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Pan African Resources gets mining licence for Manica gold project in Mozambique

Published: 02:27 04 Apr 2011 EDT

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Pan African Resources PLC (LON:PAF) said it has been awarded a mining licence on its Manica gold exploration project by the Mozambican government, which will allow the group to progress Manica to development stage.

The African focused precious metals producer in December 2010 completed a pre-feasibility study on the first phase at Manica, while a PFS on the underground workings is expected to be completed by the end of June.

The detailed pre-feasibility study will include the remainder of the sulphide-bearing mineralised material as well as a detailed three dimensional underground mine design.

Results of both studies will be published towards the beginning of the third quarter of 2011.

Chief executive Jan Nelson said: "We are pleased to have been awarded this mining licence on the Manica Project as well as with the overall progress on the project to date. Once the pre-feasibility study is completed, we will be in a position to review how we move the project forward."

In February, Pan African posted a strong rise in first half earnings, unveiling attributable profit of £7.58 million, a rise of 70 per cent on the year earlier, as sales advanced by almost a third to £38.33 million.

The company’s financial progress was underpinned by the soar-away value of gold. Pan African is a rare commodity in the world of gold mining having been one of the few to make the transformation from promising explorer to cash generating producer.

It is the culmination of several years of drilling at the company’s flagship Barberton mnes in South Africa.

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