Beiträge von Goldwasser

  • Vangold Resources / VAN (CVE)

    Und noch eine Email von Robin Moriarty:


    VANGOLD RESOURCES LTD. TSX-V:VAN


    NEWS RELEASE


    2006 YEAR END HIGHLIGHTS


    May 1, 2006 – Vangold Resources Ltd. (“Vangold”) published its 2006 year-end audited consolidated financial and operating results on April 30, 2007. Complete financial statements may be viewed at http://www.vangold.ca or http://www.sedar.com. Dal Brynelsen President and CEO of Vangold states: “Last year I reported that the realization of our strategy to acquire properties capable of producing world-class ore bodies, while participating in revenue generating oil and gas projects to fund exploration, was reflected in the numbers. This past year we continued to achieve that goal. We have seen significant growth in revenues and profitability. We are also realizing the second part of our strategy which is to take certain assets that are not adequately valued within Vangold and create new entities that realize the value of these assets and will greatly enhance shareholder value.”


    During 2006, total revenues increased 350% from 2005 and total assets increased from $8.7 million to $15.4 million.” The financial highlights are outlined as follows.


    * Total revenues for the year ended December 31, 2006 was $4,148,875, an increase of $3,244,284 over the same period for 2005. Revenues from the East Corning gas field was $120,888 compared to $470,086 for the same period and the revenues from the Killam North oil field was $4,027,923 compared to $434,504 in 2005. Total expenses for year end, 2006 was $3,078,116 compared with $1,835,756 for 2005.
    * The net income for the period was $17,218 compared with net loss of $1,106,104 in 2005.
    * Net cash flow from operations increased >from a loss of $567,366 in 2005 to a net income of $1,279,800 in 2006.
    * Cash and cash equivalents was $6,871,892 compared to $1,661,967 in 2005.
    * Total working capital at year-end 2006 was $6,843,881 compared to $1,880,219 at year end 2005. Current working capital as at March 31, 2007 was approximately $6.4 million.


    To find out more about Vangold Resources Ltd. please visit our website at http://www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by email brynelsen@vangold.ca.


    On Behalf of the Board of


    VANGOLD RESOURCES LTD.


    “Dal Brynelsen”


    Dal Brynelsen, President and CEO

  • Vangold Resources / VAN (CVE)

    Gestern von Robin Moriarty gekommen:



    Dear Shareholders & Investors;


    Please find attached Vangolds' December 31, 2006 Year End Audited Financial Statements, and the Management Discussion & Analysis.


    The focus of the Management Discussion & Analysis is primarily a comparison of financial performance for the year ended December 31, 2006 and should be read in conjunction with the audited consolidated financial statements and accompanying notes as at December 31, 2006.


    Cash and cash equivalents increased from $1,661,967 at Dec 31, 2005 to $6,871,892 at Dec 31, 2006. Please note Assets have increased >from $8,784,016 at Dec 31, 2005 to $15,461,268 at Dec 31, 2006. Revenues increased from $904,591 at Dec 31, 2005 to $4,148,875 at Dec 31, 2006. The Net Loss at Dec 31, 2005 at <$1,106,104> became a Net Income of $17,218. There is no Loss. To the Net Income amount of $17,218 there are non cash items totalling $1,262,582 which are added back in for a total of $1,279,800.


    We should look forward to the spin offs of Kanon Resources Ltd and Horn Rare Metals Ltd going public as they will be booked as Investments on Vangolds books which should add considerable value to the asset base in the forthcoming year.


    If you have specific questions please email rmoriarty@telus.net. Your questions will be answered by the Chief Financial Officer, Mr Sandy Huntingford.
    Best Regards,
    Robin Moriarty, BSc
    Investor Relations for Vangold Resources Ltd
    Toll Free in North America 1 877 361 0002
    Cell: 778 899 1583

    Cc:
    Maria Da Silva 1 877 261 4466 Investor Relations Market Smart Communications
    Russ Millward 604 948 4860 Investor Relations Institutions


    Hier ist der ganze Bericht:


    http://media.integratir.com/V.…cials/MDA%20YE%2006%2Epdf

  • Pan African Mining - Diamanten, Gold, Uran - Rohstoffherz, was willst du mehr?

