For those of you un-familiar with this company you should visit their website at ( www.panasiagroup.com )You will find an enormous amount of both technical information as well as corporate info. Here is a rundown on the recently announced news. Pan Asia has been trying to close financing to secure their 50% interest in the first Sino-Foreign J.V. mining project (mining license 001) for years. Everyone and their uncle has tried to scoop this property, from Friedland to Kensington, but were unsuccessful. Recently Pan Asia entered into a $4,800,000 financing agreement that will be utilized to earn the company it's 50% interest in the 701 Chagma Diamond Mine J.V. company. The project itself has measured and indicated resources of 1,774,000 tonnes yielding 2,083,000 carats with an average of 1.174 ct/tonne from 90 meters to 300 meters below the surface. Inferred geological resources 300 and 600m below surface to contain 1,378,000 tonnes @ 0.77 ct/tonne yielding a total of 1,061,000 carats. In my opinion if the VSE approves this (hopefully in the next two weeks) and there are no hang-ups with the financing particulars, then this is a true win. Certainly at it's existing share price of .24 cents!
The Barber |
