|By Marketwired .||
|May 8, 2006 04:44 PM EDT||
VANCOUVER, BC -- (MARKET WIRE) -- 05/08/06 -- Pan African Mining Corp. (the "Company") (TSX-V: PAF) is delighted to announce that it has now commenced field exploration of prospective uranium deposits in the first of four zones delineated in its Joint Venture Agreement with L'Office des Mines Nationales et des Industries Strategiques ("OMNIS"), a Malagasy State agency. This initial exploration zone is known as the Antsirabe Zone, and is located in the Province of Antananarivo in Central Madagascar.
The Company was previously issued three Permis Recherches covering 32 Carres or an aggregate of 200 sq. km. in the Antisarable Zone. One Permit is situated in the Lacustrine Basin of Antsirabe approximately 180 km. south of Antananarivo. The other two are in relatively close proximity within the pegmatite fields of Vavavato and in the historic uranium area of Vatovory. The Company's claims were among the first to be obtained in the recent surge of interest in uranium exploration in Madagascar, using criteria including known radioactive anomalies, earlier prospecting successes, old drill results from French studies, and past mining of uranium and thorium. 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 in the Zone.
The Company has assembled a team of approximately 10 geologists and senior technicians on the ground in the Antsirabe zone, headed up 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. The team is endeavoring to identify prospective target areas with potential to host commercial uranium deposits. The Company has recently opened a satellite exploration office in Antsirabe to facilitate operations in the region.
The immediate study area coincides with zones of historic prospecting and small-scale mining of radium and uranium in pegmatites and in lacustrine sediments. These known prospects are being examined by the Company's field team, and adjacent areas will be studied for possible uranium deposits not previously considered by former exploration programs.
The Vavavato area north and west of Antsirabe contains many kinds of granitic rocks and pegmatites. The granitic rocks will be examined for structures and alteration zones favorable for the occurrence of intra-granitic vein deposits of the French type, or for disseminated uranium occurrences with similarities to the large bulk-mined deposit at Rossing, Namibia.
Tertiary to Quaternary volcanic rocks of several types occur in a major continent-scale rift zone on the eastern side of the study area. Recent academic studies of the tectonic setting of the volcanic rocks clarify their evolution and suggest zones of rhyolite and lacustrine volcaniclastic rocks favorable for several types of uranium deposits. One area within the Company's license, Vinaninkarena, is well known as the site of a radium and uranium deposit in lacustrine rocks, but other volcanic rocks and lacustrine basins have received little exploration attention.
According to Irwin Olian, CEO of the Company, "We are very excited to be commencing our uranium exploration program on the ground in Madagascar. After some three years of planning and acquisition of strategic claims, we have assembled an outstanding team of professionals and have now completed necessary mobilization of equipment and supplies. We have a strong and highly motivated partner in OMNIS and are looking forward to working together to identify, develop and exploit viable uranium deposits in Madagascar."
About Pan African
The Company is an exploratory resource company with approximately 10,000 square kilometres of diversified mineral properties and 2,500 square kilometres of uranium 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 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
For more information, contact:
President and CEO
E-mail: Email Contact
Phone: (604) 899-0100
Fax: (604) 899-0200
Corporate Communications - Vancouver
Email: Email Contact
Phone: (604) 899-0100
Fax: (604) 899-0200
Corporate Communications - London
Email: Email Contact
Corporate Communications - Europe
Email: Email Contact
Pan African Mining Corp.
Suite 1925, Box 11553
650 West Georgia Street
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