Pan African Resources Regulatory News (PAF)

20 Jun 2006 07:00

Pan African Resources PLC20 June 2006 20th June 2006 Pan African Resources plc ("Pan African" or "the Company") 24% Resource Increase to 1.311Moz at Manica Project, Mozambique Pan African Resources PLC (AIM: PAF), the African based gold explorationcompany, announces an increase in the resource at its Manica Gold Project inMozambique. The resource has been increased by 24% or 254,398oz from 1,055Moz to1,311Moz and has been independently verified by ExploreMine Consultants("ExploreMine") and Geologix MRC (Pty) Ltd ("Geologix"). The upgrade in theresource is the result of a recently completed infill drilling programme (pressrelease - 20 April 2006) and updated geological information at the project. Highlights • Total resource has been increased to 1,311Moz • 24% increase from the previous resource estimate The total resource has been upgraded from 9.632mt @ 3.41g/t (1,056Moz) to 14mt @2.89g/t (1,311Moz). The resource at the Fair Bride prospect has been increasedby 17% to 1Moz as part of the ongoing pre-feasibility study to evaluate theviability of an open-cast mine. Jan Nelson, Chief Executive of Pan African, commented: "Over the last 8 monthsthe resource at Manica has been increased by 57% or 511,280oz. The currentlydelineated resource represents only 12% of the total mineralised strike-length.We are focussing our exploration efforts on three major target areas outside thecurrently stated resource area, to evaluate each area's potential to contain inexcess of 500,000oz. Work on the pre-feasibility study at the Fair Brideprospect is on schedule and I look forward to reporting on the results of boththese programmes in the mid-term." NOTES TO THE EDITOR • ExploreMine Consultants (Pty) Ltd act as Pan African's Competent Persons for the Manica Project and independently signed off on the resource upgrade. ExplorMine is a South African based Resource & Geological Consultancy - the principal directors and geologists of the company are Graham Gavine and Garth Mitchell, who are SACNASP accredited. • Geologix MRC (Pty) Ltd is a South African Resource and Geological Consultancy - Deon van den Heever is SACNASP accredited and was responsible for the resource estimate. • The resource statement is SAMREC compliant and this announcement has been verified by both geological consultancy firms. • SACNASP - South African Council for Natural Scientific Professions. SAMREC - South African Mineral Resource Code (similar to JORC) MANICA GOLD PROJECT - JUNE 2006 RESOURCE STATEMENT Gross* Net attributable* Operator Prospect Category Tons Grade (g/t) Gold (oz) Tons Grade (g/t) Gold (oz) Pan African Resources plc RESOURCE PER PROSPECT AREA SUMMARISED PER RESOURCE CATEGORY Fair Bride Measured 1,044,935 3.30 110,885 1,044,935 3.30 110,885 Pan African Resources plc Total 1,044,935 3.30 110,885 1,044,935 3.30 110,885 Pan African Resources plc Guy Fawkes Indicated 101,633 6.89 22,529 101,633 6.89 22,529 Pan African Resources plc Fair Bride Indicated 3,737,608 2.04 245,533 3,737,608 2.04 245,533 Pan African Resources plc Total 3,839,241 2.17 268,062 3,839,241 2.17 268,062 Pan African Resources plc Guy Fawkes Inferred 659,309 9.71 205,904 659,309 9.71 205,904 Pan African Resources plc Fair Bride Inferred 7,285,887 2.75 645,078 7,285,887 2.75 645,078 Pan African Resources plc Dot's Luck Inferred 942,354 1.66 50,177 942,354 1.66 50,177 Pan African Resources plc Boa Esperanza Inferred 327,978 2.96 31,174 327,978 2.96 31,174 Pan African Resources plc Total 9,215,527 3.15 932,333 9,215,527 3.15 932,333 Pan African Resources plc Total Resource Measured 1,044,935 3.30 110,885 1,044,935 3.30 110,885 Pan African Resources plc Indicated 3,839,241 2.17 268,062 3,839,241 2.17 268,062 Pan African Resources plc Inferred 9,215,527 3.15 932,333 9,215,527 3.15 932,333 Pan African Resources plc Total 14,099,703 2.89 1,311,280 14,099,703 2.89 1,311,280 Pan African Resources plc TOTAL RESOURCE SUMMARY PER PROSPECT Guy Fawkes Total 760,941 9.34 228,433 760,941 9.34 228,433 Pan African Resources plc Fair Bride Total 12,068,430 2.58 1,001,496 12,068,430 2.58 1,001,496 Pan African Resources plc Dot's Luck Total 942,354 1.66 50,177 942,354 1.66 50,177 Pan African Resources plc Boa Esperanza Total 327,978 2.96 31,174 327,978 2.96 31,174 Pan African Resources plc 14,099,703 2.89 1,311,280 14,099,703 2.89 1,311,280 Pan African Resources plc *Gross - Attributable to the Manica Exclusive Exploration license *Net attributable - to Pan African Resources plc Resource calculated by Deon van den Heever of Geologix MRC and audited by PanAfrican's competent persons, Graham Gavine and Garth Mitchell from ExplorMineGeological Consultants (Pty) Ltd. ENDS For further information on Pan African Resources please visit the website atwww.panafricanresources.com Enquiries: Pan African Resources Ambrian Partners Limited Parkgreen CommunicationsJan Nelson, CEO Richard Chase Justine Howarth / Victoria Thomas+27 11 886 1211 +44 (0)20 7776 6461 +44 (0) 20 7493 3713Colin Bird, Chairman+44 (0) 20 7584 2155 This information is provided by RNS The company news service from the London Stock Exchange