http://moneyam.uk-wire.com/cgi-bin/articles/20050126070000PE650.html

Drilling update Click HERE

This share would test the patience of a saint. One step forward then two steps back with this one. No interest in this Company at all, even with some good drilling updates!!

Full YEAR results are out, in what it seems a cracking one. Talking about valuation then....... the stock looks on the cheap side on EPS of 0.52p the PE drops to 7.2

SALIENT FEATURES
- EBITDA of 13,7 million
- Gold sales of 99,078 oz
- Total cash cost of US$ 476/oz sold
- Acquisition of Barberton Mines
- Now an unhedged gold company
- Considerable progress and encouraging results from exploration projects
- Geological footprint in West Africa enhanced through the acquisition of three
gold properties in Ghana


FINANCIAL PERFORMANCE
12 months..................... June 2008 -------- June 2007

Revenue (GBP) ......... .... 39,254,557 ---- 26,684,796

Cash Mining Profit (GBP) 13,710,819 ------- 5,804,036

Attributable profit (GBP) 5,460,067 --------- 2,067,985

EPS- Earnings per share (p) 0.52 ----------- 0.35

Weighted average number of 1,043,789,285 ----- 593,740,476

New article and analysis, click HERE

Excellent article, IMO, HERE

Looks to have broken the downtrend and started turning up.

Results on the 24th Feb and looking for the Manica Pre Feasibility study and a resource upgrade there.

Plenty of drill results due from several projects !!!

9th Feb 2009

Pan African Resources acquires option to purchase Phoenix platinum

Pan African Resources (`PAR') today announces that it has acquired an
exclusive, non-refundable option to purchase 100% of the shares in Phoenix
Platinum Mining (Pty) Limited (`Phoenix') from Metorex Limited (`Metorex').

This option enables PAR to conduct a four month due diligence on the existing
technical information, which will provide the company with the necessary
information to determine the viability of Phoenix.

The option, at a cost of US$1 million, is payable immediately and can be
exercised at any stage within the next four months. The cost of the option, if
exercised will be deducted from any agreed purchase price. Should PAR exercise
the option, the transaction will constitute a 'related party transaction' under
the AIM Rules and will require a fair and reasonable opinion from the Company's
Nominated Adviser, RBC Capital Markets.

Phoenix owns certain rights to the contained PGM's from both surface tailings
dump and current arising from operating mines within the Bushveld igneous
complex.

CEO, Jan Nelson noted, "In the current market we are pleased to have the
opportunity to review this project, which could result in cash generation to
finance further acquisitions. The platinum project is envisaged to have low
capital development costs with attractive margins."

ENDS

For further information on Pan African Resources plc, please visit the website
at
www.panafricanresources.com

CEO interview, click HERE

Seems to be attracting attention now, sp climbing and steady volume. Found this from Sept.1st.

Pan African shares rise as gold junior exits exploration, focuses on mining
By: Martin Creamer
1st September 2009 JOHANNESBURG (miningweekly.com) The shares of gold junior Pan African Resources rose on the JSE on Tuesday after it announced that it had exited exploration and had become a growth-orientated gold producer with near-term platinum production assets.

"We are focusing on production and projects that are very close to production, and see potential to increase profit by 50% in 18 months," Pan African CEO Jan Nelson told Mining Weekly Online.

The company, also listed on London's Aim and now chaired by Cyril Ramaphosa, is fully empowered, with Ramaphosa's Shanduka the 26% black economic-empowerment partner at holding company level.

Since the exit of Metorex, Pan African now owns 100% of the Barberton mines of Fairview, Sheba and New Consort, which lifted underground production by 15% and increased their reserve base. Earnings before interest, tax, depreciation and amortisation rose by 30%, after the company sold 97 500 oz of gold for R760-million in the 12 months to June 30.

Nelson said that steady state production at Barberton would be between 95 000 oz/y and 100 000 oz/y, with the potential possibly to grow the production profile to 120 000 oz/y.

Costs rose 12% at Barberton compared with the current mining inflation of between 15% and 20%.

Nelson expected the newly acquired Phoenix Platinum project to begin producing 10 000 oz to 15 000 oz in early 2011.

"We've exited from out exploration assets and don't have that exploration expenditure any more," Nelson said at the results presentation.

