SOURCE: Pan African Mining Corp.

December 05, 2005 09:00 ET

PAN AFRICAN MINING CORP. Targets Eight Zones at Mountain of Gold

VANCOUVER, BC -- (MARKET WIRE) -- December 5, 2005 -- PAN AFRICAN MINING CORP. (TSX-V: PAF) (the "Company") is pleased to announce that it has successfully concluded field operations on the Phase 2 Exploration Program on its Mountain of Gold Project. Eight zones have now been targeted for core drilling. The project is located in the Dabolava region of the Central-West Plateau of Madagascar. The Company's license in this region encompasses approximately 1825 sq. km. situated 200 air kilometers west-southwest of the capital city of Antananarivo, in the provinces of Toliary and Antananarivo.

The Phase 2 field operations were designed as a follow-up to the Company's discovery of a permissive zone of dilation hosting high-grade gold mineralization along the 10 km. northwest trending Mountain of Gold shear system. The current program has been designed to generate additional focused drill targets in order to expand the zone of initial discovery at Dabolava East and to identify other similarly permissive zones along the trend.

The Dabolava East zone contains numerous east-west, steeply dipping, shear-zone hosted, gold-bearing quartz veins. Phase 1 diamond drilling in that zone conducted in early 2005 yielded significant discovery intercepts, including 0.9 meters @ 32.23 g/t Au, 4.3 meters @ 10.52 g/t Au, and 17.2 meters @ 4.04 g/t Au, in holes DE-D-001, DE-D-004 and DE-D-006, respectively.

Starting in August 2005, the Company conducted a large-scale regional stream sediment sampling program, collecting to date 2,973 samples from the Dabolava and Kiranomena rivers and their tributaries, covering an area of approximately 300 sq. km. In addition, detailed work on the Dabolava East and Andimaka South zones included the following:

--  Completed two detailed ground magnetic surveys at 50 meter line
    spacing, covering grids of 12.38 sq. km. and 9.0 sq. km respectively.  The
    surveys were conducted under contract by the Societe Geosciences pour le
    Developpement de Madagascar ("SGDM"),
    
--  Excavated, mapped and sampled six trenches totaling 218 meters,
    
--  Collected soil samples from 329 shallow auger holes, and
    
--  Crushed and milled 136.2 kilos of epithermal vein rocks, then panned
    and roasted the concentrate to yield visible gold flakes and nuggets
    averaging 0.3 mm across.
    
The field program, which included four Malagasy geologists and 76 local technicians and laborers, was managed by senior field geologist Danae Voormeij, and overseen by Andre J. Audet, P. Eng., a Qualified Person under NI 43-101.

Preliminary assay results of stream sediment samples indicate that the region contains at least eight discreet gold zones. Four of these, including the previously discovered Dabolava East zone, represent known gold occurrences which have been documented in historic records and explored superficially by the BRGM. The other four constitute new zones previously unreported in historic documentation. The Company will be carrying out further field studies in the northern extremities of the Dabolava license area, beyond areas of prior work by the BRGM.

The Andimaka South zone is located 6 km. to the northwest of Dabolava East, along the 10 km long Mountain of Gold Trend. It was discovered during the Phase 2 field program and was not drilled during the initial phase of drilling. Float displaying epithermal vein textures was found while sampling stream sediments in the zone. Several samples contained up to 20% sulphides, mainly as arsenopyrite. This zone lies within a broad, 2 km. long, northwest striking, linear magnetic low and is covered by laterite up to 9 meters thick.

The Company is currently integrating the incoming assay results from the stream sediment samples, auger drill holes, trench and rock samples, with data from geological mapping and ground magnetic interpretations, to generate specific targets in addition to the Dabolava East discovery zone for the upcoming Phase 2 core drilling program. Drilling is expected to commence in January 2006.

In this connection, the Company has purchased a new Atlas Copco Exploration Products CS 14 wireline core drill with all attendant equipment. The drill is being manufactured at Atlas Copco's plant in Marsta, Sweden and is anticipated to be shipped to Madagascar by year end. The Company has hired a highly experienced head driller with many years of international work in similar environments. Management has concluded that Company ownership of its own diamond drill will substantially expedite the Company's drill programs, create more flexibility, and provide significant savings in drilling costs.

About Pan African

The Company is an exploratory resource company with approximately 10,000 square kilometres of diversified mineral properties in Madagascar. The Company is exploring these properties for gold, uranium, precious stones, base metals and industrial commodities. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar 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

"Irwin Olian"
Irwin A. Olian
Chief Executive Officer

For Further Information, Contact:
Irwin Olian
President and CEO
Phone: (604) 899-0100
Fax: (604) 899-0200
tigertail@panafrican.com

Tom Kinakin
Corporate Communications
Phone: (604) 676-8671
Fax: (604) 899-0200
tom@panafrican.com
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 Further Information, Contact:
    Irwin Olian
    President and CEO
    Phone: (604) 899-0100
    Fax: (604) 899-0200
    Email Contact

    Tom Kinakin
    Corporate Communications
    Phone: (604) 676-8671
    Fax: (604) 899-0200
    Email Contact