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PAN
PAN
PAN - Pan African Resources PLC - Significant resource upgrade at Manica Gold
Project and group mineral resource upgrade
Pan African Resources PLC
(`Pan African` or the `Company` or the `Group`)
Incorporated and registered in England and Wales under Companies Act 1985 with
the registered number: 3937466 on 25 February 2000
Share Code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
SIGNIFICANT RESOURCE UPGRADE AT MANICA GOLD PROJECT AND GROUP MINERAL RESOURCE
UPGRADE
Pan African Resources, the African focused precious metals producer, announces a
significant increase in the mineral resource for its Manica gold project in
Mozambique, an updated Group Mineral Resource statement as well as a declared
reserve statement for the Phoenix Platinum Mining (Pty) Ltd (`Phoenix Platinum`)
project. This follows the significant increase in the mineral resource and
reserve at Barberton Mines (Pty) Ltd (`Barberton`) as announced on 31 May 2011.
Highlights:
Manica Gold Project - Mineral Resource upgrade:
Increased Increased Percentage
from: to: Increase:
Total mineral resource based on 2.56Moz 2.99Moz 16%
gold content (50.554Mt at 1.82g/t
in situ)
Total Measured & Indicated mineral 1.31Moz 1.38Moz 5%
resource based on gold content
(24.556Mt at 1.75g/t in situ)
Inferred mineral resource based on 1.25Moz 1.58Moz 26%
gold content (25.998Mt at 1.90g/t
in situ)
Group Mineral Resource statement:
Increased Increased Percentage
from: to: Increase:
Total mineral resource based on 4.63Moz 5.67Moz 22%
gold content (63.150Mt at 2.79g/t
in situ)
Total Measured & Indicated mineral 2.96Moz 3.43Moz 16%
resource based on gold content
(34.640Mt at 3.07g/t in situ)
Inferred mineral resource based on 1.67Moz 2.24Moz 33%
gold content (28.510Mt at 2.43g/t
in situ)
Proved & Probable reserve based on 661,000 1.00Moz 51%
gold content (3.830Mt @ 8,12g/t)
Phoenix Platinum - Proved and Probable Reserve
Increased Increased Percentage
from: to: Increase:
A Proved and Probable 4E* metal - 174,000oz 100%
mineral reserve is declared
* Platinum (56,6%), Palladium (27%), Rhodium (16%) and Gold (0,5%)
Jan Nelson, Chief Executive Officer of Pan African, commented: "The Manica
project now represents a 3Moz deposit, which is significant as there are not
many gold deposits in Africa in excess of 3Moz, which outcrop on surface.
Significant strike-length remains to be tested.
The Company continues to focus on the development of its organic pipeline of
projects to increase the profit margin that will, not only continue to grow the
value of the company, but also place the Company in a position to continue
paying a dividend. We see this as a sound strategy, especially in a market where
companies are overpaying on new acquisitions at inflated metal prices to grow
metal resources in the ground that potentially might never be brought to
account."
Manica Gold project - Mineral Resource upgrade
Over the past two years, a significant amount of work has been completed to test
the economic viability of the Manica project. A total geological re-assessment
of the mineralised envelopes has been undertaken, which has resulted in the
development of a new geological model. The result is that the mineralised
envelopes are being projected with greater geostatistical confidence than
before. The Company continues exploring optimum ways to bring this project to
account.
Group Mineral Resource upgrade
Of the total gold mineral inventory, Barberton Mines represents 48% or 2.70Moz
(12.600Mt @ 6.64g/t) and Manica 52% or 2.966Moz (50.554mt @ 1.82g/t). In terms
of volume, Barberton accounts for 16% (12.6Mt) and Manica for 84% (50.554Mt). In
terms of Measured & Indicated gold resource, Barberton accounts for 60% or
2.050Moz (10.090Mt @ 6.30g/t in situ) and Manica for 40% or 1,38Moz (24.556Mt @
1.75g/t in situ). In terms of Measured and Indicated volume, Barberton accounts
for 29% (10.090Mt) and Manica for 69% (24.556Mt).
Barberton accounts for the total gold reserve stated. No reserve is declared for
the Manica project. A Proved and Probable 4E* metal mineral reserve of 174Koz
for the Phoenix platinum project is declared. Construction on the Phoenix
platinum project is underway and ahead of schedule and first production of 4E
metal is expected in Q2 of the 2011/12 financial year.
