Business
Statement re Dekoa gold project, Central Africa...
Statement re Dekoa gold project, Central Africa....
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \nRegulatory Announcement \n \nCompany Pan African Resources plc \n \nTIDM PAF \n \nHeadline Mining Convention: Dekoa gold project, \n Central African Republic \n \nReleased 14 April 2008 \n\nPan African Resources PLC\n\n(\"Pan African\" or the \"Company\")\n\n(Incorporated and registered in England and Wales under Companies Act 1985 with\nregistered number 3937466 on 25 February 2000)\n\nShare code on AIM: PAF\n\nShare code on JSE: PAN\n\nISIN: GB0004300496\n\nDekoa gold project, Central African Republic (\"CAR\"): 25 km of mineralised\nstrike length identified and mining convention signed\n\nPan African today announced that eight major gold-in-soil anomalies have been\ndelineated following a stream sediment and infill soil sampling programme on\nthe Dekoa licence area in the Central African Republic (\"CAR\"). The Dekoa gold\nproject represents three exclusive exploration licence areas; Boufoyo, Daya and\nBozoro (collectively \"Dekoa gold project\"), covering approximately 3,000km2 of\nprospective greenstone belt.\n\nThe combined strike length of these anomalies is in excess of 25 km, double the\nsize of the anomaly identified at the Bogoin project 150km to the South-West of\nthe Dekoa gold project, where a mining convention was signed earlier this year.\n\nAs a result of these encouraging results Pan African has together with CARGold\n(Pan African's joint venture partner in the CAR) (collectively \"JV\") concluded\na 25-year mining convention with the Ministry of Mines, Energy and Water\nAffairs in the CAR (\"State\").\n\nThe State has agreed to facilitate the exploration and development by the JV of\nthe Dekoa gold project in the CAR. The JV will pay the State US$ 700,000 in\nrespect of the rights it has acquired. The first instalment of US$ 200,000 was\npayable on signature and the balance due in instalments at various stages of\nthe development of the Dekoa gold project.\n\nThe convention came into effect on 9 April 2008 and is extendible by agreement\nbetween the JV and the State. Once the mining phase is reached the State will\nhold a 10% free carry in the Dekoa gold project. The State has provided a\nnumber of concessions and exemptions in respect of taxes, duties and\nadministrative provisions to the benefit of the company housing the Dekoa gold\nproject.\n\nDrilling has commenced at the Bogoin gold project with the...