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Pan African Resources PLC (PAF)

  Print      Mail a friend       Annual reports

Thursday 08 April, 2010

Pan African Resources PLC

Statement re Operational Update


Regulatory Announcement                                                        
                                                                               
Company                           Pan African Resources plc                    
                                                                               
TIDM                              PAF                                          
                                                                               
Headline                          Operational Update                           
                                                                               
Released                          8 April 2010                                 

                           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                               

                              Operational Update                               

 1. INTRODUCTION
   
Pan African is pleased to release an operational update providing production
guidance for the second half of the Company's financial year 2010 (`2H2010')
and an update on the significant progress that has been achieved with the
Phoenix Platinum Mining (Pty) Limited (`Phoenix Platinum') project.

 2. BARBERTON MINES
   
Although the results for the six months ended 31 December 2009 (`1H2010') had
shown a decrease in gold production, largely due to a security operation at
Barberton Mines (Pty) Limited (`Barberton Mines') to combat criminal mining
activity, increased gold production is expected in 2H2010. The Company is
pleased to report that the impact of new security measures, together with a
renewed focus on mineral resources management and productivity initiatives, has
resulted in an increase in expected gold production for 2H2010, and as a result
Barberton Mines is now on track to produce 97,000 ounces of gold (318,000 tons
at a head grade of 10.40 g/t) for the full financial year 2010 at a cash cost
of less than ZAR165,000 per kilogram. The Company continues to focus on
reducing the cost of additional security measures, consumables and electricity
usage.

It is with regret that the Company reports a fatality at the Fairview section
of Barberton Mines during 2H2010. As announced in the results for the six
months ended 31 December 2009, Barberton Mines as a whole achieved 1.2 million
fatality free shifts at the end of December 2009, and the Fairview section
achieved 2 million fatality free shifts over a six year period ended 5 February
2010. Pan African is reviewing its Safety, Health, Environment and Community
programme. The results of this review will be communicated to shareholders at
the Company's financial year-end results presentation, expected to be scheduled
for early September 2010.

 3. PHOENIX PLATINUM
   
Shareholders are referred to the announcement released on 19 February 2010
advising that Pan African had entered into an exclusivity agreement with
International Ferro Metals SA (Pty) Limited (`IFM') (`Exclusivity Agreement')
relating to:

  * the siting and construction of the Phoenix Platinum Chromite Tailings
    Retreatment Plant (`CTRP') on the IFM Mine Property; and
   
  * the potential acquisition of the 25% Net Profit Interest (`NPI`) held by
    IFM in respect of the Platinum Group Metals contained in the IFM Lesedi
    operations tailings fraction treated through the CTRP.
   
The Exclusivity Agreement provides for Pan African and IFM to conclude a
formal, detailed agreement relating to the CTRP and NPI elements during the
period of the exclusivity (`Formal Agreement'), and fixes the total
consideration for the CTRP site location and acquisition of the NPI at ZAR80
million (approximately £7.1 million), payable in cash (`Consideration').

The Consideration is payable in tranches as follows:

  * On conclusion of the Formal Agreement: ZAR25 million (approximately £2.2
    million);
   
  * On commencement of the CTRP construction: ZAR25 million (approximately £2.2
    million);
   
  * On commissioning of the CTRP: ZAR30 million (approximately £2.7 million).
   
Pan African is pleased to report that the site for the CTRP was agreed with IFM
on 31 March 2010. The Company is now finalising specific detail relating to the
infrastructure and services requirements prior to the commencement of the
construction of the CTRP. This process is expected to be completed by the end
of April 2010, after which detailed engineering design will be undertaken. The
parties will thereafter conclude the Formal Agreement, at which time the first
tranche of ZAR25 million (approximately £2.2 million) will become payable.

CTRP construction is anticipated to commence during June 2010 and first
production is expected in the second half calendar year 2011.

The successful completion of the stages detailed above will result in Pan
African producing approximately 15,000 ounces per annum of four Platinum Group
Elements (Platinum (56.5%), Palladium (27%), Rhodium (16%) and Gold (0.5%). The
expected life of the project is 17 years.

                                     ENDS                                      

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

Enquiries:                                                                     
                                                                               
Pan African Resources                                                          
                                                                               
Jan Nelson, Chief Executive Officer                                            
                                                                               
+27 (0) 11 243 2900                                                            
                                                                               
Nicole Spruijt, Public Relations                                               
                                                                               
+27 (0) 11 243 2900                                                            
                                                                               
RBC Capital Markets                                                            
                                                                               
Martin Eales / Brett Jacobs                                                    
                                                                               
+44 (0) 20 7029 7881                                                           
                                                                               
Macquarie First South Advisers (Pty) Limited                                   
                                                                               
Melanie de Nysschen / Thembeka Mgoduso                                         
                                                                               
+27 (0) 11 583 2000                                                            
                                                                               
St James's Corporate Services Limited                                          
                                                                               
Phil Dexter                                                                    
                                                                               
+44 (0) 20 7499 3916