Last checked at 29 Jan 2008 07:00
Regulatory Announcement Company Pan African Resources plc TIDM PAF Headline Drilling Update Released 30 January 2008 Date: 30 January2008 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 Gold Project, Mozambique - Drilling Update
Pan African Resources PLC (AIM: PAF, AltX: PAN), the mid-tier gold mining and exploration company, is pleased to report further results from the ongoing drilling programme at the Manica gold project in Mozambique.
Highlights * High grade gold intersections confirm mineralisation to depth * Extension of strike in the mineralised zone to over 800m * Pre-feasibility study on schedule for completion by end of Q1 2008 On 19 November 2007 the Company reported the results for 16 boreholesrepresenting 2,191m of drilling. At the time the Company was awaiting the assayresults of another 16 boreholes representing 1,762.54m. Assay results for 14 ofthese have now been received, all of which are from the Fair Bride prospectwhere the company is completing a pre-feasibility study. The following composite intersections are highlighted; widths reported are asintersected in the hole (the results of these boreholes have not been includedin the current resource statement and a new resource will be declared once allof the planned boreholes have been drilled):
3.00m @ 8.50 g/t (drill hole Andd033, from 193.00m - 196.00m)
21.00m @ 7.84 g/t (drill hole Andd033, from 219.00m - 240.77m)
9.84m @ 2.47 g/t (drill hole Andd042, from 66.83m - 76.67m)
13.36m @ 3.18 g/t (drill hole Andd044, from 43.00m - 56.36m)
12.00m @ 6.58 g/t (drill hole Andd049, from 111.00m - 123.00m)
4.00m @ 2.12 g/t (drill hole Andd052, from 204.00m - 208.00m)
2.00m @ 5.60 g/t (drill hole Andd053, from 46.00m - 48.00m)
14.97m @ 3.10 g/t (drill hole Andd055, from 43.10m - 58.07m)
9.09m @ 4.67 g/t (drill hole Andd058, from 66.00m - 75.09m)
8.68m @ 4.68 g/t (drill hole Andd059, from 89.32m - 98.00m)
1.89m @ 7.93 g/t (drill hole Andd060, from 20.74m - 22.63m)
8.74m @ 13.34 g/t (drill hole Andd060, from 55.60m - 64.34m)
11.00m @ 3.57 g/t (drill hole Andd080, from 38.00m - 49.00m)
15.00m @ 12.36 g/t (drill hole Andd082, from 26.00m - 41.00m)
To date, 8,429m out of a total of 15,600m of planned core and RC drilling hasbeen reported on. The Company is awaiting assay results from further drillholes already completed and drilled , the results of which will be reported onas they become available. The current resource for Manica has beenindependently verified at 1,550Moz at 2.96 g/t. To date, metallurgical test work, plant design and cost estimation studies havebeen completed to pre-feasibility level. The Environmental Impact Assessmentwill be complete as soon as the final mining plan and revised resourcestatement is concluded which is still on schedule for completion by the end
ofQ1 2008.
Jan Nelson, CEO of Pan African, commented: "The latest drill intersections aresome of the highest made on the project to date, and have confirmed themineralisation to depth. In addition, the strike extent of the mineralisedenvelope has been extended by another 200m to over 800m. Final geologicalmodelling will be completed in February 2008 and a new resource statement alongwith the results from the pre-feasibility study will be forthcoming at the
endof Q1 2008. " ENDS
Laboratory Results of Composite Intersections Stated
Exploration Drillhole number Depth_From (m) Depth_to (m) Gold grade (g/t)
