FOR IMMEDIATE
RELEASE
May 11,
2007
TSX.V: PAF FRANKFURT: P2A
PAN AFRICAN MINING CORP.
AWARDED KEY Diamond EXPLORATION LICENCES IN
BOTSWANA
VANCOUVER, British
Columbia – PAN AFRICAN MINING
CORP. (the “Company”) is pleased to
report that the Botswana Geological Survey has now
granted six Prospecting Licences
(“PL’s”) to its local,
wholly-owned operating subsidiary PAM Botswana
(Pty) Ltd. These three-year
licences, designated PL’s 063-068/2007, form
two separate Diamond exploration target blocks,
with a combined area of 5476 km2,
located in the Ngamiland area of northwest
Botswana.
Selection of the prospects
was based upon screening of remote sensing and
aeromagnetic data as well as geochemical
data. The newly licensed blocks
contain a cluster of bulls-eye circular features
aligned along a lineament.
These features possess characteristics
closely comparable to those associated with known
sub-Kalahari kimberlites. One
of these circular targets has an outer diameter in
excess of 600 metres. The model for target
selection was developed by Dr. Andy Moore, (VP,
Exploration - Diamonds) in collaboration with the
Company’s consultants, Drs. Marty McFarlane
and Frank Eckardt. All
three have carried out extensive research on the
geomorphology of Ngamiland and the origin of the
Kalahari sand cover over a period of many
years.
Existing geochemical data
has revealed the presence of a sizeable anomalous
surface concentration of diamonds and G10 garnets
to the west of the Company’s prospects
across the border in Namibia, near the village of
Tsumkwe. The
characteristics of this kimberlite pathfinder
mineral anomaly suggest it is a secondary
concentration derived from a primary high-grade
kimberlite source located elsewhere.
The Company’s Diamond team believes
this diamondiferous source, which has not yet been
located, will prove to be situated within the new
Botswana prospecting licenses granted to the
Company.
In effect, the
geomorphological model envisages that the Tsumkwe
pathfinder anomaly was formed where ancient
rivers, transporting diamonds and garnets derived
from kimberlites located on the Company’s
licenses, once emptied into the ancient inland sea
to the west. Prior to the
deposition of the superficial Kalahari sand that
covers much of Ngamiland, this area formed a
topographic high. Rivers rising
off this high ground flowed westward into a major
inland sea located in the north of present-day
Namibia. The Company’s
new Diamond targets cover former headwaters of
this ancient river system.
According to Irwin Olian,
CEO of the Company, “We are delighted to
have been granted these key Diamond licenses in
Botswana, which represents the world’s
leading source of high-quality diamonds and has
been recognized for its favourable exploration and
investment climates. Field exploration under the
guidance of Dr. Andy Moore, a QP with over 25
years’ experience exploring for diamonds in
Africa, will be commencing
immediately. We remain
excited about prospects for our Madagascar Diamond
program, where we have achieved success to date
and where work is continuing on a full-time basis
with a team of 12 geologists and senior
technicians on the ground evaluating our Diamond
targets there. Our world-class
Diamond team headed up by Dr. Moore and including
Dr. Felix Kaminsky, Dr. Edward Schiller, Dr. Marty
McFarlane and Dr. Frank Eckardt, together with our
strong financial position, gives us the
flexibility to undertake additional select Diamond
opportunities elsewhere in Africa as an adjunct to
our Madagascar program.”
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 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: