FOR IMMEDIATE
RELEASE 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.” 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, coal, uranium, precious
stones, base metals and industrial commodities. In
addition, the Company is exploring two properties
for gold and metals in Mozambique under a Joint
Venture. 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:
| 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)
899-0100 Fax:
(604) 899-0200 |
| Carrie Howes, Corporate Communications
– London Email:
carrie@panafrican.com
Phone:
+44-7780-602-788 |
The TSX Venture Exchange
has not reviewed and does not accept
responsibility for the adequacy or accuracy of the
content of the information contained
herein. The statements made in
this press release may contain certain
forward-looking statements that involve a number
of risks and uncertainties.
Actual events or results may differ from
the Company’s
expectations.
Regards,
Wilma
McKenzie
Project Coordinator
Pan African
Mining Corp.
WILMA@PANAFRICAN.COM |