    Das kam heute per Email an mich.



    April 25, 2007 TSX.V: PAF


    FRANKFURT: P2A



    PAN AFRICAN MINING CORP. INTERSECTS 14.72 g/t AU OVER 8.3 METERS AT MOUNTAIN OF GOLD IN MADAGASCAR


    VANCOUVER, British Columbia – PAN AFRICAN MINING CORP. (the “Company”) is pleased to announce additional assay results from Phase II core drilling on its Mountain of Gold Project in Madagascar’s central-west plateau. The Company’s license in this region encompasses approximately 900 sq. km. situated 125 air miles west-southwest of the capital city of Antananarivo, in the provinces of Toliary and Antananarivo. The ongoing Phase II core drilling program continues to yield positive results from the Dabolava East Zone. These include an 8.3 meter interval grading 14.72 g/t Au in drill hole DE-D-023 and 0.40 meter grading at 55.10 g/t Au in drill hole DE-D-009. Hole DE-D-023 is located between previously reported holes DE-D-011 (5.5 meters grading 50.81 g/t Au) and DE-D-016 (5.6 meters grading 9.51 g/t Au) at distances >from such holes of 50 meters and 40 meters, respectively. Hole DE-D-009 and DE-D-029 tested the same structure 300 metres further to the northeast. DE-D-009 intersected 55.10 g/t Au over 0.40m.


    The Company is encouraged by its continued intersection of high grade structures in the zone. Its focus with the on-going Phase II drilling program is to develop a better understanding of the complex structural model controlling location of these high grade structures.


    Table of Selected Drilling Results


    Drill Hole
    From (m)
    To


    (m)
    Interval (m)
    Au


    (g/t)


    DE-D-023
    83.60
    91.90
    8.30
    14.72

    including
    83.60
    84.80
    1.20
    51.47

    and including
    87.50
    88.90
    1.40
    40.46

    DE-D-009
    53.20
    53.60
    0.40
    55.10

    Note: All assays are reported uncut as the data set remains too small at this time to establish meaningful statistical boundaries for cutting.


    Table of Reported Drill Hole Survey Data


    Drill Hole
    UTM Grid No.
    Easting


    (m)
    Northing


    (m)
    Azimuth


    (true N)
    Inclination
    Collar Elev.


    (m)

    DE-D-022
    38K
    574652
    7827323
    343
    -45
    557

    DE-D-023
    38K
    574772
    7827347
    344
    -45
    542

    DE-D-024
    38K
    575172
    7827769
    151
    -44
    551

    DE-D-025
    38K
    575197
    7827724
    330
    -45
    540

    DE-D-026
    38K
    575221
    7827691
    330
    -45
    548

    DE-D-027
    38K
    575194
    7827661
    330
    -45
    555

    DE-D-028
    38K
    575170
    7827643
    330
    -45
    553

    DE-D-029
    38K
    575044
    7827491
    330
    -45
    554

    DE-D-009
    38K
    575004
    7827523
    150
    -45
    566

    Drill intercepts reported were not resolved into true widths, but core angles for all reported intercepts are greater than 60 degrees. While the remaining holes did not intersect significant mineralized zones, several structures containing anomalous values were encountered.


    The Company’s working structural model is based on the field work and drilling completed by the Company along with evidence from historic and current artisanal work. A broad Northeast/Southwest shear-zone has East/West dilational features which host the gold mineralization. Drilling so far has been localized principally on the eastern end of one mineralized dilational zone. Subsequent Phase II drilling will continue to test the dilational zone near the shear boundaries, and test the center of the dilational zone where larger tonnage potential exists. The Phase II drilling program will also test other targets along the major NE/SW regional trend, including seven separate anomalies identified in the 2006 regional geochemical studies.


    Drilling is done with the Company’s Atlas Copco Christensen CS14 skid mounted wireline drill. All holes are continuously cored utilizing HQ equipment through the weathered zone (approximately 10-15m), then reducing to NQ below the weathered zone.