The Barberton mines are considered low cost and high margin and new CFO Cobus Loots said that the debt-free, unhedged Pan African had sufficient free cash flow to fund the development of the also low-cost, high-margin and near-production Phoenix, plus the "financial firepower to follow through on opportunities".

On the strong rand, Nelson said: "There is nothing we can do about the rand and the gold price, but what we can do is focus on more production and cost control and that's what we are doing.

"We have a significant margin at the Barberton mines of close to 35% and that margin has been widening.

"The margin at the Barberton operation is significant. Even if there is a depression in the effective price and you focus on costs, you can weather the times when it does get more difficult. If we include capital cost, our cost is around R145 000/kg, but if we were to take the capital out, we could go down to about R110 000/kg," Nelson told Mining Weekly Online.

"We're looking to an increase in the resource and reserve base at Barberton, and the same or more profit in the new financial year, because 100% of Barberton is now attributable to us.

"The Phoenix platinum tailings plant comes on line in18 months and the company was looking at additional opportunities," Nelson said.

The greenstone Barberton gold mines have a ten-year life-of-mine, which Pan African is looking to extend to 15 years, and Phoenix has a five-year life from the current surface tailings on the mine, and from 12 to 15 years with underground arisings.

The Barberton greenstone belt has produced some 11-million ounces of gold over the years and the three mines that Pan African owns have produced close to eight-million ounces of that.

Nelson told Mining Weekly Online that, when Phoenix added its expected after-tax profit, the Barberton mines plus Phoenix had the potential to together yield a $25-million profit, which could materialise in the next 18 months.

"That takes profit from $15-million to $25-million in 18 months. With the growth from Barberton and the potential at Phoenix, that profit can rise to $35-million a year in time, and we are also looking at acquisitive growth.

"That's significant growth for a company of our size, to virtually increase profit by 50% in 18 months.

"In term's of profitable resource ounces, we are looking to grow that business to 120 000 oz a year, but that can only be done in the next three to four years. A lot of development and equipping still has to take place.

"Phoenix will allow us to take advantage of many other opportunities. We are looking to acquire additional projects that are close to production, or that are in production," Nelson told Mining Weekly Online.

Pan African mining operations executive Mario Gericke said that the focus was on increasing the company's resource base and, in time, the reserve base.

Once that was done, the company would deal with the capacity constraints, like hoisting capacity, to allow the organic growth to a possible 120 000 oz/y at Barberton.

Phoenix Platinum operational manager Ron Holding said that the company was striving to get the Phoenix plant in operation as fast as possible; assure optimal recoveries; and then grow through transactions with other companies that have metals tailings.

"We are empowered at the top level, we don't have to find the empowerment and Shanduka has the ability to invest money and the cash can be used to seal other opportunities, and that's the advantage that we have," said Nelson.

"Barberton is the engine and if we don't look after our assets in Barberton, everything else will fall flat. We have to look at organic growth at Barberton and, if you look at the orebody, you see that those opportunities are available, but there is a lot of work to do, and we have to keep on focusing on cost control and production increases," he added.

"Phoenix is a low capex, quick-return project and, if that business grows, great, it just adds money for our future growth aspirations," he added.

Nelson continued to hold out hope for the Manica gold prospect in Mozambique, where the company was adopting a systematic step-by-step approach.

During August 2009, Barberton Mines reached two-year wage agreements with both the National Union of Mineworkers (NUM) and the United Association of South Africa (UASA). The percentage increases came to 13% for NUM and 11% for UASA. The second year increase will be the average consumer price index plus 1% with a guaranteed minimum of 7,5%. The company and unions will also return to the negotiation table if the gold price falls below R190 000/kg.

Think I might have a punt. BB

last friday was in investors chronicle as undervalued recmmended buy bought them yesterday and is up today

This forum will be oversubscribed with this terrific lineup, so early booking is advised!


Proactive Investors One2One Forums


The directors of Pan African Resources (AIM: PAF), Chaarat Gold (AIM: CGH), Discovery Metals (AIM: DME) and LonZim PLC (AIM: LZM) will be presenting:

Thursday the 26th November 2009

Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB

The presentations will start at 6:00pm and finish at approx 8:00pm.

After the presentations are complete the directors will also be available to take questions during a free canapand wine reception.

This event is suitable for the following : Sophisticated & private investors, private client brokers, fund managers, financial institutions, hedge funds, buy & sell side analysts and journalists.


