Pan African Resources to mine for gold in Mozambique in 2007

15 November 2006

Johannesburg, South Africa, 15 Nov – Gold mining company Pan African Resources said the results of its gold prospecting in the Manica area of Mozambique, had confirmed that the mining project “has great economic potential.”

The company, according to a report published Wednesday by Mining Weekly, aims to outline the area to be mined for gold by the end of the year and start mining in the deposit known as Fair Bridge in Manica, in the first quarter of 2007.

A statement from the company published Tuesday in South Africa, said that estimates pointed to annual gold production of around 84,000 troy ounces and noted that the open face mine had a lifespan of eight and a half years.

Also according to the statement from Pan African Resources only 12 percent of the gold mine’s potential has been explored.

Pan African Resources has been listed on the London Stock Exchange secondary market since May 2000 through White Knight Investments Plc. (macauhub)