AND80 38 39 1.12 AND80 39 40 0.40 AND80 40 41 1.12 AND80 41 42 4.00 AND80 42 43 4.60 AND80 43 44 15.56 AND80 44 45 7.36 AND80 45 46 1.00 AND80 46 47 1.36 AND80 47 48 1.24 AND80 48 49 1.52 AND82 26 27 1.12 AND82 27 28 13.48 AND82 28 29 3.88 AND82 29 30 12.80 AND82 30 31 16.52 AND82 31 32 7.68 AND82 32 33 17.68 AND82 33 34 28.96 AND82 34 35 15.00 AND82 35 36 12.80 AND82 36 37 10.16 AND82 37 38 17.68 AND82 38 39 12.16 AND82 39 40 8.32 AND82 40 41 7.20 ANDD033 193 194 15.65 ANDD033 194 195 0.72 ANDD033 195 196 9.14 ANDD033 219 220 8.51 ANDD033 220 221 0.03 ANDD033 221 222 0.96 ANDD033 222 223 1.70 ANDD033 223 224 4.01 ANDD033 224 224.55 0.09 ANDD033 224.85 225 0.22 ANDD033 225 226 4.29 ANDD033 226 227 2.35 ANDD033 227 228 10.30 ANDD033 228 229 8.09 ANDD033 229 230 0.35 ANDD033 230 231 0.90 ANDD033 231 232 0.33 ANDD033 232 233 2.15 ANDD033 233 234 5.33 ANDD033 234 235 15.80 ANDD033 235 236 23.60 ANDD033 236 237 19.40 ANDD033 237 238 29.70 ANDD033 238 239 17.50 ANDD033 239 240 9.340 ANDD033 240 240.77 0.96 ANDD042 66.83 68.92 2.88 ANDD042 69.75 70.27 1.72 ANDD042 70.27 71.01 0.56 ANDD042 71.01 71.66 0.68 ANDD042 72.61 73.12 19.32 ANDD042 75.62 76.67 6.40 ANDD044 43 47.17 3.15 ANDD044 48.87 49.6 1.48 ANDD044 49.6 50.39 2.87 ANDD044 50.39 51.3 1.37 ANDD044 51.3 52.25 5.46 ANDD044 52.25 53.25 5.55 ANDD044 53.25 54.43 3.45 ANDD044 54.43 55.3 6.75 ANDD044 55.3 56.36 3.88 ANDD049 111 112 19.78 ANDD049 112 113 0 ANDD049 113 114 0.18 ANDD049 114 115 0.72 ANDD049 115 116 3.10 ANDD049 116 117 0.28 ANDD049 117 117.5 6.78 ANDD049 118.11 119 0.78 ANDD049 119 119.45 0.16 ANDD049 119.45 120 1.66 ANDD049 120 120.94 10.58 ANDD049 121.09 122 26.36 ANDD049 122 123 15.90 ANDD052 204 205 2.29 ANDD052 205 206 2.19 ANDD052 206 206.45 3.81 ANDD052 206.45 207 0.36 ANDD052 207 207.58 1.34 ANDD052 207.58 208 3.14 ANDD053 46 47 7.80 ANDD053 47 48 3.39 ANDD055 43.1 46.32 5.74 ANDD055 49.14 50 1.24 ANDD055 50 50.59 0.98 ANDD055 51.85 53.05 2.43 ANDD055 53.05 54 1.12 ANDD055 54 55 4.89 ANDD055 55 56.17 1.60 ANDD055 56.17 57 14.10 ANDD055 57 58.07 3.57 ANDD058 66 67.6 4.94 ANDD058 67.6 68.59 6.43 ANDD058 68.59 69.55 1.95 ANDD058 69.55 70.44 1.66 ANDD058 70.44 71.42 4.20 ANDD058 71.42 72.4 5.93 ANDD058 72.4 73.34 1.64 ANDD058 73.34 74.34 3.64 ANDD058 74.34 75.09 12.96 ANDD059 89.32 90 5.11 ANDD059 90 91 2.35 ANDD059 91 92 3.39 ANDD059 92 93 2.05 ANDD059 93 93.41 8.62 ANDD059 93.81 94 2.06 ANDD059 94 95 8.27 ANDD059 95 96 7.87 ANDD059 96 97 1.58 ANDD059 97 98 7.74 ANDD060 20.74 21 7.74 ANDD060 21 22 9.43 ANDD060 22 22.63 5.64 ANDD060 55.6 55.65 1.64 ANDD060 57.38 58 2.28 ANDD060 58 58.57 14.39 ANDD060 58.73 59 9.09 ANDD060 59 60 6.33 ANDD060 60 61 14.14 ANDD060 61 62 25.61 ANDD060 62 63 21.65 ANDD060 63 64 31.05 ANDD060 64 64.34 16.56 Martin Bevelander, Group Consulting Geologist for Pan African, is SACNASP(South African Council for Natural Scientific Professions) accredited and wasresponsible for validating the borehole intersections. The information in thisstatement has been reviewed by Mr Bevelander who is a qualified person for thepurposes of the AIM Guidance Note for Mining, Oil and Gas Companies. For further information on Pan African, please visit the website at www.panafricanresources.com Enquiries: Pan African Resources Ambrian Partners Limited Macquarie First South
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Jan Nelson, CEO Richard Brown Amanda Markman+27 (0) 11 777 7840 +44 (0) 20 7776 6417 +27 (0) 11 343 2307 Phil Dexter
+44 (0) 20 7499 3916 Keith Spencer, Chairman Richard Greenfield Donĩ Hattingh +27 (0) 11 880 3155 +44 (0) 20 7776 6418 +27 (0) 11 343 2308
Nicole StoyellPublic Relations+27 (0) 11 777 7840
PAN AFRICAN RESOURCES PLC