SOURCE: Pan African Mining Corp.

February 14, 2006 09:00 ET

Pan African Mining Corp.'s Madagascar Uranium Program Greenlighted by Malagasy Government

VANCOUVER, BC -- (MARKET WIRE) -- February 14, 2006 -- PAN AFRICAN MINING CORP. (TSX-V: PAF) (the "Company") is delighted to announce that it has now received full permitting to commence exploration and development of prospective uranium deposits in the first two of four zones delineated in its Joint Venture Agreement with L'Office des Mines Nationales et des Industries Strategiques ("OMNIS"), a Malagasy State agency. An aggregate of 10 full Research Permits or Permis Recherches were granted to the Company at this time, covering 404 Squares or Carres, each of which is 6.25 sq. km. The area presently under license is now 2525 sq. km., with other permits pending. In addition to the Permis Recherches, Environmental Permits on Forms PEE-RIM and PEE-RIS were granted to the Company in order to cover all anticipated drilling, trenching, pitting, road-building, camp establishment and other exploration activities presently contemplated in the initial phases of exploration.

Eight Permis covering 377 Carres or an aggregate of 2356.25 sq.km. were issued to the Company's subsidiary PAM Atomique Sarl ("PAMA"), which is 20% owned by the Malagasy State, in respect of the Folakara Zone. Located in the province of Mahajanga and Toliara, it is generally situated in the uraniferous sedimentary Karoo in Western Madagascar. It includes the zone of Morafenobe at the west-northwest and the zone of Folakara at the west.

Two Permis covering 27 Carres or an aggregate of 168.75 sq.km. were issued to PAMA in respect of the Antsirabe Zone. Located in the province of Antananarivo in Central Madagascar, one Permit is situated in the lacustrine basin of Antsirabe approximately 180 km. south of Antananarivo. The other permit is in relative close proximity but is within the pegmatite fields of Vavavato.

The French Commissariat a l'Energie Atomique ("CEA") exploited uranium from the regions of Folakara and Tranomaro during the period from the late 1930's through the 1950's, with systematic exploration of Madagascar for radioactive minerals being undertaken to 1966 in detailed regional studies that outlined several uraniferous areas. In 1976, newly created OMNIS resumed exploration of the more promising CEA discoveries with technical advice and funding from the International Atomic Energy Agency and associated agencies. PAMA's land position in Folakara and Antsirable covers many known uranium occurrences and areas examined by CEA and OMNIS.

A priority area targeted for exploration by the Company is the Malagasy Karoo belt, which occupies a rift basin on the western side of the island and spans more than 1400 km. These Carboniferous to Jurassic sedimentary rocks were formed during the earliest stages of tectonism, that later resulted in the separation of Madagascar from Gondwana. The Malagasy Karoo bears similarities to better known and mineralized Karoo basins in mainland Africa. Continental sandstones and interbedded shales predominate, and features such as fluvial beds, abundant petrified wood and vanadium enrichments compare with features of the Colorado Plateau uranium belt. Numerous radioactive occurrences were detected by airborne and ground surveys by the CEA, which led to the discovery of showings of carnotite and other U-V minerals. Shallow drilling by the CEA and OMNIS was undertaken at a few locations but failed to define commercially viable, continuous or high-grade uranium deposits below surface showings. We believe Madagascar's Karoo represents a favourable environment for sandstone-type deposits and intend to apply state of the art technology and exploration techniques to define source regions, basin flow and depositional traps with a view toward generating bona fide drilling targets.

The Company's Madagascar uranium program is being overseen by J. Thomas Nash (Ph.D. in Geology 1967, Columbia University), who has some 40 years experience in the geology and genesis of uranium deposits of the U.S., Australia and Canada, as well as gold, copper, cobalt and other deposits. Dr. Nash has written many published articles within the fields of economic geology and exploration geochemistry.

Field exploration is anticipated to commence in the near future following final staffing and mobilization of supplies and equipment. The Company has spent nearly two years doing desktop studies and preliminary evaluation work related to Madagascar's uranium resources. According to the Company's CEO, Irwin Olian, "We are very grateful for this opportunity to work hand-in-hand with OMNIS to explore, develop and exploit Madagascar's uranium resources. This represents both a great challenge and a great opportunity to create value-added for Madagascar as well as for our shareholders. We intend to commit all human, financial and other resources to the uranium program necessary to ensure success."

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, 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
Director
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: 7780-602-788

    Marlies Studer
    Corporate Communications - Europe
    Email: Email Contact
    Phone: 44-215-2803

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