Business
Verification of 1Moz Resource
Verification of 1Moz Resource.
About this update from Pan African Resources Plc
[{"type":"text","content":"\n Pan African Resources PLC\n02 February 2006\n\n\n2 February 2006\n\n Pan African Resources PLC\n ('Pan African' or 'the Company')\n\n Independent verification of 1.056 M oz of gold at Manica project - Mozambique\n\n\nPan African Resources PLC (AIM : PAF), the African based gold exploration\ncompany, announces that a total indicated and inferred resource of 1.056 M oz of\ngold has been independently verified at its Manica project in Mozambique.\n\nHighlights\n \n• A total resource of 1.056 M oz has independently been verified at the\n Manica project.\n• This represents an upgrade of 32% from that announced by the Company.\n• 81% of the stated resource falls within the Fair Bride prospect, where the \n Company is completing a pre-feasibility study to test the viability of an\n open cast mine.\n\nAn independent competent person's report (CPR) has been completed by ExplorMine\nGold Consultants and Geologix MRC (Pty) Ltd (two South African based Mineral\nResource & Geological Consultancy firms) that has independently verified an\nupgrade of 32% to 1.056 M oz (9.632mt @ 3.41g/t) from the previous resource of\n0.8 M oz (5.3mt @ 4.84g/t) published by the Company. A total of 852,747oz, or\n81% of the resource, falls within the Fair Bride prospect where the Company is\nin the process of conducting a pre-feasibility study to access the possibility\nof an open cast mine. The indicated category represents 466,649oz or 44% of the\ntotal resource. The stated resource represents only 12% of the total explored\nmineralised strike- length. Tabulated resource estimates appear below.\n\nJan Nelson, Chief Executive Officer of Pan African, commented: 'The independent\nverification of the Company's 1.056 M oz gold resource at the Manica project,\nwith 81% of the resource within the Fair Bride prospect confirms we are\nfocussing our exploration effort in the right place. The Company is currently\ncompiling the results of the recently completed dipole-dipole geophysical survey\nconducted to identify additional potentially mineralised zones in the vicinity\nof the Fair Bride prospect. I look forward to reporting on these results in due\ncourse.'\n\n\n\n MANICA PROJECT - INDICATED\n Prospect Category Tons Grade (g/t) Gold (oz)\n Guy Fawkes Indicated 122,495 7.88 31,048\n Fair Bride Indicated 4,332,326 3.13 435,601\n 4,454,821 3.26 466,649\n\n...