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Pan African Resource (PAF)

  Print      Mail a friend       Annual reports

Wednesday 27 December, 2006

Pan African Resource

Interim Results

Pan African Resources PLC
27 December 2006


27th December 2006

Pan African Resources PLC
('Pan African' or 'the Company')

Interim report for the six months ended 30 September 2006

Pan African Resources PLC (AIM: PAF)('Pan African' or 'the Company'), the
African based gold exploration Company, announces the interim statement as at 30
September 2006 and operational review.

Highlights



•        Confirmation of high (90% for oxides and 86% for sulphides) gold
         recoveries at the Manica project in Mozambique

•        Scoping study confirmed viability of Manica project as an open pit mine
         in Mozambique


Post Interim Period Results


•        Signature of a conditional agreement to establish Pan African as a
         significant gold producer



Chairman Colin Bird commented:



'The Manica gold project in Mozambique is showing tremendous development
potential and drilling in the Central African Republic will be underway in the
New Year. The Company has taken the first step, by signing a conditional
agreement for the purchase of gold mines in South Africa, to building a balanced
portfolio of gold production and exploration ounces. The Company is positioning
itself as an emerging mid-tier gold company.'



Enquiries:

Pan African Resources             Ambrian Partners Limited           Parkgreen Communications
Jan Nelson, CEO                   Richard Brown                      Justine Howarth / Victoria Thomas
+27 11 886 1211                   +44 (0)20 7776 6417                +44 (0) 20 7851 7480
Colin Bird, Chairman
+44 (0) 20 7584 2155


For further information on Pan African Resources please visit the website at
www.panafricanresources.com





                          PAN AFRICAN RESOURCES PLC

Six Month Interim Statement at 30 September 2006 and Operational Review

Chairman's statement

Result for the period

During the period under review, the Group returned a loss of £98,491 as compared
with a loss of £791,293 in the eighteen-month period to 31 March 2006. As at 30
September 2006 the Company had a cash balance of approximately £ 1,058,993 .


Operational Review

Metallurgical testwork and engineering mine design work has taken place during
the period in the group's Manica gold project in Mozambique. Gold-in-soil and
stream sediment sampling was ongoing at the Bogoin and Dekoa gold projects in
the Central African Republic.

Metallurgical testwork at the Manica project indicated recoveries of 90,12% for
oxide material and 86% for sulphide material. The Company is currently
completing optimisation work to assess the possibility of increasing the
recoveries even further. An independent scoping study on the viability of an
open pit mine at the Manica project on the Fair Bride propsect indicated an
ungeared, pre-tax and royalty NPV of US$39 million and an IRR of 31%.
Optimisation work is currently underway on capital and working cost estimates.
Furthermore the results from a recent bulk sampling programme at the Fair Bride
prospect indicate a significantly higher sulphide grade of 3.73g/t insitu as
opposed to a resource estimated sulphide grade 2.61g/t in situ used in the mine
engineering scoping study. This is an increase of 1.12g/t and could
significantly improve the current NPV if validated. Work is currently underway
to produce independent validation of these results after which Turgis will
revisit their evaluation . Drilling is planned to commence in Q1 of 2007 to
validate these results.

In the Central African Republic, the regional gold-in-soil programme at the
Bogoin gold project has been completed and drilling is expected to commence in
Q1 of 2007 to test the 12km gold-in-soil anomaly identified to date. Stream
sediment sampling is underway at the Dekoa gold project.

The company is evaluating other opportunities in a number of African regions and
announcements will be made in due course as appropriate.


Post Interim Period Events

In addition to the above mentioned the Company announced on 20 December that it
has signed a conditional Sale of Shares Agreement with Metorex Limited to
purchase 74% of Barberton Mines Limited in South Africa. The proposed
transaction is intended to provide the Company with a strong production base to
further pursue its exploration and development strategy.

The directors are proactively seeking new opportunities as well as advancing the
Company's existing interests with a view to delivering above normal returns to
shareholders. The directors are confident that the second half year will be as
productive as the first with further positive progress being made in all aspects
of the business.


By Order of the Board

Colin Bird                                    
Chairman



                           PAN AFRICAN RESOURCES PLC

                 UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT

                       Six Months Ended 30 September 2006


                                   Six-Month           Eighteen-Month
                             Ended 30.9.2006          Ended 31.3.2006
                                           £                        £
Exploration Costs                          -                 (464,575)  
                                                        
Administrative expenses            (117,617)                 (346,827)  
(operating loss)                                        
                                                        
Interest receivable                   19,126                   30,759  
                                                         
Amount written off investments             -                  (10,650)  
                                                        
Loss on ordinary activities before   (98,491)                (791,293)  
taxation                                                
                                                        
Tax on loss on ordinary activities         -                       -  
                                                        
Loss for the financial period        (98,491)                (791,293)  
                                                        
Loss per ordinary share - basic       (0.02p)                (0.22p)





                           PAN AFRICAN RESOURCES PLC

          UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2006

                                 As at                  As at               
                          30 September               31 March               
                                  2006                   2006                 
                               £            £           £              £  
                                                                          
FIXED ASSETS                                                              
Intangible assets                   5,316,658                  4,847,630  
Investments                             4,800                      4,800  
                                    4,321,458                  4,852,430  
CURRENT ASSETS                                                            
Debtors                   23,910                    3,225                 
Cash at bank           1,058,993                1,874,702                 
                                                                          
                       1,082,903                1,877,927                 
Creditors: amounts                                                        
falling due                                                               
within one year         (171,951)                (399,455)                 
                                                                          
                                      910,952                  1,478,472  
                                                                          
Total assets less                   6,232,410                  6,330,902  
current liabilities                                                       
                                                                          
                                                                          
CAPITAL AND RESERVES                                                      
Share capital                       4,077,532                  4,077,532  
Share premium account               3,978,178                  3,978,178  
Merger reserve                      1,485,000                  1,485,000  
Profit and loss                    (3,308,300)                (3,209,808)  
account                                                                   
                                                                          
Shareholders' funds                 6,232,410                  6,330,902 




                           PAN AFRICAN RESOURCES PLC

                   UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

                       Six Months Ended 30 September 2006


                                          Six Months          Eighteen Months
                                    Ended 30.09.2006         Ended 31.03.2006
                                                   £                        £

CASH FLOW STATEMENT

Net cash outflow
  from operating activities                (230,155)                (503,901)

Returns on investments and
  servicing of finance                       19,126                   30,759
        

Capital expenditure and                      
financial investment                      (604,680)                 (697,170)

Financing                                        -                 1,820,881
                        
(Decrease) / Increase in cash             (815,709)                  650,569
                                           



                           PAN AFRICAN RESOURCES PLC

                    NOTES TO THE UNAUDITED INTERIM ACCOUNTS

                       Six Months Ended 30 September 2006



1  The calculation of earnings per share is based on the losses
   of £98,491 and on the number of shares in issue being the adjusted weighted
   average number of shares in issue totalling                         .

   The fully diluted earnings per share are based on 407,753,235
   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 56.

   No change has been made to share based payments under FRS in respect
   of share options granted, as the Directors consider that the effect will not be
   material.


2  The current period for the company is a twelve-month period ending 31st March 2007.

3  The comparative figures were for the eighteen-month period ended 31st March 2006.

4  The interim statement for the six months ended 30th September 2006 is
   unaudited and was approved by the Directors on 22 December 2006.  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 END

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