Pan African Resources PLC
27 July 2007
27th July 2007
Pan African Resources plc
('Pan African' or 'the Company')
Result of EGM
Pan African Resources plc announces that all resolutions proposed today at the
EGM were duly passed. This clears the final hurdles to completion of the
acquisition of Barberton Mines Limited ('Barberton') and the proposed admission
of the Company as enlarged by Barberton to trading on the AIM market and the
Altx* market in South Africa, which is expected to occur on 31 July.
Jan Nelson, CEO made the following comments on the Barberton transaction: ' The
succcessful acquisition of Barberton and admission to trading on the AIM and
Altx markets places Pan African in a gold arena where there is a shortage of
producers. In addition to the Barberton acquisition adding an attributable
resource of 1.36moz, it also provides senior operational and technical skills
which will greatly assist the Company in our production and growth mission.'
He continued: 'In conjuction, we are also pursuing organic growth with Manica
where the bankable feasbility study will be initiated toward the end of this
year. This is later than previously planned as we have extended the drilling
programme on this project given encouraging results so far. I would like to take
this opportunity to thank the Board for its contribution in concluding this deal
and our shareholders for their continued support throughout this process. We
would also like to welcome Simon Malone and Charles Needham as Non-Executive
Directors of the Company along with the entire team at Barberton.'
* Altx - The Alternative Exchange is a division of the JSE Limited.
For further information on Pan African Resources plc, please visit the website
Pan African Resources Ambrian Partners Parkgreen Communications
Jan Nelson / CEO Richard Brown Justine Howarth/Bex Sanders-Hewett
+27 (0) 82 4945628 +44 (0) 207776 6400 +44 (0) 207851 7480
Colin Bird / Chairman
+ 44 (0) 207 584 2144
Notes to Editors:
Pan African Resources PLC ('Pan African' or 'the Company') is a mid tier gold
production and exploration company with assets in Mozambique, Central African
Republic and a regional exploration focus in Ghana. The Company was admitted to
AIM (TIDM: PAF) on 14 September 2004.
The Company's portfolio includes the Manica project in Mozambique which has an
independently verified resource of 1.5moz, two projects in the Central African
Republic, Begoin and Dekoa, in two of the major four known greenstone belts,
plus the highly prospective Akrokerri Exploration license in Southern Ghana.
Pan African announced on 20 December 2006 that it had signed a conditional Sale
of Shares Agreement with Metorex Limited to purchase 74% of Barberton Mines
Limited in South Africa which concluded on . Barberton Mines comprises Fairview,
Sheba and New Consort Mines, located in the Mpumalanga Province.
This information is provided by RNS
The company news service from the London Stock Exchange