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Pan African Resources PLC (PAF)

  Print      Mail a friend       Annual reports

Thursday 09 June, 2011

Pan African Resources PLC

Results of Drilling Programme at Bramber Tailin...


Pan African Resources PLC

(`Pan African' or the 'Company' or the `Group')

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

Share Code on AIM: PAF

Share code on JSE: PAN

ISIN: GB0004300496

Encouraging results of drilling programme at Bramber tailings dam at Barberton
Mines (Pty) Ltd

Pan African Resources PLC (`Pan African'), the African focused precious metals
producer, announces the results of a drilling programme on the Bramber tailings
dam at Barberton Mines (Pty) Ltd (`Barberton Mines').

Highlights:

- Indicated mineral resource declared of 148koz (3.130Mt @ 1.47g/t in situ)
independently verified at a cut off grade of 0.5g/t

- Initial metallurgical test work indicates recoveries of 45% to 55%

- Order of Magnitude (`OME') study estimates capital for the project for a
Carbon-in-Leach plant at ZAR120 million (approximately £11m) to treat 1.2Mt of
tailings per annum at Barberton Mines for a period of approximately three years

- An additional 9Mt of dump material is currently being investigated that could
increase the life of project (`LOP') from three years to ten years

- If viable this project could increase production at Barberton Mines by
another 20koz per annum over the LOP

- Feasibility study on the project will be completed by Q2 of 2011/12 financial
year

Jan Nelson, Chief Executive Officer of Pan African, commented: "We are very
encouraged by these results that show that the re-treatment of tailings at
Barberton Mines is developing into a significant stand alone gold project. Not
only could it increase the current production profile of the Company by 20koz
per annum but also increase the operating margin and reduce unit costs. The
project at a 10% real discount rate yields a net present value of approximately
ZAR350 million with an internal rate of return of approximately 85% assuming a
gold price of ZAR300,000/kg. We continue to focus on organic growth
opportunities within the Group to grow our earnings."

The Bramber tailings dam, which has been used as a tailings storage facility at
Barberton Mines since 1986, reached the end of its operational life in January
2011. A new tailings facility was commissioned at that time. Due to the current
high gold price and low cost associated with the re-treatment of tailings dams,
the Company undertook a drilling programme to evaluate the dam as a source of
additional production ounces.

A total of 308 auger drillholes were drilled on a grid of 20 metre x 20 metre
representing approximately 6,074 metres. Samples of each hole were taken at 1.5
metres intervals and composited at 3 metres intervals representing a total of
2,344 samples taken for assaying. Modeling and geological profiling of the
boreholes confirmed two distinct depositional populations across the tailings
dam which is the result of separate historical deposition that took place in
two separate compartments, a higher grade BIOX® tail section and a lower
concentrator/flotation tail section. Geostatistical modeling indicates 74.6koz
(758kt at 3.06g/t in situ) for the BIOX® section and 72.9koz (2.369Mt at 0.96g/
t in situ) for the concentrator/flotation section. This represents a total
indicated resource of 148koz (3.130Mt at 1.47g/t in situ).

A total of 10 composite samples representative of the tailings dam were
submitted for metallurgical recovery test work. Initial excess cyanide test
work indicates recoveries varying between 45% and 55%. Kinetic test work is
being done to determine residence time that guides the process flow design for
plant optimum configuration to be used in the feasibility study. The
feasibility study covering plant design, final process flow design, volume
throughput, chemical and reagent consumption, recoveries and capital and
operating expenditure will be completed by quarter two of the 2011/12 financial
year. If feasible a new plant will be constructed to treat 1.2Mt per annum of
tailings for three years. An OME study completed by Matomo Projects (Pty) Ltd
(`Matomo') estimates the capital cost of the plant at approximately ZAR120
million (approximately £11m). Plant construction is estimated to take 12
months.

The Company is currently drilling another 9Mt of tailings which if viable could
extend the LOP from approximately three to ten years and increase the annual
production profile at the mine by approximately 20koz. The drilling programme
and associated metallurgical test work applicable to the expansion is expected
to be completed within three months.

Bramber Tailings Mineral Inventory

Project        Resource        Mass        Grade       Mineral Resource       
               Category                                                       
                                                                              
                               (kt)        (g/t)       (kg)        (koz)      
                                                                              
                               Surface Tailings                               
                                                                              
   Bramber     Measured                                                       
 Tailings Dam                                                                 
               Indicated             3,130        1.47       4,600         148
                                                                              
               Inferred                                                       
                                                                              
                         Total       3,130        1.47       4,600         148
                                                                              
        Total Surface Tailings       3,130        1.47       4,600         148

Barberton Mines Mineral Inventory

* Inclusive of the Bramber Tailings Mineral Inventory

Barbeton      Resource         Mass         Grade       Contained Gold         
Mines Mineral Category                                                         
Inventory                                                                      
                                                                               
                               (kt)         (g/t)       (kg)        (koz)      
                                                                               
              Measured                2,750        8.45      23,300         750
                                                                               
              Indicated               7,340        5.50      40,300       1,300
                                                                               
              Inferred                2,510        8.01      20,100         650
                                                                               
              Total                  12,600        6.64      83,700       2,700
                                                                               
Total Measured and Indicated         10,090        6.30      63,600       2,050

Reserve Category               Mass        Grade       Contained Gold          
                                                                               
                               (kt)        (g/t)       (kg)        (koz)       
                                                                               
Proved                               1,220        7.27       8,900          290
                                                                               
Probable                             2,610        8.48      22,200          710
                                                                               
Total Proved and Probable            3,830        8.12      31,100        1,000

Notes:

- Please note differences may occur due to rounding.

- The table above is only with respect to Barberton Mines.
The Company is currently updating the Group's Mineral Inventory statement and
this will be announced in due course.

- Frans Chadwick, a member of the South African Council for Professional and
Technical Surveyors and an employee of Barberton Mines, has signed off on the
above Mineral Inventory for Barberton Mines.

- Dave Briggs, a member of South African Council for Natural Scientists and an
independent Geological Consultant signed off on the Mineral Inventory for the
Bramber Tailings Inventory.

- The above resource is compliant with the South African Mineral Resources
Code.

Johannesburg

9 June 2011

JSE Sponsor:

Macquarie First South Advisers (Pty) Limited

Enquiries:

South Africa                           UK                                    
                                                                             
Pan African                            RBC Capital Markets                   
                                                                             
Jan Nelson, Chief Executive Officer    Martin Eales                          
                                                                             
+27 (0) 11 243 2900                    +44 (0) 20 7653 4000                  
                                                                             
Pan African                            St James's Corporate Services Limited 
                                                                             
Nicole Spruijt, Public Relations       Phil Dexter                           
                                                                             
+27 (0) 11 243 2900                    +44 (0) 20 7499 3916                  
                                                                             
Macquarie First South Advisers (Pty)   Gable Communications                  
Ltd                                                                          
                                       Justine James                         
Natalie Di-Sante/Melanie de Nysschen                                         
                                       +44 (0)20 7193 7463                   
+27 (0) 11 583 2000