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02/06/2011

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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: PAF
Latest Price: 15.13p  (0.87% Ascending)
52-week High: 18.25p
52-week Low: 9.80p
Market Cap: 219.12M
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Pan African Resources
www.panafricanresources.com

Pan African is a South African based precious metals mining company producing approximately 95,000 ozs of gold and, when in full production in May 2012, 12,000 ozs pgm per annum. 

In January, the company announced a joint venture with Wits Gold to acquire the Evander Gold Mines from Harmony for a consideration of up to R1.7 billion, providing an attributable 50,000 ozs of gold production and a project pipeline for future growth.

Additionally, the company has approved phase 1 of a gold tailings retreatment project which could further increase gold production by 25,000 ozs per annum from August 2013.     

The company is unhedged, debt free and dividend paying.

Full Pan African Resources profile here
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Pan African Resources and Wits Gold to buy Harmony's Evander mine

30th Jan 2012, 2:21 pm The company believes that the deal further represents an opportunity for Pan African to materially increase its gold production profile from 95,000 to around 140,000 ounces a year

Pan African Resources (LON:PAF) is to buy the operating Evander gold mine from Harmony Gold for £139 million (R1.7 billion), it has emerged this afternoon.

In a consortium with Wits Gold, they are to acquire 100 per cent of Harmony's interest in Evander Gold Mines in a 50:50 joint venture.

The company believes that the deal further represents an opportunity for Pan African to materially increase its gold
production profile from 95,000 to around 140,000 ounces a year.

The Evander operations are in Mpumalanga, South Africa, and comprise the operating Evander 8 shaft, and several significant development projects namely Rolspruit, Poplar, Evander South, Libra, a surface tailings resource and
the Kinross metallurgical processing plant.

The total underground resource represents 32.5 million ounces and a reserve of 7.6 million ounces

The Evander 8 shaft currently has an expected life of mine of more than ten years.

Evander is expected to produce between 85,000 and 95,000 ounces per year and the deal adds significantly to the firm's reserve and resource base, and provides an annual attributable share of production of around 45,000 ounces per annum, said Pan African.

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