SOURCE: Pan African Mining Corp.

November 28, 2007 03:01 ET

Further Core Drill Results From Pan African's Tranomaro Uranium Project Confirm Extension of Zone to the South; Intersections Include 10.0 M of 2.34 Lbs/Sh.T U3o8

VANCOUVER, BC--(Marketwire - November 28, 2007) - PAN AFRICAN MINING CORP. (TSX-V: PAF) (FRANKFURT: P2A) (the "Company") is pleased to announce that it has received from ALS Laboratory Group in Vancouver assay results from an additional four holes in its ongoing Phase 1 core drilling program on its Tranomaro Uranium property in the South of Madagascar. The Tranomaro Project comprises 206 squares, encompassing approximately 1287 sq.km. 10 holes have now been completed to a depth of approximately 70-130m at old French Mine Number 37, the Company's initial target within the region. Results from the latest four holes to a depth of 83-95m are reported below. They show significant uraniferous mineralized zones encountered in all four holes and demonstrate the continued existence of high grade Uranium mineralization below the floor of the old open pit mined by the French.

The tables below show selected drill results from each of the four most recent holes reported, reflecting the most significant mineralized intervals encountered. The initial 5 drill holes were positioned at the western flank of old French Mine 37 and were regularly spaced at 30m intervals in a N-S direction covering an extent of approximately 120m. This sequence of holes is to the South of shallow drill hole TR/M37D/B5-50E, previously reported on June 6, 2007, which yielded 17.2 metres of high-grade U mineralization grading 4,329 ppm U. The four holes reported below were regularly spaced at 30m intervals in a N-S direction immediately to the South of the first five holes, and reflect a 120m extension of the uraniferous zone to the South.

                TABLE OF SELECTED DRILL RESULTS
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                        Drill hole Q0 10E

E652613.81, N7282578.68; Azimuth:70 degrees, Inclination:50 degrees
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Depth (m)    Interval    ME-MS61U     ME-MS61U     lbs U3 O8 /short
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From  To       (m)       Th (ppm)      U (ppm)          tonne
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 53   57        4          715          775             1.83
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 67   69        2          805          411             0.97
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                        Drill hole T0 5E

E652619.38, N7282548.80; Azimuth:70 degrees, Inclination:45 degrees
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Depth (m)     Interval    ME-MS61U    ME-MS61U     lbs U3 O8 /sh.t.
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From  To        (m)       Th (ppm)     U (ppm)
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 64   66         2         1090          490            1.16
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 78   83         5          808         2022            4.77
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                        Drill hole W0 5E

E652629.64, N7282520.63; Azimuth:70 degrees, Inclination:45 degrees
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Depth (m)     Interval    ME-MS61U    ME-MS61U     lbs U3 O8 /sh.t.
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From  To        (m)       Th (ppm)     U (ppm)
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 20   23         3         1407         2400            5.67
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 65   68         3         1263         3217            7.59
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 74   77         3          859          546            1.29
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                        Drill hole Z0 15E

E652649.29, N7282495.88; Azimuth:70 degrees, Inclination:50 degrees
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Depth (m)     Interval   ME-MS61U   ME-MS61U      lbs U3 O8 /sh.t.
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From  To        (m)       Th (ppm)     U (ppm)
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 48   58        10          665          990            2.34
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The above results are very encouraging and are consistent with radiometric data obtained by our team from outcrops as well as drill cores. The substantial experience gained by our team in connection with assessment of the more than 100 old open pits and radiometric anomalies in the region is now permitting us to accelerate the pace of target identification for our ongoing drill program. A heavy Atlas Copco CS-14 core drill is being utilized to outline major ore concentrations, while small scout drills are being utilized to assess surface anomalies on a preliminary basis to aid in targeting. Immediate additional drill targets have now been identified in and around old French mines 52 and 52N as well as at mine 37.

The drill program now underway is being carried out by the Company on behalf of its Joint Venture with L'Office des Mines Nationales et des Industries Strategiques ("OMNIS"), a Malagasy State Agency. The program is being overseen by Dr. Reinhard Ramdohr, a Qualified Person within the meaning of N.I. 43-101. He is assisted by Marcel Rasolofonirina and a highly qualified team of 14 Malagasy geologists, engineers and technicians. Overall program oversight is provided by Gregory B. Sparks, P.Eng., a Director of the Company and also a Qualified Person under N.I. 43-101.

Samples are analyzed by ALS Laboratory Group at its Vancouver, BC facility utilizing their Uranium Package Code #ME-MS61U, a 48 element near total digestion ICP procedure. Uranium over-limits for the foregoing procedure are re-analyzed using ALS procedure #U-XRF10. Sample preparation and assistance in establishing laboratory protocols and sample handling and assaying quality control are supervised by Ardito Martohardjono, Vice-President of Laboratory Services and a Director of the Company.

According to Irwin Olian, CEO of the Company, "We are delighted with the continuing progress of our Uranium team at Tranomaro and look forward to further expansion of the zone at mine 37 as well as identification of meaningful uranium-bearing zones at other sites throughout the region."

About Pan African Mining Corp.

The Company is an exploratory resource company with approximately 7,500 sq. km. of diversified mineral properties and 5,000 sq. km. 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 large regions for gold and metals in Mozambique under agreements with other companies. It also has approximately 5500 sq. km. of diamond licenses in Botswana which it is presently exploring. 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

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.

Contact Information

  • For more information, contact:

    Irwin Olian
    President and CEO
    E-mail: Email Contact
    Phone: (604) 899-0100
    Fax: (604) 899-0200

    Tom Kinakin
    Corporate Communications - Vancouver
    Email: Email Contact
    Phone: (604) 899-0100
    Fax: (604) 899-0200

    Carrie Howes
    Corporate Communications
    Email: Email Contact
    Phone: London: +44 (0) 7780 602 788
    Phone: Germany: +49 (0) 1722 1234 47