Resource Upgrade

10 Sep 2007 10:17

Pan African Resources PLC10 September 2007 10 September 2007 Pan African Resources PLC ("Pan African" or the "Company") Manica Project: Resource Upgrade and Drilling Results Pan African Resources PLC (AIM: PAF, AltX: PAN), the African based gold miningand exploration company is pleased to announce an increased resource at theManica gold project in Mozambique and report an increase in grades resultingfrom the ongoing exploration drilling programme. Highlights: •Increase in the Manica resource of 18% to 1.550Moz contained gold compared to the previously reported 1.311Moz. •Confirmation of higher gold grades at the Fair Bride prospect •Further 15,600m exploration drilling planned at Manica for completion by Q4 2007 The total Manica resource was upgraded from 1,311Moz at 2.89g/t to 1.550Moz at2.96g/t. The resource at the Fair Bride prospect has been increased by 20% to1.245Moz as part of the ongoing pre-feasibility study that is planned forcompletion in Q1 2008. The revised resource statement for the Manica project isas follows: MANICA EXPLORATION PROJECT - MEASURED MINERAL RESOURCE Prospect Category Tonnes Grade (g/t) Gold (kg) Gold (oz)Fair Bride Measured 3,120,000 2.98 9,300 299,200------------ -------- --------- --------- --------- -------- 3,120,000 2.98 9,300 299,200------------ -------- --------- --------- --------- -------- MANICA EXPLORATION PROJECT - INDICATED MINERAL RESOURCE Prospect Category Tonnes Grade (g/t) Gold (kg) Gold (oz)Fair Bride Indicated 2,110,000 2.47 5,200 167,900Guy Fawkes Indicated 2,150,000 2.44 5,200 168,300------------ -------- --------- --------- --------- -------- 4,260,000 2.46 10,400 335,800------------ -------- --------- --------- --------- -------- MANICA EXPLORATION PROJECT - INFERRED MINERAL RESOURCE Prospect Category Tonnes Grade (g/t) Gold (kg) Gold (oz)Fair Bride Inferred 7,500,000 3.23 24,200 778,300Guy Fawkes Inferred 600,000 2.80 1,700 56,000Dot's Luck Inferred 500,000 3.35 1,500 49,600Boa Esperanca Inferred 300,000 2.96 1,000 31,200------------ -------- --------- --------- --------- -------- 8,900,000 3.20 28,400 915,100------------ -------- --------- --------- --------- -------- MANICA EXPLORATION PROJECT - TOTAL MINERAL RESOURCE All Prospects 16,280,000 2.96 48,100 1,550,100 The infill exploration drilling programme at Fair Bride is advancing well and todate 4476m have been drilled, representing 37 boreholes, which continue tooutline additional resource volumes at depth and along strike. To date assayresults from 15 of the 37 boreholes drilled have been received, and aretabulated at the end of this release. The following composite intersections are highlighted; widths reported are asintersected in hole (the results of these boreholes have not been included inthe current resource statement and a new resource will be declared once all theplanned boreholes have been drilled): 9m @ 4,07g/t (drillhole AND08, from 51m - 60m) 2m @7,95g/t (drillhole AND09, from 0m - 2m) 24m @ 5,81g/t (drillhole AND15, from 9m - 33m) 7m @ 1,96g/t (drillhole AND36, from 88m - 95m) 18m @ 4,53g/t (drillhole AND37, from 72m - 90m) 15.32m @3,74g/t (drillhole ANDD10, from 114.43m - 129.75m) 15.51m @ 4,81g/t (drillhole ANDD11, from 60.85m - 76.36m) 4.03m @3,35g/t (drillhole ANDD14, from 107.37m - 111.40m) 7.16m @ 2,30g/t (drillhole ANDD18, from 53m - 60.16m) 15.62m @ 1,74g/t (drillhole ANDD18, from 77.41m - 93.03m) 4.23m @ 21,10g/t (drillhole ANDD25, from 188.27m - 192.5m) 5.47m @ 2,70g/t (drillhole