 3.76 15,647 504,140 Measured Mineral Resource Prospect Mineral Resource Tonnes Grade Gold Gold (Oz) Category (kgs) Fair Bride Measured 2,420,000 5.53 13,375 429,936 Total Measured 2,420,000 5.53 13,375 429,936 Total Mineral Resource Prospect Mineral Resource Tonnes Grade Gold Gold (Oz) Category (kgs) Fair Bride Total combined 7,904,000 5.49 43,430 1,396,133 Guy Fawkes Total combined 2,750,000 2.51 6,900 224,300 Dots Luck Total combined 500,000 3.00 1,500 49,600 Boa Esperanza Total combined 300,000 3.33 1,000 31,200 Total 11,454,000 4.61 52,830 1,701,233 Manica Mineral Resource Inventory - March 2008 Inferred Mineral Attributable to Pan Africa Resource Resources PLC Prospect Mineral Resource Tonnes Grade Gold Gold (Oz) Category (kgs) Fair Bride Inferred 3,472,000 5.65 19,608 630,357 Guy Fawkes Inferred 600,000 2.80 1,700 56,000 Dots Luck Inferred 500,000 3.35 1,500 49,600 Boa Esperanza Inferred 300,000 2.96 1,000 31,200 Total Inferred 4,872,000 4.89 23,808 767,157 Indicated Mineral Resource Prospect Mineral Resource Tonnes Grade Gold Gold (Oz) Category (kgs) Fair Bride Indicated 2,012,000 5.19 10,447 335,840 Guy Fawkes Indicated 2,150,000 2.44 5,200 168,300 Total Indicated 4,162,000 3.76 15,647 504,140 Measured Mineral Resource Prospect Mineral Resource Tonnes Grade Gold Gold (Oz) Category (kgs) Fair Bride Measured 2,420,000 5.53 13,375 429,936 Total Measured 2,420,000 5.53 13,375 429,936 Total Mineral Resource Prospect Mineral Resource Tonnes Grade Gold Gold (Oz) Category (kgs) Fair Bride Total combined 7,904,000 5.49 43,430 1,396,133 Guy Fawkes Total combined 2,750,000 2.51 6,900 224,300 Dots Luck Total combined 500,000 3.00 1,500 49,600 Boa Esperanza Total combined 300,000 3.33 1,000 31,200 Total 11,454,000 4.61 52,830 1,701,233
Update on other exploration projects:
Bogoin gold project - Central African Republic
RC drilling will commence in Q2 2008 on schedule in order to define the resource potential.
Akrokerri gold project - Ghana
Core drilling has commenced on the Akrokerri gold project to assess the resource potential around the Akrokerri mine. As reported previously, the Akrokerri mine has historically produced 74,000 ounces of gold at a recovered grade of 24,6g/t.
Eagles Nest, Amira & Thomas Victory-Hill gold projects - South Africa
Geological results are currently being reviewed and the exploration strategy moving forward will be announced in Q2 2008.
For further information on Pan African PLC, please visit the Company's 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 7840 +44 (0) 20 7634 Amanda Markman 4709 +44 (0) 20 7499 Keith Spencer, +27 (0) 11 343 2307 3916 Chairman Richard Greenfield Donĩ Hattingh +27 (0) 11 880 3155 +44 (0) 20 7634
4710 +27 (0) 11 343 2308 Nicole Stoyell Public Relations +27 (0) 11 777 7840 * Geologix MRC (Pty) Ltd is a South African Resources and Geological Consultancy - Deon van den Heever is SACNASP accredited and was responsible for the resource estimate. * Martin Bevelander, Group Consulting Geologist for Pan African Resources, is SACNASP accredited and was responsible for validating the borehole intersections. * The resource statement is SAMREC compliant and has been verified. * SACNASP - South African Council for Natural Scientific Professions * SAMREC - South African Mineral Resource Code (similar JORC)
PAN AFRICAN RESOURCES PLC