    Core is logged and saw-split at the Company's camp located near the project site. Sample intervals range >from 0.40 meters to 1.5 meters. Blanks and duplicates are inserted every 25 samples. The retained core splits are securely stored at the camp, and the other splits are shipped to the Company's sample preparation facility in Antananarivo. Splits of pulverized samples are shipped to ALS Chemex Vancouver, Canada facility, an ISO accredited laboratory. Samples are subjected to fire assay for Au and 34 element ICP analysis. Sample rejects are stored at the Company's project site for future reference, required due diligence and engineering audits. Master pulps are retained at the Company’s laboratory in Antananarivo.


    Field operations, as well as core logging and sampling are performed by a well-qualified team of Malagasy geologists managed by Canadian Marthe Archambault, M.Sc., P.Geo., a Qualified Person who joined the Company’s team in January of this year. Ms. Archambault is fluent in French and English, and has over 25 years of mineral exploration and management experience in Canada and in numerous countries of the African continent, including work on properties such as the Tabakoto Deposit in Mali, the Bibiani Deposit in Ghana and the Twangiza project in the Democratic Republic of Congo, amongst others. Total program oversight is provided by Gregory B. Sparks, P. Eng., a Director of the Company and a Qualified Person under NI 43-101. Sample preparation and assistance in establishing laboratory protocols and sample handling and assaying quality control are supervised by Ardito Martohardjono, Vice-President of Laboratory Services and a Director of the Company.


    According to Irwin Olian, CEO of the Company, “We are pleased to see a continuation of high grade intersections as we move throughout the Dabolava East Zone. This will enable us to further refine our geologic model with a view toward delineating a commercial deposit. At the same time, we are aggressively continuing our broad-based regional reconnaissance program which includes both geochemical and geophysics studies. We have now identified seven other zones for potential drilling. As a result of our broad-based regional exploration, we have been able to redefine the areas of greatest opportunity in the Dabolava region and are now focused on approximately 900 sq. km. of highly prospective ground. This represents an approximate 50% reduction from the Company’s initial license in the region, and is consistent with the long-term objectives of the Company.”


    About Pan African


    The Company is an exploratory resource company with approximately 7,500 square kilometres of diversified mineral properties and 5,000 square kilometres of uranium properties in Madagascar. The Company is exploring these properties for uranium, gold, coal, precious stones, base metals and industrial commodities. In addition, the Company is exploring two regions for gold and metals in Mozambique under agreements with other companies. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl, and its uranium activities are carried out through its 80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada and Antananarivo, Madagascar. More information about the Company is available at http://www.panafrican.com.


    ON BEHALF OF THE BOARD OF DIRECTORS OF PAN AFRICAN MINING CORP.


    “Gregory B. Sparks”


    Gregory B. Sparks, P. Eng.


    Director

  • Pan African Mining - Diamanten, Gold, Uran - Rohstoffherz, was willst du mehr?

    Pan African Mining Corp.


    Suite 1925, Box 11553


    650 West Georgia Street


    Vancouver, BC


    V6B 4N8


    FOR IMMEDIATE RELEASE


    April 17, 2007 TSX.V: PAF
    FRANKFURT: P2A


    INTERPRETATION OF PAN AFRICAN MINING CORP.’S AEROMAG DATA CONFIRMS STRONG DIAMOND TARGETS IN MADAGASCAR


    VANCOUVER, British Columbia – PAN AFRICAN MINING CORP. (the “Company”) is pleased to report that an independent interpretation of geophysics data generated in the Company’s recent high resolution magnetic and radiometric survey in Madagascar has confirmed strong diamond targets previously identified in our geochemical sampling programs. Further follow-up sampling and ground work is now underway on a dozen high priority targets with a view toward generating drill targets for potential kimberlites.


