Business
2014 Abridged Mineral Resource & Mineral Re...
2014 Abridged Mineral Resource & Mineral Re....
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \n3 September 2014\n\n Pan African Resources PLC \n\n(Incorporated and registered in England and Wales under Companies Act 1985 with\n registered number 3937466 on 25 February 2000) \n\n Share code on AIM: PAF \n\n Share code on JSE: PAN \n\n ISIN: GB0004300496 \n\n (\"Pan African Resources\" or the \"Company\" or the \"Group\") \n\n 2014 Abridged Mineral Resource & Mineral Reserve Report \n\nPan African Resources PLC (AIM: PAF, JSE: PAN), the African focused precious\nmetals producer, is pleased to announce that the 2014 Abridged Mineral Resource\nand Mineral Reserve Report (\"MR&MR\") has now been published and is available on\nthe Company's website at www.panafricanresources.com. A summary of the report\nincluding the Group mineral resource and reserve statement as at 30 June 2014\nhas been provided below.\n\nOverview\n\n * 0.9Moz or 9.8% gross annual increase in Group gold reserves to 10.1Moz\n (2013: 9.2Moz)\n \n * 1.6Moz or 4.5% decrease in Group gold resources to 33.5Moz (2013: 35.1Moz)\n \n * 0.2Moz or 67% increase in Group PGE reserves to 0.5Moz (2013: 0.3Moz)\n \n * 0.1Moz or 14% decrease in Group PGE resource to 0.6Moz (2013: 0.7Moz)\n \n * Exploration drilling and work to increase access and development of\n orebodies at the Group's key projects progressed and has added incremental\n resource ounces\n \n * Ongoing conversion of resources to reserves expected to continue to\n increase life of mine production profiles\n \nGold\n\nGroup Gold Mineral Resources\n\nThe Group's attributable gold Mineral Resources decreased from 35.1 million\nounces (\"Moz\") in June 2013 to 33.5Moz in June 2014, equating to an annual\ndecrease of 1.6Moz, or 4.5%. Of this variance, a decrease of 1.9Moz can be\nattributed to Evander Mines and an increase of 0.3Moz to Barberton Mines.\n\nAs at 30 June 2014 \n \n Tonnes Grade Contained gold \n \n Category (million) (g/t) Kg Moz\n \nMineral Resource \n \n Measured 6.3 10.67 66 958 2.1\n \n Indicated 277.3 2.23 645 929 20.8\n \n Inferred 42.7 7.74 330 126 10.6\n \nPan African Total 326.3 3.20 1 043 015 33.5\nResources \n\nThe decrease in Mineral Resources can be attributed to a lower gold price and\ninflationary cost drivers in the reporting of the 2014 Mineral Resources. The\n0.3Moz positive variance in contained gold at Barberton Mines was a result of\nadding new surface resources an...