Business
Statement re Earn-in Agreement
Statement re Earn-in Agreement.
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \nRegulatory Announcement \n \n \nCompany Pan African Resources plc \n \nTIDM PAF \n \nHeadline Earn-in Agreement \n \nReleased 20 February 2008 \n\n Pan African Resources PLC \n\n (`Pan African' or the `Company') \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 Enters into an Earn-in Agreement for the Kyereboso Exploration \n Property in Ghana \n\nPan African Resources plc (AIM: PAF, Altx: PAN), the African based mining and\nexploration company, announces that it has signed an earn-in agreement with\nSEMS Exploration Services Limited (\"SEMS\") to acquire, in three stages a 90%\ninterest in the licence rights of the Kyereboso Exploration Property\n(\"Kyereboso\") in southern Ghana.\n\nHighlights of the transaction are:\n\n * Acquisition of a substantial exploration property in the vicinity of the\n largest gold producer in Ghana\n \n * Close proximity to Akrokerri Exploration project acquired June 2007\n \n * Advanced exploration play with major drill defined exploration targets\n \nThe exploration licence covers an area of 16km². Pan African also has access to\na geological database collected over twelve years, comprising 1070m of mapped\nunderground adits, soil and stream sampling grids, ground geophysics, three\ndimensional structural modelling and 2200m of RC and core drilling. Some of the\nhighest grade intersections from historical holes drilled on the property\ninclude; 15,2m @ 2.3g/t, 11m @ 3g/t, 13.4m @ 2.3g/t, 31m @ 2.1g/t, 24m @ 5g/t,\n3m @ 8.9g/t and 11m @ 3g/t. These intersections represent continuous\nmineralisation over runs of 100 to 250m down the several boreholes over a\nstrike-length of 1.5km.\n\nPan African will pay SEMS US$200,000 within ten days for an exclusive option to\nconduct exploration activity on the property for a period of 12 months (first\nexploration phase) and bear the annual costs of approximately US$15,000 to keep\nthe exploration licence in good standing. After completion of the first phase\nof exploration, Pan African shall be entitled, but not obliged, to proceed to\nthe second exploration phase.\n\nUpon completion of the first exploration phase, by which time the Company\nexpects to have a robust geologica...