Pan African Resources Regulatory News (PAF)

2 Feb 2006 12:04

Pan African Resources PLC02 February 2006 2 February 2006 Pan African Resources PLC ("Pan African" or "the Company") Independent verification of 1.056 M oz of gold at Manica project - Mozambique Pan African Resources PLC (AIM : PAF), the African based gold explorationcompany, announces that a total indicated and inferred resource of 1.056 M oz ofgold has been independently verified at its Manica project in Mozambique. Highlights • A total resource of 1.056 M oz has independently been verified at the Manica project.• This represents an upgrade of 32% from that announced by the Company.• 81% of the stated resource falls within the Fair Bride prospect, where the Company is completing a pre-feasibility study to test the viability of an open cast mine. An independent competent person's report (CPR) has been completed by ExplorMineGold Consultants and Geologix MRC (Pty) Ltd (two South African based MineralResource & Geological Consultancy firms) that has independently verified anupgrade of 32% to 1.056 M oz (9.632mt @ 3.41g/t) from the previous resource of0.8 M oz (5.3mt @ 4.84g/t) published by the Company. A total of 852,747oz, or81% of the resource, falls within the Fair Bride prospect where the Company isin the process of conducting a pre-feasibility study to access the possibilityof an open cast mine. The indicated category represents 466,649oz or 44% of thetotal resource. The stated resource represents only 12% of the total exploredmineralised strike- length. Tabulated resource estimates appear below. Jan Nelson, Chief Executive Officer of Pan African, commented: "The independentverification of the Company's 1.056 M oz gold resource at the Manica project,with 81% of the resource within the Fair Bride prospect confirms we arefocussing our exploration effort in the right place. The Company is currentlycompiling the results of the recently completed dipole-dipole geophysical surveyconducted to identify additional potentially mineralised zones in the vicinityof the Fair Bride prospect. I look forward to reporting on these results in duecourse." MANICA PROJECT - INDICATED Prospect Category Tons Grade (g/t) Gold (oz) Guy Fawkes Indicated 122,495 7.88 31,048 Fair Bride Indicated 4,332,326 3.13 435,601 4,454,821 3.26 466,649 MANICA PROJECT - INFERRED Prospect Category Tons Grade (g/t) Gold (oz) Guy Fawkes Inferred 369,071 11.03 130,887 Fair Bride Inferred 4,137,584 3.14 417,146 Dot's Luck Inferred 463,968 1.71 25,508 Boa Esperanza Inferred 207,144 2.51 16,692 5,177,767 3.55 590,234 MANICA PROJECT - TOTAL RESOURCE All Prospects Total 9,632,588 3.41 1,056,883 Source: Competent Persons Report for the Manica Assets,Near Manica inMozambique, of Pan African Resources PLC prepared by G Gavine & G Mitchell(2006), page 46. NOTES TO THE EDITOR • ExplorMine Gold Consultants (Pty) Ltd is a South African based Resource & Geological Consultancy - the principle directors and geologists of the company are Graham Gavine and Garth Mitchell, who personally oversaw the CPR.• Geologix MRC is a South African based Resource and Geological Consultancy - Deon van den Heever was responsible for the resource estimate.• Both companies' geologists are SACNASP accredited and members in good standing of their respective professional societies. The resource statement is SAMREC compliant and this announcement has been verified by both geologists.• SACNASP - South African Council for Natural Scientific Professions.• SAMREC - South African Mineral Resource Code (similar to JORC). ENDS For further information on Pan African Resources please visit the website atwww.panafricanresources.com. A copy of the CPR will be posted on the website. Enquiries: Pan African Resources Ambrian Partners Parkgreen CommunicationsJan Nelson, CEO Richard Brown / Justine Howarth /+27 11 886 1211 Emma Priestley Victoria ThomasColin Bird, Chairman +44 (0) 207 776 6400 +44 (0) 20 7493 3713+44 (0) 20 7584 2155 This information is provided by RNS The company news service from the London Stock Exchange