SOURCE: Pan African Mining Corp.

March 03, 2008 14:31 ET

Pan African Mining Corp. Identifies Seven New Nickel Laterite Targets in Madagascar

VANCOUVER, BC--(Marketwire - March 3, 2008) - PAN AFRICAN MINING CORP. (TSX-V: PAF) (FRANKFURT: P2A) (the "Company") is pleased to announce that it has identified seven new nickel laterite targets within its license area in Madagascar. These targets were identified by the detailed analysis of recently flown airborne magnetic and radiometric surveys in conjunction with the processing of Landsat remote sensing data. Detailed analysis was performed by consulting geophysicists Patterson, Grant & Watson Ltd. of Toronto. Of the seven new targets, two have been identified by management as the highest priority for immediate exploration and potential development. These two targets cover areas of approximately 50 sq. km. and 35 sq. km., respectively.

The purpose of the geophysical remote sensing study was to identify the geophysical characteristics that make up the signature over Sherritt International's multi-billion dollar Ambatovy nickel laterite project in Madagascar and to use this signature as a template to identify possible new nickel laterite deposits. The two highest priority targets exhibit classic Ambatovy-like geophysical signatures.

Preparations are at an advanced stage for the detailed ground follow-up of the targets that will include mapping, sampling and auger drilling. This work is being undertaken by the Company's nickel exploration team under the direction of F. Roger Billinton, P.Geo. Roger was formerly the Manager of Nickel Laterite Exploration for Falconbridge Limited.

On January 25, 2006, the Company earlier announced the discovery of a near-surface body of nickel laterite in Northern Madagascar. The oval-shaped ultramafic body is approximately 1000 m by 250 m. Grades from preliminary shallow auger drilling ranged from 0.5% to 2.6% Ni. However, management concluded that this deposit is not large enough on a stand alone basis to support commercial exploitation. Accordingly, the Company is now exploring for additional nickel laterite targets.

Irwin Olian, CEO of the Company, adds, "We are very excited about our new nickel laterite targets in Madagascar as they offer the potential to create additional critical mass for a commercial operation. Our exploratory team is being mobilized for an early start of work at the onset of the dry season in April."

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