2017 Abridged Mineral Resource & Mineral Re...

About this update from Pan African Resources Plc

[{"type":"text","content":"\n \nPan African Resources PLC(Incorporated and registered in England and Wales under Companies Act 1985 with registered number 3937466 on 25 February 2000)Share code on AIM: PAFShare code on JSE: PANISIN: GB0004300496(“Pan African Resources” or the “Company” or the “Group”)\n\n2017 Abridged Mineral Resource & Mineral Reserve Report\n\nPan African Resources, the African focused precious metals producer, is pleased to announce that the 2017 Abridged Mineral Resource and Mineral Reserve Report (“MR&MR”) has been published and is available on the Company's website at www.panafricanresources.com. A summary of the MR&MR, including the Group Mineral Resource and Mineral Reserve statement as at 30 June 2017, has been provided below.\n\nOverview\n\n\n1.2 million ounces (“Moz”) or 12.0% gross annual increase in Group gold reserves to 11.2Moz (2016: 10.0Moz).\n\n0.5Moz or 1.4% gross annual decrease in Group gold resources to 34.4Moz (2016: 34.9Moz).\n\nNo material change in Group platinum group elements (“PGE”) resource, 0.6Moz (2016: 0.6Moz).\n\nNo material change in Group PGE reserve, 0.2Moz (2016: 0.2Moz).\n\nDisposal of Uitkomst Colliery Proprietary Limited to Coal of Africa Limited on 30 June 2017. No Group coal resources and reserves stated.\n\nFollowing positive mineral resource (2.0Moz) to mineral reserve (1.7Moz) conversion and the definitive feasibility results of the Evander Gold Mining Proprietary Limited (“Evander Mines”) tailings storage facilities re-mining projects (“Elikhulu Project”), the Company has mandated DRA Projects SA Proprietary Limited (“DRA Projects”) to commence construction of the project. The life of mine (“LOM”) for Elikhulu Project is stated at 14 years, yielding approximately 56 000oz a year for the initial 8 years of production and then approximately 45 000oz per annum for the remaining 6 years.\n\nFocused mineral reserve conversion at Barberton Mines Proprietary Limited (“Barberton Mines”) through the development of the sub-vertical shaft project at its  Fairview operation,  thereby increasing overall capacity and production from the main reef complex (“MRC”) section by 7 000 – 10 000oz per annum and sustaining the LOM at Barberton Mines to 20 years.\n\nSurface exploration drilling progressed well at Evander Mine...

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