ANDD26, from 173.60m - 179.07m) 26.04m @5,01g/t (drillhole MDD002, from 82.76m - 108.8m) The Company is planning a further 6600m of drilling at the Fair Bride prospect,as well as an additional 9000m of Reverse Circulation ("RC") drilling at the GuyFawkes prospect. This drilling programme is due for completion in Q4 2007 and itis hoped that it will result in 90% of the total resource stated at the FairBride prospect being in the Measured and Indicated categories. The Guy Fawkes prospect has emerged from ongoing exploration work as apotentially significant target, which could add considerably to the Manicaresource. Jan Nelson, CEO of Pan African, commented: "The latest results from the drillingprogramme have not only confirmed the Company's expectation that the grade atthe Fair Bride prospect is higher than previously anticipated, but has alsooutlined additional resources at depth and along strike, at Fair Bride, as wellas at the Guy Fawkes and Dot's Luck prospects. As a result of the identificationof these additional resources, the completion of the pre-feasibility study willnow be delayed until Q1 2008 to accommodate all of the new information. TheCompany is looking forward to reporting on the ongoing results during the courseof the year." Nelson commented further on the other Pan African projects throughout Africa:"The 8100m Rotary Air Blast ("RAB") drilling programme at the Bogoin prospect inCentral African Republic ("CAR") is advancing well and as soon as results becomeavailable the Company will report them. Exploration activity in Ghana on theAkrokerri prospect, as well as the exploration programme in the areassurrounding Barberton Mines in South Africa will commence in Q4 2007." Laboratory Results of Composite Intersections Stated BHID Depth from depth to Length Gold grade (g/t)And08 51.00 54.00 3.00 0.49And08 54.00 57.00 3.00 0.46And08 57.00 58.00 1.00 3.48And08 58.00 59.00 1.00 12.99And08 59.00 60.00 1.00 17.33And09 - 1.00 1.00 8.27And09 1.00 2.00 1.00 7.64And15 9.00 12.00 3.00 4.37And15 12.00 15.00 3.00 1.35And15 15.00 16.00 1.00 1.50And15 16.00 17.00 1.00 1.06And15 17.00 18.00 1.00 0.33And15 18.00 21.00 3.00 8.25And15 21.00 22.00 1.00 0.02And15 22.00 23.00 1.00 0.07And15 23.00 24.00 1.00 3.61And15 24.00 25.00 1.00 3.34And15 25.00 26.00 1.00 32.46And15 26.00 27.00 1.00 27.46And15 27.00 28.00 1.00 10.82And15 28.00 29.00 1.00 3.23And15 29.00 30.00 1.00 1.74And15 30.00 33.00 3.00 3.93And36 88.00 89.00 1.00 0.38And36 89.00 90.00 1.00 5.38And36 90.00 91.00 1.00 1.13And36 91.00 92.00 1.00 3.10And36 92.00 93.00 1.00 1.12And36 93.00 94.00 1.00 1.53And36 94.00 95.00 1.00 1.10And37 72.00 75.00 3.00 0.82And37 75.00 76.00 1.00 0.28And37 76.00 77.00 1.00 3.60And37 77.00 78.00 1.00 13.58And37 78.00 79.00 1.00 20.07And37 79.00 80.00 1.00 1.86And37 80.00 81.00 1.00 9.84And37 81.00 82.00 1.00 7.66And37 82.00 83.00 1.00 19.22And37 83.00 84.00 1.00 0.13And37 84.00 87.00 3.00 0.72And37 87.00 90.00 3.00 0.26Andd010 114.43 115.44 1.01 10.60Andd010 115.44 116.44 1.00 8.94Andd010 116.44 117.44 1.00 2.88Andd010 117.44 118.05 0.61 1.89Andd010 118.05 119.05 1.00 4.78Andd010 119.05 120.02 0.97 7.14Andd010 120.02 121.02 1.00 4.04Andd010 121.02 122.02 1.00 0.07Andd010 122.02 123.02 1.00 0.04Andd010 123.02 124.03 1.01 0.98Andd010 124.03 125.03 1.00 2.99Andd010 125.03 126.03 1.00 0.44Andd010 126.03 127.03 1.00 1.08Andd010 127.03 127.75 0.72 0.75Andd010 127.75 128.75 1.00 4.93Andd010 128.75 129.75 1.00 6.73Andd011 60.85 61.85 1.00 0.20Andd011 61.85 62.85 1.00 0.24Andd011 62.85 63.75 