27th Jul 2007 16:11
Pan African Resources PLC27 July 2007 27th July 2007 Pan African Resources plc ("Pan African" or "the Company") Result of EGM Pan African Resources plc announces that all resolutions proposed today at theEGM were duly passed. This clears the final hurdles to completion of theacquisition of Barberton Mines Limited ("Barberton") and the proposed admissionof the Company as enlarged by Barberton to trading on the AIM market and theAltx* market in South Africa, which is expected to occur on 31 July. Jan Nelson, CEO made the following comments on the Barberton transaction: " Thesucccessful acquisition of Barberton and admission to trading on the AIM andAltx markets places Pan African in a gold arena where there is a shortage ofproducers. In addition to the Barberton acquisition adding an attributableresource of 1.36moz, it also provides senior operational and technical skillswhich will greatly assist the Company in our production and growth mission." He continued: "In conjuction, we are also pursuing organic growth with Manicawhere the bankable feasbility study will be initiated toward the end of thisyear. This is later than previously planned as we have extended the drillingprogramme on this project given encouraging results so far. I would like to takethis opportunity to thank the Board for its contribution in concluding this dealand our shareholders for their continued support throughout this process. Wewould also like to welcome Simon Malone and Charles Needham as Non-ExecutiveDirectors of the Company along with the entire team at Barberton." * Altx - The Alternative Exchange is a division of the JSE Limited. ENDS For further information on Pan African Resources plc, please visit the websiteat www.panafricanresources.com Enquiries: Pan African Resources Ambrian Partners Parkgreen CommunicationsJan Nelson / CEO Richard Brown Justine Howarth/Bex Sanders-Hewett+27 (0) 82 4945628 +44 (0) 207776 6400 +44 (0) 207851 7480 Colin Bird / Chairman+ 44 (0) 207 584 2144 Notes to Editors: Pan African Resources PLC ("Pan African" or "the Company") is a mid tier goldproduction and exploration company with assets in Mozambique, Central AfricanRepublic and a regional exploration focus in Ghana. The Company was admitted toAIM (TIDM: PAF) on 14 September 2004. The Company's portfolio includes the Manica project in Mozambique which has anindependently verified resource of 1.5moz, two projects in the Central AfricanRepublic, Begoin and Dekoa, in two of the major four known greenstone belts,plus the highly prospective Akrokerri Exploration license in Southern Ghana. Pan African announced on 20 December 2006 that it had signed a conditional Saleof Shares Agreement with Metorex Limited to purchase 74% of Barberton MinesLimited in South Africa which concluded on . Barberton Mines comprises Fairview,Sheba and New Consort Mines, located in the Mpumalanga Province. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pan African Resources