Surface Samples Confirm High-Grade Uranium Anomaly at Old French Mine Site 37 in Madagascar's South
Monday March 26, 4:00 am ET
biz.yahoo.com
VANCOUVER, BC--(MARKET WIRE)--Mar 26, 2007 -- PAN AFRICAN MINING CORP. (CDNX:PAF.V - News) (Frankfurt:P2A.F - News) (the "Company") is pleased to report assay results received from ALS Chemex Labs of Vancouver for rock samples taken at and around old French mine site 37, Northeast of Tranomaro in the South of Madagascar. These were selective follow-up samples taken from outcroppings in situ to further examine and evaluate the surface anomaly at mine site 37 initially revealed in the Company's 2006 regional uranium reconnaissance program. The old French site is situated 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.
A total of five follow-up surface samples were analyzed, all returning uranium values in excess of 3000 ppm or greater than 0.3 of 1% U, with two of the samples in excess of 22,000 ppm or greater than 2.2% U. They confirmed the existence of a high-grade surface uranium anomaly at the old French site. Three surface rock samples from mine site 37 had been previously reported on February 6, 2007, as part of the regional sampling results. Surface radiometric readings were taken in the area over a grid with 20m. X 20m. spacing and generated results consistent with sampling. They confirmed a sizeable radiometric anomaly at surface with dimensions of approximately 250 m. NS and a width up to 40 m.
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TABLE OF ASSAY RESULTS FROM ROCK SAMPLES AT MINE 37
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Surface samples, rocks (from in situ outcrops)
Results of sample analysis from ALS Chemex, no: VA07010592
Location : Mine 37
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SAMPLE ID ME-MS61U ME-MS61U Ratio
U Th Th/U
ppm ppm %
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TR/37R/C5S 45E 3170 1750 0.55
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TR/37R/DOS 45E 25900 8510 0.33
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TR/37R/B6S 50E 7050 470 0.07
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TR/37R/D8S 38E 22900 396 0.02
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TR37/R/E5S 40E 5320 730 0.14
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The results of follow-up sampling and radiometrics at old French mine site 37 clearly establish it as a high priority target for further exploration by the Company near-term. Systematic trenching across strike is being undertaken, together with other surface studies. It will be followed up by core drilling to investigate the grade and extent of down dip extensions of the high-grade uranium-bearing mineralization, which typically occurs at this location as uranothorianite hosted in North-South trending lineaments of pyroxenite. Mine site 37 is one of over fifty targets that have been identified for exploration in Madagascar's South by the Company's uranium team, which is being managed by Dr. Reinhard Ramdohr. Such targets include numerous known uranium occurrences, radiometric anomalies and old French open-pit workings.
According to Irwin Olian, CEO of the Company, "We are now in the process of identifying discreet targets for in-depth exploration and drilling in Madagascar's Tranomaro Zone. Old mine site 37 certainly appears to be a strong initial target and we look forward to continuing our work at that site in the coming months."
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.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
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
Source: Pan African Mining Corp. |
