Pan African Resources sees H2 as productive as H1, further positive progress
LONDON (AFX) - Pan African Resources said it is confident that the second
half of the year will be as productive as its first half "with further positive
progress being made in all aspects of the business."
The African-based gold exploration company announced a pretax loss of 98,000
stg for the six months to end-Sept 2006, compared to a loss of 791,000 stg for
the 18 months to end-March 2006.
Chairman Colin Bird said: "The Manica gold project in Mozambique is showing
tremendous development potential and drilling in the Central African Republic
will be underway in the New Year.
"The company has taken the first step, by signing a conditional agreement
for the purchase of gold mines in South Africa, to building a balanced portfolio
of gold production and exploration ounces. The company is positioning itself as
an emerging mid-tier gold company."
On Dec 20, Pan African announced that it was buying a 74 pct stake in South
Africa's Barberton Mines from Metorex Ltd for 35.62 mln stg in shares,
representing a reverse takeover.
The company added that it was "proactively seeking new opportunities".
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