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Pan African Resources PLC (PAF)

  Print      Mail a friend       Annual reports

Monday 10 March, 2008

Pan African Resources PLC

Further re Manica Gold Project, Mozambique


Regulatory Announcement                                                      
                                                                             
Company                                Pan African Resources plc             
                                                                             
TIDM                                   PAF                                   
                                                                             
Headline                               Manica Project: Resource Upgrade &    
                                       Drilling Results                      
                                                                             
Released                               10 March 2008                         

                           Pan African Resources PLC                           

                       ("Pan African" or the "Company")                        

(Incorporated and registered in England and Wales under Companies Act 1985 with
                registered number 3937466 on 25 February 2000)                 

                            Share code on AIM: PAF                             

                            Share code on JSE: PAN                             

                              ISIN: GB0004300496                               

 Manica Project: Resource Upgrade and Significant Improvement on Grade at the  
                              Fair Bride Prospect                              

Pan African Resources PLC (AIM: PAF, Altx: PAN), the African based gold mining
and exploration company is pleased to announce a further increase in resource
at the Manica gold project in Mozambique and a substantial increase in the
grade at the Fair Bride prospect, for which the Company will announce the
results of a pre-feasibility early in Q2 2008.

Highlights:

  * Manica resource increased by 10% to 1.700Moz contained gold compared to the
    previously reported 1.550Moz.
   
  * Grade at the Fair Bride prospect increased by 94% to 5,49g/t in situ, from
    the previously reported 2,83g/t in situ.
   
  * Total resource grade for the Manica deposit increased by 56% to 4,61g/t in
    situ from the previously reported 2,96g/t in situ.
   
The increase in the grade is the result of (a) optimisation with regard to
width of mineralised zone, resulting in narrower width but higher grades and
(b) additional high grade zones delineated along strike and to depth.

The RC (`Reverse Circulation') programme at the Manica project has been
completed and the Company is currently completing follow up core drilling on
two adjacent targets to the Fair Bride prospect. These results and the
outstanding assay results, as mentioned in the release dated 20 January 2008
are not included in the current resource upgrade and will be reported on as
soon as the results are received from the laboratory. The resource will be
reviewed accordingly.

The total Manica resource has been upgraded from 1.550Moz at 2.96g/t in situ to
1.701Moz at 4,61g/t in situ. The resource at the Fair Bride prospect has been
increased by 12% to 1.396Moz at 5.49g/t as part of the ongoing pre-feasibility
study that will be complete by Q1 2008 and reported to the market in Q2 2008
once the results have been independently verified.

The revised resource statement for the Manica project is shown in the table
below.

Jan Nelson, CEO of Pan African, commented: "These results have significantly
exceeded our expectations and we are particularly pleased with the grade that
has almost doubled at the Fair Bride prospect. The increase in the in situ
grade will impact positively on the economic viability of the deposit and we
expect a significant optimisation from the scoping study completed previously."

Manica Mineral Resource Inventory - March 2008                               
                                                                             
Inferred Mineral                                        Total                
Resource                                                                     
                                                                             
Prospect             Mineral Resource       Tonnes   Grade  Gold   Gold (Oz) 
                     Category                               (kgs)            
                                                                             
Fair Bride           Inferred             3,472,000  5.65  19,608  630,357   
                                                                             
Guy Fawkes           Inferred             600,000    2.80  1,700   56,000    
                                                                             
Dots Luck            Inferred             500,000    3.35  1,500   49,600    
                                                                             
Boa Esperanza        Inferred             300,000    2.96  1,000   31,200    
                                                                             
Total                Inferred             4,872,000  4.89  23,808  767,157   
                                                                             
                                                                             
                                                                             
Indicated Mineral                                                            
Resource                                                                     
                                                                             
Prospect             Mineral Resource       Tonnes   Grade  Gold   Gold (Oz) 
                     Category                               (kgs)            
                                                                             
Fair Bride           Indicated            2,012,000  5.19  10,447  335,840   
                                                                             
Guy Fawkes           Indicated            2,150,000  2.44  5,200   168,300   
                                                                             
Total                Indicated            4,162,000  3.76  15,647  504,140   
                                                                             
                                                                             
                                                                             
Measured Mineral                                                             
Resource                                                                     
                                                                             
Prospect             Mineral Resource       Tonnes   Grade  Gold   Gold (Oz) 
                     Category                               (kgs)            
                                                                             
Fair Bride           Measured             2,420,000  5.53  13,375  429,936   
                                                                             
Total                Measured             2,420,000  5.53  13,375  429,936   
                                                                             
                                                                             
                                                                             
Total Mineral                                                                
Resource                                                                     
                                                                             
