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Pan African Resources PLC (PAF)

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Monday 10 April, 2017

Pan African Resources PLC

Update on Evander Mines

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
(“Pan African” or the “Company”)

UPDATE ON EVANDER GOLD MINING PROPRIETARY LIMITED (“EVANDER MINES”) REFURBISHMENT AND COST OPTIMISATION PROGRAMME

Evander Mines refurbishment programme

Shareholders are referred to the announcement of 20 February 2017, in which the Company communicated the suspension of the Evander Mines underground mining operations to allow for critical refurbishment and maintenance of Evander Mines’ 7 and 8 shaft infrastructure.

Pan African is pleased to advise that the refurbishment of the 7 and 8 shaft complex is progressing according to schedule and is expected to be completed on 15 April 2017 within the original R40m cost estimate. The refurbishment programme entailed, inter alia, the following:

  • replacement of the 7 shaft pump columns support infrastructure;
  • replacement of a damaged section of the main pump column at the 7 shaft;
  • replacement of the water reticulation system between the 7 and 8 shafts (3 stage pump column);
  • removal of redundant shaft steelwork at the 7A and 8 shafts;
  • repairs to the 7 and 7A shaft bottoms; and
  • an assessment of all other underground infrastructure critical to maintaining and sustaining production.

Evander Mines’ 7A shaft (which is utilised for rock hoisting) has also normalised hoisting speed to 13 metres per second (hoisting speed was reduced to 8 metres per second for the period in which repairs were being effected).

During the refurbishment period, on-mine management also focused on the preparation of the Evander Mines underground mining areas for re-commencement of mining, with an emphasis on:

  • securing and opening up of stope entrances and traveling ways;
  • opening and securing critical material and development drives;
  • construction of additional underground dams to ensure adequate water storage capacity;
  • improving ventilation system and infrastructure; and
  • retraining of all underground miners to ensure the implementation of a clean, safe and sustainable mining plan.

Underground mining operations at Evander Mines will recommence following the completion of the refurbishment programme, which is expected on or about 15 April 2017, with the hoisting of approximately 6,000 tonnes of mined ore currently stored within the Evander Mines underground infrastructure. The processing of these tonnes will assist with the expeditious ramp-up of Evander Mines’ underground production profile.

Evander Mines cost optimisation programme

Shareholders are referred to the announcement of 10 March 2017, in which the Company communicated that Evander Mines had concluded a retrenchment agreement with the National Union of Mineworkers on 10 March 2017, with the facilitation of the South African Commission for Conciliation, Mediation and Arbitration. The retrenchment programme is currently being implemented and is expected to be completed within the next month.

Johannesburg

10 April 2017

Contact information

Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office:  + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240

Registered Office
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office:  + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 8645
Cobus Loots    
Pan African Resources PLC  
Chief Executive Officer
Office: + 27 (0) 11 243 2900
Deon Louw
Pan African Resources PLC
Financial Director
Office: + 27 (0) 11 243 2900

Phil Dexter
St James's Corporate Services Limited
Company Secretary
Office: + 44 (0) 207 796 8644

John Prior / Paul Gillam
Numis Securities Limited
Nominated Adviser and Joint Broker
Office: +44 (0) 20 7260 1000

Sholto Simpson
One Capital
JSE Sponsor
Office: + 27 (0) 11 550 5009

Matthew Armitt / Ross Allister
Peel Hunt LLP
Joint Broker
Office: +44 (0) 207 418 8900

Julian Gwillim
Aprio Strategic Communications
Public & Investor Relations SA
Office: +27 (0)11 880 0037         

Jeffrey Couch/Neil Haycock/Thomas Rider
BMO Capital Markets Limited
Joint Broker
Office: +44 (0) 207 236 1010

Bobby Morse/Chris Judd
Buchanan Communications
Public & Investor Relations UK
Office: +44 (0) 207 466 5000

http://www.panafricanresources.com/


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