Pan African consolidated Mineral Resource Inventory as at 1 June 2011 - 100%
Attributable to Pan African
(Gold operations and Manica Project)
RESOURCE MASS GRADE CONTAINED GOLD
CATEGORY
(kt) (g/t) (kg) (koz)
Barberton Measured 14,310 3.03 43,300 1,390
and the
Manica
Project
Indicated 20,330 3.11 63,200 2,040
Inferred 28,510 2.43 69,400 2,240
Total 63,150 2.79 175,900 5,670
Total Measured and 34,640 3.07 106,500 3,430
Indicated
Note: Estimates of Mineral Resource and Mineral Reserve are not precise
calculations and errors may occur due to rounding.
* Pan African combined table compiled from signed off resource estimates for all
gold projects.
Pan African consolidated Mineral Resource Inventory as at 1 June 2011 - 100%
Attributable to Pan African (Continued)
(Gold operations and Manica Project)
RESERVE MASS GRADE CONTAINED GOLD
CATEGORY
(kt) (g/t) (kg) (koz)
Barberton Proved 1,220 7.30 8,900 290
and the
Manica
Project
Probable 2,610 8.51 22,200 710
Total 3,830 8.12 31,100 1,000
Proved and
Probable
Note: Estimates of Mineral Resource and Mineral Reserve are not precise
calculations and errors may occur due to rounding.
* Pan African combined table compiled from signed off resource estimates for all
gold projects.
Barberton Mines Resource and Reserve Estimate as at 1 June 2011
RESOURCE MASS GRADE CONTAINED GOLD
CATEGORY
(kt) (g/t) (kg) (koz)
Barberton Measured 2,750 8.45 23,300 750
Mineral
Inventory
Indicated 7,340 5.50 40,300 1,300
Inferred 2,510 8.01 20,100 650
Total 12,600 6.64 83,700 2,700
Total Measured and 10,090 6.30 63,600 2,050
Indicated
Note: Estimates of Mineral Resource and Mineral Reserve are not precise
calculations and errors may occur due to rounding.
Frans Chadwick, a member of the South African Council for Professional and
Technical Surveyors (PLATO) and an employee of Barberton Mines, has signed off
on the above Mineral Inventory for Barberton Mines.
Barberton Mines Resource and Reserve Estimate as at 1 June 2011 (Continued)
RESERVE MASS GRADE CONTAINED GOLD
CATEGORY
(kt) (g/t) (kg) (koz)
Barberton Proved 1,220 7.27 8,900 290
Mineral
Inventory
Probable 2,610 8.48 22,200 710
Total 3,830 8.12 31,100 1,000
Proved and
Probable
Note: Estimates of Mineral Resource and Mineral Reserve are not precise
calculations and errors may occur due to rounding.
Frans Chadwick, a member of the South African Council for Professional and
Technical Surveyors (PLATO) and an employee of Barberton Mines, has signed off
on the above Mineral Inventory for Barberton Mines.
MANICA PROJECT MINERAL RESOURCE as at 1 June 2011
RESOURCE PROJECT MASS GRADE CONTAINED GOLD
CATEGORY
(kt) (g/t) (kg) (koz)
Per Category
Measured Fairbride 11,561 1.73 19,978 642
Dots Luck - - - -
Guy Fawkes - - - -
Boa - - - -
Esperanza
Total 11,561 1.73 19,978 642
Indicated Fairbride 10,795 1.64 17,720 570
Dots Luck - - - -
Guy Fawkes 2,200 2.44 5,200 168
Boa - - - -
Esperanza
Total 12,995 1.76 22,920 738
Inferred Fairbride 24,598 1.83 45,075 1,449
Dots Luck 500 3.35 1,500 50
Guy Fawkes 600 2.80 1,700 56
Boa 300 2.96 1,000 31
Esperanza
Total 25,998 1,90 49,275 1,586
Total 50,554 1.82 92,173 2,966
Mineral
Resource
Total Measured, Indicated, Inferred
Measured 11,561 1.73 19,978 642
Indicated 12,995 1.76 22,920 738
Inferred 25,998 1.90 49,275 1,586
Total 50,554 1.82 92,173 2,966
Mineral
Resource
Total Measured and Indicated
Measured 11,561 1.73 19,978 642
Indicated 12,995 1.76 22,920 738
Total M&I 24,556 1.75 42,898 1,380
Note: Estimates of Mineral Resource and Mineral Reserve are not precise
calculations and errors may occur due to rounding.