Prospect             Mineral Resource       Tonnes   Grade  Gold   Gold (Oz) 
                     Category                               (kgs)            
                                                                             
Fair Bride           Total combined       7,904,000  5.49  43,430  1,396,133 
                                                                             
Guy Fawkes           Total combined       2,750,000  2.51  6,900   224,300   
                                                                             
Dots Luck            Total combined       500,000    3.00  1,500   49,600    
                                                                             
Boa Esperanza        Total combined       300,000    3.33  1,000   31,200    
                                                                             
Total                                     11,454,000 4.61  52,830  1,701,233 
                                                                             
Manica Mineral Resource Inventory - March 2008                               
                                                                             
Inferred Mineral                              Attributable to Pan Africa     
Resource                                             Resources PLC           
                                                                             
Prospect             Mineral Resource       Tonnes   Grade   Gold   Gold (Oz)
                     Category                               (kgs)            
                                                                             
Fair Bride           Inferred             3,472,000   5.65 19,608   630,357  
                                                                             
Guy Fawkes           Inferred             600,000     2.80 1,700    56,000   
                                                                             
Dots Luck            Inferred             500,000     3.35 1,500    49,600   
                                                                             
Boa Esperanza        Inferred             300,000     2.96 1,000    31,200   
                                                                             
Total                Inferred             4,872,000   4.89 23,808   767,157  
                                                                             
                                                                             
                                                                             
Indicated Mineral                                                            
Resource                                                                     
                                                                             
Prospect             Mineral Resource       Tonnes   Grade   Gold   Gold (Oz)
                     Category                               (kgs)            
                                                                             
Fair Bride           Indicated            2,012,000  5.19  10,447   335,840  
                                                                             
Guy Fawkes           Indicated            2,150,000  2.44  5,200    168,300  
                                                                             
Total                Indicated            4,162,000   3.76 15,647   504,140  
                                                                             
                                                                             
                                                                             
Measured Mineral                                                             
Resource                                                                     
                                                                             
Prospect             Mineral Resource       Tonnes   Grade   Gold   Gold (Oz)
                     Category                               (kgs)            
                                                                             
Fair Bride           Measured             2,420,000  5.53  13,375   429,936  
                                                                             
Total                Measured             2,420,000   5.53 13,375   429,936  
                                                                             
                                                                             
                                                                             
Total Mineral                                                                
Resource                                                                     
                                                                             
Prospect             Mineral Resource       Tonnes   Grade   Gold   Gold (Oz)
                     Category                               (kgs)            
                                                                             
Fair Bride           Total combined       7,904,000  5.49  43,430   1,396,133
                                                                             
Guy Fawkes           Total combined       2,750,000  2.51  6,900    224,300  
                                                                             
Dots Luck            Total combined       500,000    3.00  1,500    49,600   
                                                                             
Boa Esperanza        Total combined       300,000    3.33  1,000    31,200   
                                                                             
Total                                     11,454,000  4.61 52,830   1,701,233

Update on other exploration projects:

Bogoin gold project - Central African Republic

RC drilling will commence in Q2 2008 on schedule in order to define the
resource potential.

Akrokerri gold project - Ghana

Core drilling has commenced on the Akrokerri gold project to assess the
resource potential around the Akrokerri mine. As reported previously, the
Akrokerri mine has historically produced 74,000 ounces of gold at a recovered
grade of 24,6g/t.

Eagles Nest, Amira & Thomas Victory-Hill gold projects - South Africa

Geological results are currently being reviewed and the exploration strategy
moving forward will be announced in Q2 2008.

For further information on Pan African PLC, please visit the Company's website
at www.panafricanresources.com

Enquiries:

Pan African         Ambrian Partners    Macquarie First     St James's         
Resources           Limited             South Corporate     Corporate Services 
                                        Finance (Pty)       Limited            
Jan Nelson, CEO     Richard Brown       Limited                                
                                                            Phil Dexter        
+27 (0) 11 777 7840 +44 (0) 20 7634     Amanda Markman                         
                    4709                                    +44 (0) 20 7499    
Keith Spencer,                          +27 (0) 11 343 2307 3916               
Chairman            Richard Greenfield                                         
                                        Doné Hattingh                          
+27 (0) 11 880 3155 +44 (0) 20 7634                                            
                    4710                +27 (0) 11 343 2308                    
Nicole Stoyell                                                                 
                                                                               
Public Relations                                                               
                                                                               
+27 (0) 11 777 7840                                                            

  * 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.
   
  * SACNASP - South African Council for Natural Scientific Professions
   
  * SAMREC - South African Mineral Resource Code (similar JORC)