    A high resolution, helicopter-borne, magnetic and radiometric survey covering two key regional heavy mineral anomalies in Madagascar was completed by Fugro Airborne Surveys (Pty) Ltd. in late 2006 under contract from the Company. This survey indicated a number of magnetic bulls-eye targets with signatures typically characteristic of kimberlite pipes. In view of the magnetically active character of the terrain, a Toronto-based geophysical contractor, Scott Hogg & Associates Ltd., was commissioned to filter the geophysics data, provide an independent interpretation and recommend magnetic targets for ground follow-up. This analysis was carried out without reference to the Company’s stream sampling results. Eleven specific follow-up targets were identified by the contractor “that justify investigation on the basis of their magnetic characteristics alone.” A further target with a kimberlite-like magnetic bulls-eye was also identified in a nearby magnetically active area.


    Five of the high-priority follow-up magnetic targets selected by the contractor are located in an area where our geochemical sampling results had indicated the potential presence of kimberlite pipes. Four of these targets are in close proximity to discrete ilmenite anomalies that were outlined by our sampling, while the fifth is in an area where sampling results are still awaited. The ilmenites recovered closely match compositions reported in mantle-derived eclogitic xenoliths from the diamond-bearing Orapa kimberlite in Botswana, and also rare eclogitic ilmenite inclusions in diamonds.


    The geophysical survey also covered an area immediately adjacent to these discrete pathfinder anomalies, where drainage traps are poorly developed, and sampling would be anticipated to be a less reliable prospecting tool. A further five of the targets recommended for follow-up are located in this area. These five isolated magnetic circular features collectively define a lineament that is discordant with the magnetic fabric in the area.


    According to Dr. Andy Moore, a Qualified Person and V.P - Diamond Exploration of the Company, “I am exceptionally excited by our results to date. The close correlation between stream sediment sampling results and independently selected geophysical targets is certainly most encouraging. The area where our sampling and magnetic data both give encouragement for the existence of kimberlite pipes is in the same area where diamonds were reputedly recovered by gold prospectors on two separate occasions during the early 1900’s. Our results give strong credibility to these reported diamond finds and therefore provide strong encouragement for the existence of one or more diamond-bearing kimberlites within the Company’s licence area in Madagascar.”


    About Pan African


    The Company is an exploratory resource company with approximately 10,000 square kilometres of diversified mineral properties and 5,500 square kilometres of uranium properties in Madagascar. The Company is exploring these properties for uranium, gold, coal, precious stones, base metals and industrial commodities. In addition, the Company is exploring two regions for gold and metals in Mozambique under agreements with other companies. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl, and its uranium activities are carried out through its 80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada and Antananarivo, Madagascar. More information about the Company is available at http://www.panafrican.com


    ON BEHALF OF THE BOARD OF DIRECTORS OF
    PAN AFRICAN MINING CORP.


    “Irwin Olian”
    Irwin Olian
    Chairman & CEO


    For more information, contact:


    Irwin Olian, President and CEO


    E-mail: tigertail@panafrican.com


    Phone: (604) 899-0100


    Fax: (604) 899-0200
    Tom Kinakin, Corporate Communications – Vancouver


    Email: tom@panafrican.com


    Phone: (604) 676-8671


    Fax: (604) 899-0200

    Carrie Howes, Corporate Communications – London


    Email: carrie@panafrican.com


    Phone: +44-7780-602-788

  • Pan African Mining - Diamanten, Gold, Uran - Rohstoffherz, was willst du mehr?

    April 12, 2007 TSX.V: PAF
    FRANKFURT: P2A


    PAN AFRICAN MINING CORP. REACHES AGREEMENT WITH AFRICAN EAGLE RESOURCES FOR ACQUISITION OF FINGOE PERMITS IN MOZAMBIQUE


    VANCOUVER, British Columbia – PAN AFRICAN MINING CORP. (the “Company”) is pleased to announce that it has entered into an Agreement with U.K.-based African Eagle Resources plc (“African Eagle”) (AIM: AFE) for exploration, development and exploitation of five Prospecting Licenses controlled by African Eagle’s wholly-owned subsidiary, Twigg Resources Limited, in the greater Fingoe region situated in Tete Province in the northwest of Mozambique. The licenses comprise approximately 909 sq. km. in aggregate and are located in close proximity to the Company’s other Fingoe area holdings under its joint venture with Manica Minerals, Ltd.


