re: Uranium / Africa (Madagascar) !! PAF.V C$0.98
Pan African Mining
This is a diversified mining junior with more than 10.000 square kilometers (2500000 acres) of concessions, all around MADAGASCAR.
They have more than a dozen permits, each prospective for gold, gemstone, base metals and today - they elaborated on their URANIUM strategy.
Madagascar is a "brownfield" type of play. It contains old mines, that were used by the French between 1940 and the late fifties.. However detoriating relations between France and the Malagassy people had the effect of France abandoning their Madagascar Uranium operations and re-orienting to Niger, Gabon and elsewhere in Africa. I heard that of the more than 5 Uranium worthy prospects cited, at least 2 are of medium grade to high grade type.
biz.yahoo.com
Pan African Receives Approval of its Plan of Exploration for Madagascar Uranium
Thursday July 7, 8:02 am ET
VANCOUVER, BRITISH COLUMBIA-- July 7, 2005) - PAN AFRICAN MINING CORP. (the "Company") (TSX VENTURE:PAF - News) is pleased to announce that L'Office des Mines Nationales et des Industries Strategiques ("OMNIS") has now approved the Company's formal Exploration Program and Budget for uranium projects in Madagascar. OMNIS is a government agency of the Malagasy State charged with oversight and administration of the country's strategic resources of uranium and hydrocarbons.
On January 25, 2005, the Company entered into a preliminary agreement with OMNIS for the establishment of a joint venture with respect to exploration, development and exploitation of four prospective uranium properties in Madagascar. In accordance with the terms of said agreement, the Company organized a new operating subsidiary named PAM Atomique Sarl, of which 20% is to be owned by the Malagasy State through OMNIS and 80% by the Company. Approval of the Company's formal Exploration Program and Budget was specified in the agreement as a condition precedent to moving forward with the joint venture's uranium exploration and development activities.
The Company's Exploration Program and Budget was prepared by senior management in consultation with Dr. Peter A. Christopher, P.Eng., a qualified person. It delineates success-contingent, staged exploration programs, with four stages required to reach the point of a production decision on each of four perimeters, namely Folakara, Faratsiho, Tranomaro and Makay. Included within these perimeters are sites of historic uranium production by a French Agency, as well as known uranium occurrences and in some cases historic uranium resources. The exploration budget for each perimeter contemplates aggregate expenditures of up to U.S. $3,920,000 over four result-contingent stages through preliminary feasibility. Work in the various perimeters will commence on a staggered basis following final Malagasy State ratification and approval of the joint venture and granting of requisite environmental permits.
The Company is also pleased to announce that it has entered into a Convention of Cooperation, dated June 25, 2005, with OMNIS and L'Institut National des Sciences et Techniques Nucleaires. Under the Convention, the joint venture agrees to adhere to the recommendations and standards of the International Atomic Energy Agency in Vienna and the Malagasy State concerning control and sale of radioactive materials.
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 A. Olian"
Irwin A. Olian
Chief Executive Officer
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.
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Contact:
Pan African Mining Corp.
Irwin Olian
President and CEO
604-899-0100
Fax: 604-899-0200
tigertail@panafrican.com
OR
Pan African Mining Corp.
Karim Gangji
Technical Operations Manager
604-521-6846
Fax: 604-899-0200
karim@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. |
