SOURCE: Pan African Mining Corp.

April 24, 2008 12:23 ET

Pan African Mining Corp. Receives Additional $4.367 Million From Exercise of Warrants

VANCOUVER, BC--(Marketwire - April 24, 2008) - PAN AFRICAN MINING CORP. (TSX-V: PAF) (FRANKFURT: P2A) (the "Company") announces the receipt of CAD $4,367,000 in aggregate proceeds from the exercise of 1,985,000 Share Purchase Warrants during the period from April 1, 2008 through April 21, 2008. The proceeds were derived from exercise of the Share Purchase Warrants exercisable at CAD $2.20 which comprised part of the Units which were issued in connection with the Company's Private Placement that closed on April 21, 2006. As a result of the above exercise, the Company will have a total of 30,916,542 Common Shares issued and outstanding, with an aggregate of 4,581,950 additional warrants and options outstanding at exercise Prices between $1.80 and $3.50.

According to Irwin Olian, CEO of the Company, "Receipt of the additional $4.367 million from warrant exercises now leaves the Company in a strong cash position with approximately $8.9 million. While we are diligently pursuing completion of the anticipated acquisition transaction by Asia Thai Mining Co., Ltd., this enables us to aggressively continue with our full exploration programs in Madagascar and continental Africa at the same time."

About Pan African

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 PAN AFRICAN MINING CORP.

"Irwin A. Olian"
Irwin A. Olian
CEO & Director

Forward Looking Statements

Certain statements herein constitute forward-looking statements or forward-looking information within the meaning of applicable securities legislation, including the statements or information about the Transaction. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, assumptions of our ability to close the Transaction. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such risks and uncertainties include risks and uncertainties involved in satisfying the conditions to close the Transaction.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made herein, are qualified by this cautionary statement.

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.

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 - London
    Email: Email Contact
    Phone: 7780-602-788

    Pan African Mining Corp.
    Suite 1925, Box 11553
    650 West Georgia Street
    Vancouver, BC
    V6B 4N8