    Under terms of the Agreement, the Company earns the right to acquire African Eagle’s Fingoe licenses by funding and carrying out a regional exploration program on the licenses during the upcoming twelve months. African Eagle shall retain a customary 2% NSR with respect to all mineral production from the license area.


    The Company’s existing Fingoe project is a grass roots exploration project with good potential for the discovery of mesothermal vein gold, distal skarn Au and IOCG deposits. Its licenses cover the Meso-Proterozoic Fingoe Group consisting of a low-grade, meta-volcanosedimentary supracrustal succession of quartzites (BIF types), carbonates, shales, conglomerates, volcanoclastics, amphibolitic basalts and intrusive ultramafics. Fingoe supracrustals have been intruded by I-type granites. Very limited previous exploration has taken place, although there are known gold and Cu-Fe occurrences and reported veining, skarn mineralization and hematitic breccias within the belt. A regional reconnaissance geochemical sampling program has been underway for several months under the direction of Peter Siegfried, P.Geol., a Qualified Person. The African Eagle licenses will now be included in the sampling program in the coming months.


    According to Irwin Olian, CEO of the Company, “We are excited about the opportunity for potentially economic gold and metals discoveries in the highly mineralized Fingoe region of Mozambique. Acquisition of the African Eagle licenses is an important step toward consolidating our land position in the area, which now aggregates approximately 1359 sq. km. We are looking forward to results of our initial exploration program in the region.”



    About Pan African


    The Company is an exploratory resource company with approximately 10,000 square kilometres of diversified mineral properties and 5,500 square kilometres of uranium properties in Madagascar. The Company is exploring these properties for uranium, gold, coal, precious stones, base metals and industrial commodities. In addition, the Company is exploring two regions for gold and metals in Mozambique under agreements with other companies. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl, and its uranium activities are carried out through its 80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada and Antananarivo, Madagascar. More information about the Company is available at http://www.panafrican.com


    ON BEHALF OF THE BOARD OF DIRECTORS OF
    PAN AFRICAN MINING CORP.

  • Pan African Mining - Diamanten, Gold, Uran - Rohstoffherz, was willst du mehr?

    Pan African Mining - Was ist mit den Diamanten?
    Leser des Artikels: 932


    Die Aktie von Pan African Mining (WKN A0D8VW) eilt von Hoch zu Hoch. Doch das ist erst der Anfang. Momentan fokussieren sich die Anleger auf die Uranprojekte des Unternehmens, scheinen aber die Diamantenprojekte vollkommen aus dem Blickwinkel verloren zu haben. Noch einmal zur Erinnerung:


    Schon Marilyn Monroe hat sie besungen und mittlerweile ist das Interesse der Investoren an Diamanten wiedererwacht, denn auch hier sehen wir Parallelen zu Rohstoffen wie Öl oder Silber. Nach rund 25 Jahren Angebotsüberhang neigt sich die Waage in die andere Richtung. Es naht die Zeit, in der die Produzenten wieder den Preis bestimmen werden. Davon profitieren auch Explorationsunternehmen und deren Kursentwicklung nimmt dies bereits vorweg.


    Der CEO Irwin Olian von Pan African Mining hat die Creme de la Creme der Diamantenexperten um sich geschart und diese glauben aufgrund der bisherigen Ergebnisse, dass das nächste große Diamantenvorkommen auf Madagaskar gefunden werden wird!


    Zu dem Team gehören unter anderem Weltklassegeologen wie Dr. Andrew E. Moore und Dr. Edward A. Schiller. Der Südafrikaner Dr. Andrew E. Moore kann mehr als 20 Jahre Erfahrung als Diamantengeologe in die Waagschale werfen. Dabei arbeitete er bei Großprojekten von De Beers, Rio Tinto und Falconbridge mit. Dr. Moore ist branchenweit bekannt für seine treffende Interpretation von diamantenführenden Kimberlit-Anomalien in der Nähe der Kalahari-Wüste in Namibia sowie Botswana.


