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PAN AFRICAN MINING CORP. INTERNATIONAL OIL AFFILIATE RECEIVES APPROVAL FOR FORMAL NEGOTIATION OF ITS PRIME MADAGASCAR OFFSHORE OIL LEASES
Vancouver, British Columbia — PAN AFRICAN MINING CORP. (the “Company”) is pleased to announce that its international oil affiliate, ENERMAD CORP. (“EnerMad”), has received written notification from the Government of Madagascar that its bid for certain prime offshore oil and gas leases has been accepted for formal negotiations. Such negotiations are scheduled to commence in early February between senior management of EnerMad and officials of L'Office des Mines Nationales et des Industries Strategiques ("OMNIS"). OMNIS is a government agency of the Malagasy State charged with oversight and administration of the country’s strategic resources of uranium and hydrocarbons. A total of 11,873,785 shares of EnerMad are issued and outstanding, of which the Company owns 13%.
The 2006 Madagascar Offshore Bid Round administrated by OMNIS closed on December 8, 2006. EnerMad submitted a bid for 6 Lease Blocks covering an aggregate of 8,845 sq km. The lease package includes a prime multi-zone deep water prospect as well as shallower extensions of the potential field. EnerMad’s leases will be the subject of formal negotiations and finalization and execution of a long-form lease contract in Antananarivo.
The management of EnerMad is comprised of a number of leading oil men from Calgary, Alberta, with over 100 years’ aggregate experience in exploration, development and exploitation of petroleum properties internationally. The team is headed by Jim Dalsin, CEO & Director; Soren Christiansen, Chairman; Paul Sicotte, Corporate Secretary & Director; and Ken Schubert, P.Geoph., Senior GeoPhysicist. Limor Rubin, C.A. serves as Chief Financial Officer & Director. In addition, Irwin Olian, CEO and Chairman of the Company, serves as a Director of EnerMad.
EnerMad recently incorporated a 100% owned subsidiary in Madagascar, EnerMad Sarl. Mr. James Dalsin is statutory manager of EnerMad Sarl, Mr. Fanomenzana Ramboasalama serves as local manager. EnerMad Sarl serves as EnerMad’s operating subsidiary 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 gold, uranium, coal, precious stones, base metals and industrial commodities. 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