Business
Manica Resource Upgade
Manica Resource Upgade.
About this update from Pan African Resources Plc
[{"type":"text","content":"\n Pan African Resources PLC\n20 June 2006\n\n\n20th June 2006\n\n\n Pan African Resources plc\n\n ('Pan African' or 'the Company')\n\n\n 24% Resource Increase to 1.311Moz at Manica Project, Mozambique\n\n\nPan African Resources PLC (AIM: PAF), the African based gold exploration\ncompany, announces an increase in the resource at its Manica Gold Project in\nMozambique. The resource has been increased by 24% or 254,398oz from 1,055Moz to\n1,311Moz and has been independently verified by ExploreMine Consultants\n('ExploreMine') and Geologix MRC (Pty) Ltd ('Geologix'). The upgrade in the\nresource is the result of a recently completed infill drilling programme (press\nrelease - 20 April 2006) and updated geological information at the project.\n\n\nHighlights\n\n\n • Total resource has been increased to 1,311Moz\n • 24% increase from the previous resource estimate\n\n\nThe total resource has been upgraded from 9.632mt @ 3.41g/t (1,056Moz) to 14mt @\n2.89g/t (1,311Moz). The resource at the Fair Bride prospect has been increased\nby 17% to 1Moz as part of the ongoing pre-feasibility study to evaluate the\nviability of an open-cast mine.\n\n\nJan Nelson, Chief Executive of Pan African, commented: 'Over the last 8 months\nthe resource at Manica has been increased by 57% or 511,280oz. The currently\ndelineated resource represents only 12% of the total mineralised strike-length.\nWe are focussing our exploration efforts on three major target areas outside the\ncurrently stated resource area, to evaluate each area's potential to contain in\nexcess of 500,000oz. Work on the pre-feasibility study at the Fair Bride\nprospect is on schedule and I look forward to reporting on the results of both\nthese programmes in the mid-term.'\n\n\nNOTES TO THE EDITOR\n\n\n • ExploreMine Consultants (Pty) Ltd act as Pan African's Competent Persons\n for the Manica Project and independently signed off on the resource upgrade.\n ExplorMine is a South African based Resource & Geological Consultancy - the\n principal directors and geologists of the company are Graham Gavine and\n Garth Mitchell, who are SACNASP accredited.\n\n\n • Geologix MRC (Pty) Ltd is a South African Resource and Geological\n Consultancy - Deon van den Heever is SACNASP accredited and was responsible\n for the resource estimate.\n\n\n • The resource statement is SAMREC complian...