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)
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