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Pan African Resource (PAF)

  Print      Mail a friend       Annual reports

Friday 23 December, 2005

Pan African Resource

Interim Results

Pan African Resources PLC
23 December 2005

23 December 2005

                          PAN AFRICAN RESOURCES PLC
                       'Pan African' or 'the Company'

Interim Statement at 30 September 2005 and Operational Review

Business Highlights

   •   Appointment of Mr Jan Nelson to the Board as Chief Executive Officer on
       1st September 2005

Post Interim Period Events

   •   Entered into a joint venture agreement for exploration work in the
       Central African Republic ('CAR')

   •   Upgrade of resource at the Manica Gold Project, Mozambique to 800,000oz

Chairman Colin Bird commented:

'The Company has consolidated its overall position during the period under
review and together with asset acquisition in the CAR, the Board is confident
that the coming year will see significant advances in Pan African's mission to
enhance shareholder value.'

For Further information please contact:

Pan African Resources      Ambrian Partners             Parkgreen Communications
Jan Nelson, CEO            Richard Brown /              Justine Howarth /
+27 11 886 1211            Emma Priestley               Victoria Thomas
Colin Bird, Chairman       +44 (0) 207 776 6400         +44 (0) 20 7493 3713
+44 (0) 20 7584 2155

                            PAN AFRICAN RESOURCES PLC

         Interim Statement at 30 September 2005 and Operational Review

Chairman's Statement

As the Company has extended its period-end to 31 March 2006, your Board has
issued a Second Interim Statement to shareholders for the twelve months to 30
September 2005.

Result for the period

During the twelve month period under the review, the Group returned a loss of
£227,089 as compared with a loss of £164,231 in the eighteen month period to 30
September 2004.

Operational Review

The Company has reviewed all of its data from the Manica Project, its gold
project in Mozambique and has established a resource of some 800,000 oz (5.3 mts
@ 4.84 g/t average grade).   This resource derives from the investigation of 2.4
km out of the total 22 kms currently targeted. The Company believes that there
is an excellent further opportunity for resource expansion within the 22kms.
The company has engaged an independent consultant to audit this resource with a
view to commencing a feasibility study in the near future.

The Wa Project in Ghana is also subject to review and the Board anticipates that
the results will be released early in the New Year.

On 5 October 2005, the company announced that it had acquired a position in the
Central African Republic (CAR).   This position is substantial and is in two of
the four recognised Major Green Stone Belts of the CAR.   The Company's joint
venture licences contain a number of shallow intercepts with the most promising
two being 19 m @ 17.38 g/t and 20 m of 5.05 g/t.

Pan African has carried out an extensive geochemical programme, the data from
which is currently being reviewed.  Once the assay results are available and
interpreted they will be released to the market, which your Board anticipates
will also be early in the New Year.

The Company is building on its already significant position in the CAR and the
Board has an optimistic view of the potential for future gold discovery.


There is a general market view that the gold price will remain strong and to
this end the company believes that its explorations are of the type which could
lead to low cost/high margin operations.  With this in mind, the company will
advance its feasibility study in Mozambique and accelerate its exploration
programme in the CAR to target the exploitation of the low cost/high margin

The company has consolidated its overall position during the period under review
and together with asset acquisition in the CAR, the Board is confident that the
coming year will see significant advances in the company's mission to enhance
shareholder value.

By Order of the Board
Colin Bird

22 December 2005

                           PAN AFRICAN RESOURCES PLC


                     Twelve Months Ended 30 September 2005

                                                             Twelve Months Ended     Eighteen Months Ended
                                                                      30.09.2005                30.09.2004
                                                                               £                         £

Administrative expenses - (operating loss)                             (253,500)                 (178,374)

Interest receivable                                                       26,411                    14,143
                                                                     ___________               ___________

Loss on ordinary activities before taxation                            (227,089)                 (164,231)

Tax on loss on ordinary activities                                            -                         -
                                                                     ___________               ___________

Loss for the financial period                                          (227,089)                 (164,231)
                                                                     ___________               ___________

Loss per ordinary share - basic                                          (0.06p)                   (0.09p)
                                                                     ___________               ___________

                           PAN AFRICAN RESOURCES PLC


                                         Twelve Months          Eighteen Months
                                                 Ended                    Ended
                                            30.09.2005               30.09.2004
                                         £           £           £            £         


Intangible assets                           4,397,609                 3,831,710
Investments                                    24,200                    24,200
                                          -----------               -----------
                                            4,421,809                 3,855,910


Debtors                           12,310                   18,434
Cash at bank                     431,517                1,224,133
                              -----------              -----------
                                 443,827                1,242,567

Creditors:  amounts falling due
   within one year              (101,410)                (107,163)

                              ----------               ----------
                                              342,417                 1,135,404
                                           ----------               -----------

Total assets less current 
liabilities                                 4,764,226                 4,991,314
                                            =========                 =========


Share capital                               3,520,000                 3,520,000
Share premium account                       2,404,829                 2,404,829
Merger reserve                              1,485,000                 1,485,000
Profit and loss account                    (2,645,603)               (2,418,515)
                                           ----------                ----------

Shareholders' funds                         4,764,226                 4,991,314
                                            =========                 =========

                          PAN AFRICAN RESOURCES PLC


                     Twelve Months Ended 30 September 2005

CASHFLOW STATEMENT                                          Twelve Months Ended     Eighteen Months Ended
                                                                     30.09.2005                30.09.2004
                                                                              £                         £
Net cash outflow
   from operating activities                                           (253,129)                 (118,199)

Returns on investments and
   servicing of finance                                                  26,411                    14,143

Capital expenditure and financial investment                           (565,899)                 (777,405)

Acquisitions                                                                  -                   (43,724)

Financing                                                                     -                 1,578,674
                                                                     __________                 _________

Increase/(Decrease) in cash                                            (792,617)                  653,489
                                                                     __________                 _________

                           PAN AFRICAN RESOURCES PLC


                          Year Ended 30 September 2005

1     The calculation of earnings per share is based on the losses of £227,088 
      and on the number of shares in issue being the adjusted weighted average 
      number of shares in issue totalling   352,000,000

      The fully diluted earnings per share are based on 352,000,000 ordinary 
      shares allowing for the full exercise of outstanding share purchase
      options and the earnings as stated above.  There is no dilutive effect in 
      the period and in the previous period in accordance with FRS 14 paragraph 

2     The current period for the company is an eighteen-month period ending
      31 March  2006.

3     The comparative figures were for the eighteen-month period ended 30
      September 2004.

4     The interim statement for the twelve months ended 30 September 2005
      is unaudited and was approved by the Directors on 22 December 2005.  The
      financial information set out above does not constitute statutory accounts
      within the meaning of s.240 of the Companies Act 1985.

5     Copies of the Interim Report are available to the public free of charge 
      from the company at Manfield House, 2nd Floor, 1 Southampton Street,
      London WC2R 0LR during normal office hours, Saturdays, Sundays and bank 
      holidays excepted, for 31 days from today.

                      This information is provided by RNS
            The company news service from the London Stock Exchange