SOURCE: Pan African Mining Corp.

February 06, 2007 07:00 ET

Pan African Mining Corp. Regional Sampling Results Confirm High-Grade Uranium Anomalies in Madagascar's South

VANCOUVER, BC -- (MARKET WIRE) -- February 6, 2007 -- PAN AFRICAN MINING CORP. (TSX-V: PAF) (the "Company") is pleased to announce that it has now received assay results from ALS Chemex Labs of Vancouver for rock samples taken in the Tranomaro and Maromby regions in the South of Madagascar. These samples were taken during the 2006 field campaign, which focused on regional reconnaissance and exploration in the South of Madagascar. The samples confirm the existence of six distinct high-grade uranium anomalies 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.

Of the 40 samples, 16 returned uranium values in excess of 4000 ppm. or greater than O.4 of 1% U, with several in excess of 10,000 ppm. The bulk of the samples returned U values above 2500 ppm. In addition, the samples typically returned relatively high radiation counts above 10,000 per second. A complete table of the sample results as received from Chemex Labs is included below. Further results are pending. Sampling took place on the Company's permits in the Tranomaro Zone, encompassing some 1037.5 sq. km., and covered numerous known uranium occurrences, radiometric anomalies and old French open-pit workings. The samples were grab samples with wide spacing, taken from visible outcroppings as well as from old pits where the French had mined at surface. Uranium in the Tranomaro Zone typically occurs as uranothorianite hosted in North-South trending lineaments of pyroxenite. The French Commissariat a L'Energie Atomique ("CEA") was active mining in this area over extended periods from the 1930s through the 1950s, prior to Madagascar's independence.

Further extensive sampling, trenching and shallow drilling will be undertaken this year, with a view toward delineating the extent, continuity and grade of the six uranium anomalies already identified, as well as to identify new anomalies. Deeper drilling is anticipated to commence after arrival of the Company's recently purchased new diamond drill rigs from Canada. It will focus on investigating potential down dip extensions of the high-grade surface mineralization, with a view toward identifying economically viable deposits. The Company's uranium program is being managed by Dr. Reinhard Ramdohr of Germany. A Technical Report in accordance with NI 43-101 is presently in preparation by Peter Christopher & Associates.

According to Irwin Olian, CEO of the Company, "We are delighted to see these encouraging results from our regional sampling program, as they clearly demonstrate the existence of high-grade uranium near-surface in Madagascar. The knowledge and data gained from this program will be invaluable in helping us identify drill targets for more extensive investigation. The number of anomalies identified and wide area covered certainly set the table for an exciting program this year with the potential to discover economic uranium deposits for development and exploitation with our partner OMNIS."

TABLE OF RADIOACTIVITY AND ASSAY RESULTS FROM ROCK SAMPLES IN THE TRANOMARO ZONE, FIELD SEASON 2006 (ALS CHEMEX LABS, VANCOUVER)


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                                                       RESULT
                     Locality                         ANALYSIS
              ----------------------            --------------------
N   REF. No.                          Rad (cps)
                Zone          Site              U(ppm)        Th
                                                             (ppm)
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1  UTH 60003R Tranomaro       M25     11656       4900       > 1000
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2  UTH 60004R Tranomaro       M25     11200       4190       > 1000
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3  UTH 60005R Tranomaro       M26     15000       3070       > 1000
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4  UTH 60009R Tranomaro       Profil   1500        412          291
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5  UTS60004R  Tranomaro       M25      4000       7370       > 1000
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6  UTS60005R  Tranomaro       M25      3100       6610          970
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7  UTS60006R  Tranomaro       M28     10000    > 10000       > 1000
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8  UTS60007R  Tranomaro       Profil     35      196,5       > 1000
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9  UTS60008R  Tranomaro       Profil   1000        403       > 1000
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10 UTV60001R  Tranomaro       M37      4000       31,5          155
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11 UTV60004R  Tranomaro       A30      6000        129       > 1000
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12 UTV60006R  Tranomaro       M25     10000       8860          900
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13 UTV60007R  Tranomaro       M28     12000    > 10000       > 1000
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14 UTV60009R  Tranomaro       M26     10000       1760          750
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15 UTL60001A  Tranomaro       A30     11000       1280       > 1000
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16 UTL60003R  Tranomaro       M25     12300        900        > 1000
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17 UTL60004R  Tranomaro       M25     12500       4600          509
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18 UTL60005R  Tranomaro       M26     11000       1880       > 1000
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19 UTL60008R  Tranomaro       Profil   2130        520       > 1000
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20 UTL60009R  Tranomaro       Profil    600        108          990
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21 UTL60010R  Tranomaro       Profil  10000        670       > 1000
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22 UTR60002R  Tranomaro       M37      3000       2520        > 500
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23 UTR60003R  Tranomaro       M37      8000       3430        > 500
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24 UTH 60001R  Maromby        M47      5556       4230       > 1000
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25 UTH 60002R  Maromby        M52     10000       9740       > 1000
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26 UTH 60006R  Maromby        M81     11112       4120       > 1000
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27 UTH 60007R  Maromby        M88     9000        3050       > 1000
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28 UTH 60008R  Maromby        M88     8000        3080       > 1000
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29 UTS60001R   Maromby        M45     10000       2640       > 1000
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30 UTS60002R   Maromby        M52     10231       6940       > 1000
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31 UTS60003R   Maromby        M53     11000    > 10000       > 1000
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32 UTV60002R   Maromby        M47      6000       1580       > 1000
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33 UTV60003R   Maromby        M47      9000       5840       > 1000
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34 UTV60005R   Maromby        M53     15000       1580       > 1000
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35 UTV60008R   Maromby        M47      2500       2210       > 1000
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36 UTL60002R   Maromby        M53     15000       4120       > 1000
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37 UTL60006R   Maromby        M80     11250       4200          589
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38 UTL60007R   Maromby        M80     12200       1790          694
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39 UTR60001R   Maromby        M43      6000       1400          602
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40 UTR60004R   Maromby        M47      9500       1800         1050
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Note: In the column labeled SITE, samples taken from old French open-pit mine workings are designated with an M and their site number; samples taken from other known U occurrences are designated with an A and their site number; samples taken from prospective U occurrences are designated as PROFIL.

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
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 - London
    Email: Email Contact
    Phone: +44-7780-602-788

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