    Anfang Februar 2006 konnte mit Dr. Felix Kaminsky, einer der besten russischen Diamantenexperten, als Berater von Pan African Mining verpflichtet werden. Seine langjährige Tätigkeit umfasste Projekte in Algerien, Kanada, Russland, der Mongolei, Simbabwe und Venezuela.


    Dr. Kaminsky ist hoch angesehen für seine Arbeit als leitender „Diamantensucher“ für das sowjetische Ministerium für Geologie, wo er ein großes Diamantenvorkommen im Archangelsk Gebiet im nördlichen Teil des europäischen Russlands entdeckte. Dabei entwickelte er spezielle Techniken und Modelle zur Auffindung von neuen Diamantenvorkommen.


    Gemeinsames Ziel ist das Aufspüren von diamantenführenden Kimberliten. Darüber hinaus schaut man ebenfalls nach wirtschaftlich verwertbaren Vorkommen anderer Edelsteine.


    Was ist aber eigentlich ein Kimberlit? Der Kimberlit ist ein grünes bis schwarzes Gestein magmatischen Ursprungs. Entstanden sind die meisten heutigen Kimberlite vor 70 bis 150 Millionen Jahren; der älteste Kimberlit allerdings schon vor rund 1,2 Milliarden Jahren. Sie kommen in Afrika, Australien, Nordamerika, Indien, Brasilien und Sibirien vor.


    Und Kimberlite sind primäre Lagerstätten für Diamanten! Erinnern Sie sich? Madagaskar gehörte vor Urzeiten zum Großkontinents „Gondwana" und trennte sich vor rund 150 Millionen Jahren von Afrika und 60 Millionen Jahre später von Indien. Deswegen ähneln sich deren geologische Strukturen – sprich die Chancen diamantenführende Kimberlite auf Madagaskar zu finden, sind extrem hoch!


    Über eine 100%ige Tochtergesellschaft verfügt Pan African Mining über Projekte mit insgesamt 3.000 Quadratmeter auf Madagaskar, wo Diamanten- und andere Edelsteinvorkommen vermutet werden. Bei der Auswahl der Projekte stützten sich die Pan African Mining Geologen auf historische Daten der Franzosen und ihre erdgeschichtlichen Kenntnisse. Besser ging es nicht!


    Zwischen Mai und September 2005 wurden eine Reihe von möglichen Kimberlit-Zielen auf dem eigenen Lizenzgebiet identifiziert. Einige entnommene Proben zeigten interessante Parallelen zu den diamantenführenden Mothae Kimberliten in Lesotho. Diese wurden im gleichen Gebiet entdeckt, wo die Franzosen bereits in 1909 Diamanten in Edelsteinqualität gefunden haben.


    Es besteht heutzutage keine Möglichkeit anhand der historischen Daten den genauen Fundort zu bestimmen. Das ist aber nicht so wichtig, da Pan African das komplette Einzugsgebiet gehört, wo die Diamanten entdeckt wurden! Andere Proben wiederum deuten auf titanreiche Kimberlite hin. Die Voraussetzungen für einen großen Wurf (Big Hit) sind also exzellent!


    Wir erwarten in Kürze die Veröffentlichung der Ergebnisse einer magnetischen und radiometrischen Untersuchung, die Ende letzten Jahres mit dem Helikopter durchgeführt wurde. Schnallen Sie sich an!



    Diese Nachricht bezieht sich auf die Meldung Aktiendividende bei Pan African Mining? vom 28.03.2007 / 11:56Uhr. (hier klicken (History))
    Karsten Busche ist Chefredakteur vom Rohstoff-Börsenbrief „Global Profit Scout”.


    Quelle: http://www.wallstreet-online.d…en/nachricht/2051893.html

  • Dragon Mining Gold aus Europa

    Hi Ulfur,


    erschrecke doch die die Dragon Mining - Aktionäre nicht mit so einer alten Verkaufsempfehlung von Siegel. ;)


    Natürlich hat er Recht, wenn er schreibt, dass die Vorwärtsverkäufe DM die Luft zum Atmen nehmen und das Überleben von DM nur mit der baldigen Eröffnung von Vammala gewährleistet ist.


