Pan African Resources PLC
20 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 exploration
company, announces an increase in the resource at its Manica Gold Project in
Mozambique. The resource has been increased by 24% or 254,398oz from 1,055Moz to
1,311Moz and has been independently verified by ExploreMine Consultants
('ExploreMine') and Geologix MRC (Pty) Ltd ('Geologix'). The upgrade in the
resource is the result of a recently completed infill drilling programme (press
release - 20 April 2006) and updated geological information at the project.
• 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 increased
by 17% to 1Moz as part of the ongoing pre-feasibility study to evaluate the
viability of an open-cast mine.
Jan Nelson, Chief Executive of Pan African, commented: 'Over the last 8 months
the resource at Manica has been increased by 57% or 511,280oz. The currently
delineated resource represents only 12% of the total mineralised strike-length.
We are focussing our exploration efforts on three major target areas outside the
currently stated resource area, to evaluate each area's potential to contain in
excess of 500,000oz. Work on the pre-feasibility study at the Fair Bride
prospect is on schedule and I look forward to reporting on the results of both
these 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 Pan
African's competent persons, Graham Gavine and Garth Mitchell from ExplorMine
Geological Consultants (Pty) Ltd.
For further information on Pan African Resources please visit the website at
Pan African Resources Ambrian Partners Limited Parkgreen Communications
Jan Nelson, CEO Richard Chase Justine Howarth / Victoria Thomas
+27 11 886 1211 +44 (0)20 7776 6461 +44 (0) 20 7493 3713
Colin Bird, Chairman
+44 (0) 20 7584 2155
This information is provided by RNS
The company news service from the London Stock Exchange