| Mon 9 Feb 2009, 11:00 | | PAN - Pan African - Pan African Resources Acquires Option To Purchase Phoenix |
|
PAN
PAN
PAN - Pan African - Pan African Resources Acquires Option To Purchase Phoenix
Platinum
Pan 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: PAF
Share code on JSE: PAN
ISIN: GB0004300496
(`Pan African` or the `Company`)
Pan African Resources acquires option to purchase Phoenix platinum
Pan African Resources (`PAR`) today announces that it has acquired an exclusive,
non-refundable option to purchase 100% of the shares in Phoenix Platinum Mining
(Pty) Limited (`Phoenix`) from Metorex Limited (`Metorex`).
This option enables PAR to conduct a four month due diligence on the existing
technical information, which will provide the company with the necessary
information to determine the viability of Phoenix.
The option, at a cost of US$1 million, is payable immediately and can be
exercised at any stage within the next four months. The cost of the option, if
exercised will be deducted from any agreed purchase price. Should PAR exercise
the option, the transaction will constitute a `related party transaction` under
the AIM Rules and will require a fair and reasonable opinion from the Company`s
Nominated Adviser, RBC Capital Markets.
Phoenix owns certain rights to the contained PGM`s from both surface tailings
dump and current arising from operating mines within the Bushveld igneous
complex.
CEO, Jan Nelson noted, "In the current market we are pleased to have the
opportunity to review this project, which could result in cash generation to
finance further acquisitions. The platinum project is envisaged to have low
capital development costs with attractive margins."
ENDS
For further information on Pan African Resources plc, please visit the website
at www.panafricanresources.com
Enquiries:
Pan African Resources
Jan Nelson, CEO
+27 (0) 11 243 2900
Keith Spencer, Chairman
+27 (0) 11 880 3155
Nicole Spruijt, Public Relations
+27 (0) 11 243 2900
RBC Capital Markets
Andrew Smith
+44 (0) 20 7029 7882
Martin Eales
+44 (0) 20 7029 7881
Macquarie First South Advisers (Pty) Limited
Thato Morojele
+27 (0) 11 583 2379
Annerie Britz
+27 (0) 11 583 2328
St James`s Corporate Services Limited
Phil Dexter
+44 (0) 20 7499 3916
FDBeachhead Media & Investor Relations
Jennifer Cohen
+27 (0) 11 214 2401
Louise Brugman
+27 (0) 83 504 1186
Date: 09/02/2009 11:00:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
