| Tue 29 Nov 2011, 9:00 | | PAN - Pan African Resources plc - First Platinum Production at Phoenix and |
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PAN
PAN
PAN - Pan African Resources plc - First Platinum Production at Phoenix and
sale of PGM concentrate agreement signed with Lonmin`s Western Platinum
Limited
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`)
First Platinum Production at Phoenix and sale of PGM concentrate agreement
signed with Lonmin`s Western Platinum Limited
Pan African, the African focused precious metals producer, is pleased to
announce it has successfully commissioned the Phoenix platinum project
(`Phoenix`) Chrome Tailings Retreatment Plant (`CTRP`) and signed a sale of
Platinum Group Metal (`PGM`) concentrate agreement with Lonmin plc`s
operating subsidiary in South Africa, Western Platinum Limited (`WPL`).
Summary
- Phoenix has concluded a sale of PGM concentrate agreement with WPL
for a five year period
- The CTRP produced its first PGM concentrate two months ahead of
schedule
- Planned production for Q3/Q4 (FYE 30 June 2012), taking into
consideration a build-up phase, is estimated to be 4,500 ounces of
PGM`s
- Planned production on an annualised basis is estimated to be 12,200
ounces of PGM`s (240,000 tonnes per annum at an average feed grade
of 3.15 g/t)
- The CTRP has a project life of 17 years
Jan Nelson, Chief Executive Officer of Pan African commented; "We are
extremely pleased to announce the production of first concentrate from
Phoenix, two months ahead of schedule. Being our first major capital project
it was imperative that we achieved our milestones on schedule and budget, a
testament to the effort of the team and I would like to thank them. The
conclusion of the five year sale of PGM concentrate agreement with WPL and
the early production of PGM concentrates, will provide the Company with a
platinum revenue stream commencing towards the end of the third quarter of
this financial year. We have now completed our transition into a producer of
both gold and platinum group metals
Rosebank
29 November 2010
JSE Sponsor
Macquarie First South Capital (Pty) Limited
Enquiries
South Africa UK
Pan African Resources RBC Capital Markets
Jan Nelson, Chief Executive Officer Martin Eales / James Kelly
+27 (0) 11 243 2900 +44 (0) 20 7653 4000
Macquarie First South Capital (Pty) St James`s Corporate Services Limited
Limited Phil Dexter
Melanie de Nysschen / Annerie Britz +44 (0) 20 7499 3916
/
Yvette Labuschagne Gable Communications
+27 (0) 11 583 2000 Justine James
+44 (0) 20 7193 7463
For further information on Pan African, please visit the website at
www.panafricanresources.com
Date: 29/11/2011 09:00:18 Produced by the JSE SENS Department.
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