    Alle Aktionäre können auch froh sein, dass sich DM aus dem Saulyak Goldprojekte in der Ukraine zurück gezogen hat und dort nicht auch noch Geld verbrennt.


    Andererseits entspricht der Börsenwert von DM im Augenblick in etwa dem Wert der Anlagen.


    Ich habe (leider) VIII/06 nicht verkauft und beobachte weiter mit Adleraugen. Bei einer Verzögerung des Vammala-Projektes werde ich sofort aussteigen. Bis dahin warte ich ab.


    Grüße GW

  • Pan African Mining - Diamanten, Gold, Uran - Rohstoffherz, was willst du mehr?

    March 26, 2007 TSX.V: PAF
    FRANKFURT: P2A


    SURFACE SAMPLES CONFIRM HIGH-GRADE URANIUM ANOMALY AT OLD FRENCH MINE SITE 37 IN MADAGASCAR’S SOUTH


    VANCOUVER, British Columbia – PAN AFRICAN MINING CORP. (the “Company”) is pleased to report assay results received from ALS Chemex Labs of Vancouver for rock samples taken at and around old French mine site 37, Northeast of Tranomaro in the South of Madagascar. These were selective follow-up samples taken from outcroppings in situ to further examine and evaluate the surface anomaly at mine site 37 initially revealed in the Company’s 2006 regional uranium reconnaissance program. The old French site is situated on permits controlled by the Company’s 80% owned subsidiary PAM Atomique Sarl, under its Joint Venture with L’Office des Mines Nationales et des Industries Strategiques (“OMNIS”), a Malagasy state agency.


    A total of five follow-up surface samples were analyzed, all returning uranium values in excess of 3000 ppm or greater than 0.3 of 1% U, with two of the samples in excess of 22,000 ppm or greater than 2.2% U. They confirmed the existence of a high-grade surface uranium anomaly at the old French site. Three surface rock samples from mine site 37 had been previously reported on February 6, 2007, as part of the regional sampling results. Surface radiometric readings were taken in the area over a grid with 20m. X 20m. spacing and generated results consistent with sampling. They confirmed a sizeable radiometric anomaly at surface with dimensions of approximately 250 m. NS and a width up to 40 m.


    TABLE OF ASSAY RESULTS FROM ROCK SAMPLES AT MINE 37


    Surface samples, rocks (from in situ outcrops)

    Results of sample analysis from ALS Chemex, no: VA07010592

    Location : Mine 37

    SAMPLE ID
    ME-MS61U
    ME-MS61U
    Ratio

    U
    Th
    Th/U

    ppm
    ppm
    %

    TR/37R/C5S 45E
    3170
    1750
    0.55

    TR/37R/DOS 45E
    25900
    8510
    0.33

    TR/37R/B6S 50E
    7050
    470
    0.07

    TR/37R/D8S 38E
    22900
    396
    0.02

    TR37/R/E5S 40E
    5320
    730
    0.14

    The results of follow-up sampling and radiometrics at old French mine site 37 clearly establish it as a high priority target for further exploration by the Company near-term. Systematic trenching across strike is being undertaken, together with other surface studies. It will be followed up by core drilling to investigate the grade and extent of down dip extensions of the high-grade uranium-bearing mineralization, which typically occurs at this location as uranothorianite hosted in North-South trending lineaments of pyroxenite. Mine site 37 is one of over fifty targets that have been identified for exploration in Madagascar’s South by the Company’s uranium team, which is being managed by Dr. Reinhard Ramdohr. Such targets include numerous known uranium occurrences, radiometric anomalies and old French open-pit workings.



    According to Irwin Olian, CEO of the Company, “We are now in the process of identifying discreet targets for in-depth exploration and drilling in Madagascar’s Tranomaro Zone. Old mine site 37 certainly appears to be a strong initial target and we look forward to continuing our work at that site in the coming months.”