*Mineral Inventory signed off by B Northrop (Phd, Sci Nat, FSAIMM, FGSSA,
MGASA), ExplorMine
Total Phoenix Project Resource and Reserve Estimate as at 1 June 2011
PROJECT RESOURCE MASS 4E METAL MINERAL RECOVERY
CATEGORY GRADE RESOURCE 4E
METAL
(kt) (g/t) (kg) (oz) (%)
Surface Tailings
Buffels- Measured 218 3.66 797 26,000 45%
fontein
Tailings
Dams
Indicated 45%
Inferred
Total 218 3.66 797 26,000 45%
Elandskraal Measured 1,149 2.45 2,813 90,000 45%
Dumps and
Pits
Indicated 145 2.03 295 9,000 45%
Inferred 42 2.00 84 3,000
Total 1,336 2.39 3,192 102,000 45%
Kroondal Measured 260 2.00 520 17,000 45%
Dumps
Indicated 30 2.00 60 2,000 45%
Inferred 120 2.00 240 8,000
Total 410 2.00 820 27,000 45%
Total Surface Tailings 1,964 2.45 4,809 155,000 45%
Current Arisings
Buffels- Measured 1,597 3.66 5,845 188,000 45%
fontein
Tailings
Dams
Indicated 443 3.66 1,622 52,000 45%
Inferred 642 3.66 2,348 75,000
Total Current Arisings 2,682 3.66 9,815 316,000 45%
Total Measured and Indicated (Proved and Probable)
Surface Measured 3,224 3.09 9,975 321,000 45%
Tailings &
Current
Arisings
Indicated 618 3.20 1,977 64,000 45%
Total 3,842 3.11 11,952 384,000 45%
Grand Total (Surface Tailings + Current Arisings)
Total Surface and 4,646 3.15 14,624 470,000 45%
Current Arisings
Note: Estimates of Mineral Resource and Mineral Reserve are not precise
calculations and errors may occur due to rounding.
Geologix MRC (Pty) Ltd is a South African Resources and Geological
Consultancy - Deon van den Heever is SACNASP accredited and was
responsible for the resource estimate.
Reserve conversion done by E Nel (Pr. Tech.Eng)(MBA), ENC Minerals
Overall mineral inventory checked and signed off by Venmyn Rand
The above resources are compliant with the South African Mineral
Resources Code (`SAMREC`).
Total Phoenix Project Resource and Reserve Estimate as at 1 June 2011
(Continued)
PROJECT RESERVE MASS 4E METAL MINERAL
CATEGORY GRADE RESERVES
4E METAL
(kt) (g/t) (kg) (oz)
Surface Tailings
Buffels- Proved 218 1.65 359 12,000
fontein
Tailings
Dams
Probable
Total 218 1.65 359 12,000
Elandskraal Proved 1,149 1.10 1,266 41,000
Dumps and
Pits
Probable 145 0.92 133 4,000
Total 1,294 1.08 1,399 45,000
Kroondal Proved 260 0.90 234 8,000
Dumps
Probable 30 0.90 27 1,000
Total 290 0.90 261 9,000
Total Total 1,802 1.12 2,018 66,000
Surface
Tailings
Current Arising
Buffels- Proved 1,597 1.65 2,630 85,000
fontein
Tailings
Dams
Probable 443 1.65 730 23,000
Total Current Arisings 2,040 1.65 3,360 108,000
Total Measured and Indicated (Proved and Probable)
Surface Proved 3,224 1.39 4,489 146,000
Tailings &
Current
Arisings
Probable 618 1.44 890 28,000
Total 3,842 1.40 5,378 174,000
Grand Total (Surface Tailings + Current Arisings)
Total 3,842 1.40 5,378 174,000
Note: Estimates of Mineral Resource and Mineral Reserve are not precise
calculations and errors may occur due to rounding.
- Geologix MRC (Pty) Ltd is a South African Resources and Geological
Consultancy - Deon van den Heever is SACNASP accredited and was
responsible for the resource estimate.
- Reserve conversion done by E Nel (Pr. Tech.Eng)(MBA), ENC Minerals
- Overall mineral inventory checked and signed off by Venmyn Rand
- The above resources are compliant with the South African Mineral
Resources Code (`SAMREC`).
Johannesburg
22 June 2011
JSE Sponsor:
Macquarie First South Advisers (Pty) Limited
Enquiries:
South Africa UK
Pan African RBC Capital Markets
Jan Nelson, Chief Executive Martin Eales
Officer +44 (0) 20 7653 4000
+27 (0) 11 243 2900
Pan African St James`s Corporate
Nicole Spruijt, Public Services Limited
Relations Phil Dexter
+27 (0) 11 243 2900 +44 (0) 20 7499 3916
Macquarie First South Gable Communications
Advisers (Pty) Ltd Justine James
Natalie Di-Sante/Melanie de +44 (0)20 7193 7463
Nysschen
+27 (0) 11 583 2000
Date: 22/06/2011 08:00:04 Produced by the JSE SENS Department.
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