0.90 0.40Andd011 63.75 64.75 1.00 0.84Andd011 64.75 65.75 1.00 0.11Andd011 65.75 66.75 1.00 0.40Andd011 66.75 67.75 1.00 0.20Andd011 67.75 68.60 0.85 0.83Andd011 68.60 69.75 1.15 14.80Andd011 69.75 70.75 1.00 16.30Andd011 70.75 71.75 1.00 4.94Andd011 71.75 72.75 1.00 5.57Andd011 72.75 73.75 1.00 15.50Andd011 73.75 74.75 1.00 6.13Andd011 74.75 75.75 1.00 4.61Andd011 75.75 76.36 0.61 2.38Andd014 107.37 108.37 1.00 3.20Andd014 108.37 109.37 1.00 1.25Andd014 109.37 110.40 1.03 7.39Andd014 110.40 111.40 1.00 1.42Andd018 53.00 54.00 1.00 2.01Andd018 54.00 55.00 1.00 0.00Andd018 55.00 55.50 0.50 5.37Andd018 55.50 56.45 0.95 4.64Andd018 56.45 57.48 1.03 0.73Andd018 57.48 58.48 1.00 0.26Andd018 58.48 59.31 0.83 5.15Andd018 59.31 60.16 0.85 2.44Andd018 77.41 78.28 0.87 3.60Andd018 78.28 79.30 1.02 0.69Andd018 79.30 79.80 0.50 0.31Andd018 79.80 80.90 1.10 0.23Andd018 80.90 81.96 1.06 3.56Andd018 81.96 83.02 1.06 1.78Andd018 83.02 83.86 0.84 0.65Andd018 83.86 84.62 0.76 0.43Andd018 84.62 85.60 0.98 9.91Andd018 85.60 86.63 1.03 0.63Andd018 86.63 87.60 0.97 0.22Andd018 87.60 88.60 1.00 1.36Andd018 88.60 89.65 1.05 0.22Andd018 89.65 90.63 0.98 0.09Andd018 90.63 91.25 0.62 0.63Andd018 91.25 92.44 1.19 2.60Andd018 92.44 93.03 0.59 1.08Andd025 188.27 189.50 1.23 5.62Andd025 189.50 190.50 1.00 1.66Andd025 190.50 191.50 1.00 40.10Andd025 191.50 192.50 1.00 40.60Andd026 173.60 174.60 1.00 0.50Andd026 174.60 175.30 0.70 0.04Andd026 175.30 175.75 0.45 2.77Andd026 175.75 176.75 1.00 3.88Andd026 176.75 177.75 1.00 0.57Andd026 177.75 178.55 0.80 0.84Andd026 178.55 179.07 0.52 15.10MDD002 82.76 83.76 1.00 2.89MDD002 83.76 84.76 1.00 2.92MDD002 84.76 85.76 1.00 0.09MDD002 85.76 86.85 1.09 12.90MDD002 86.85 87.90 1.05 0.06MDD002 87.90 88.75 0.85 0.05MDD002 88.75 89.43 0.68 0.38MDD002 89.43 90.40 0.97 0.14MDD002 90.40 91.23 0.83 0.00MDD002 91.23 92.07 0.84 0.00MDD002 92.07 92.90 0.83 0.31MDD002 92.90 93.70 0.80 0.00MDD002 93.70 94.50 0.80 0.00MDD002 94.50 95.50 1.00 0.35MDD002 95.50 96.50 1.00 0.28MDD002 96.50 97.50 1.00 0.23MDD002 97.50 98.50 1.00 0.38MDD002 98.50 99.40 0.90 1.43MDD002 99.40 100.14 0.74 23.10MDD002 100.14 100.81 0.67 18.60MDD002 100.81 101.80 0.99 17.90MDD002 101.80 102.80 1.00 19.30MDD002 102.80 103.85 1.05 6.49MDD002 103.85 104.65 0.80 2.47MDD002 104.65 105.59 0.94 8.47MDD002 105.59 106.33 0.74 0.39MDD002 106.33 106.95 0.62 0.96MDD002 106.95 107.80 0.85 25.80MDD002 107.80 108.80 1.00 1.07 • ExplorMine Consultants (Pty) Ltd act as Pan African's Competent Person for the Manica project and independently signed off on the resource upgrade. ExplorMine is a South African based Resource and 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 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 by both geological consultancy firms. • SACNASP - South African Council for Natural Scientific Professions • SAMREC - South African Mineral Resource Code (similar JORC) For further information on Pan African PLC, please visit the website atwww.panafricanresources.com Enquiries: Pan African Ambrian Partners Macquarie First Parkgreen Resources Limited South Corporate Communications Finance (Pty) Limited Jan Nelson,CEO Richard Brown Amanda Markman Justine Howarth+27(0)11 777 7840 +44(0)20 7776 6417 +27(0)11 343 2307 +44(0)207 851 7480 Colin Bird, Richard Greenfield Done HattinghChairman +44(0)207 584 2155 +44 (0) 20 7776 +27 (0) 11 343 2308 6418 Nicole StoyellPublicRelations+27 (0) 11 777 7840 This information is provided by RNS The company news service from the London Stock Exchange