Register Here : http://www.sign-up.to/signup.php?fid=1916&pid=7163


These are very popular events, in a wonderful setting, affording the private investor the rare opportunity to meet and chat to the CEO's in an informal environment.


If you have any problems registering or queries please email action@proactiveinvestors.com

THE Chesterfield Hotel is a few minutes walk from Green Park and Bond Street tube stations.

can anyone tell me if these can still be traded on lse after they join jse... i see theres a lot of buying at mo and could get out or could i continue to hold and sell when ever?? please BB

Hi guys--Just to tell you all I have bght some shares in this excting company after having followed it for sometime!--I paid 6.50p and I believe we could be in for an exciting year ahead--mm--my contacts in the City have reassured me and we could be hearing some good news soon --LOL--BUY!!

I have just heard that the chief executive is coming over within the next few weeks to make various presentations to institutions and shareholders and he will be explaining what the company is all about as many investors are not very clear about the various things they are involved in what the true worth is to the company and its shareholders--after these presentations there will be a much clearer understanding and i am told the shares will be re-rated upwards guys!--LOL--Buy!--

Agree. This gold miner is profitable, pays a dividend and has expansion plans. One to buy.

Broker note from Numis:
Pan African Resources (Buy 16p). Strong interims highlight the steady and reliable production platform at the core asset, the Barberton gold mine in SA. Gold sold 46,655oz was in line with our 47,000oz forecast. EBITDA 12.95m, and EPS 53p were all in line with our forecast. Total cash costs were around $790/oz, which is well over our $700/oz forecast and due to high expenditure on security. Previous issues with illegal miners encroaching on the mine appear to have been resolved, with costs in the mid-$600s during the December quarter. The company is looking to further cost reductions as security is scaled back to more normal levels. The Phoenix platinum project remains on schedule and within budget for production later this year. CEOs statement highlights the relationship with Shanduka, its Black Empowerment partner as a lever for further growth opportunities. We continue to believe that PAF is a high quality business, with strong management and good potential for organic and M&A growth. We remain positive.

Thursday 09 June, 2011Pan African Resources PLC
Results of Drilling Programme at Bramber Tailin...

Pan African Resources PLC

(`Pan African' or the 'Company' or the `Group')

Incorporated and registered in England and Wales under Companies Act 1985 with
the registered number: 3937466 on 25 February 2000

Share Code on AIM: PAF

Share code on JSE: PAN

ISIN: GB0004300496

Encouraging results of drilling programme at Bramber tailings dam at Barberton
Mines (Pty) Ltd

Pan African Resources PLC (`Pan African'), the African focused precious metals
producer, announces the results of a drilling programme on the Bramber tailings
dam at Barberton Mines (Pty) Ltd (`Barberton Mines').

Highlights:

- Indicated mineral resource declared of 148koz (3.130Mt @ 1.47g/t in situ)
independently verified at a cut off grade of 0.5g/t

- Initial metallurgical test work indicates recoveries of 45% to 55%

- Order of Magnitude (`OME') study estimates capital for the project for a
Carbon-in-Leach plant at ZAR120 million (approximately 11m) to treat 1.2Mt of
tailings per annum at Barberton Mines for a period of approximately three years

- An additional 9Mt of dump material is currently being investigated that could
increase the life of project (`LOP') from three years to ten years

- If viable this project could increase production at Barberton Mines by
another 20koz per annum over the LOP

- Feasibility study on the project will be completed by Q2 of 2011/12 financial
year

Jan Nelson, Chief Executive Officer of Pan African, commented: "We are very
encouraged by these results that show that the re-treatment of tailings at
Barberton Mines is developing into a significant stand alone gold project. Not
only could it increase the current production profile of the Company by 20koz
per annum but also increase the operating margin and reduce unit costs. The
project at a 10% real discount rate yields a net present value of approximately
ZAR350 million with an internal rate of return of approximately 85% assuming a
gold price of ZAR300,000/kg. We continue to focus on organic growth
opportunities within the Group to grow our earnings."

The Bramber tailings dam, which has been used as a tailings storage facility at
Barberton Mines since 1986, reached the end of its operational life in January
2011. A new tailings facility was commissioned at that time. Due to the current
high gold price and low cost associated with the re-treatment of tailings dams,
the Company undertook a drilling programme to evaluate the dam as a source of
additional production ounces.

A total of 308 auger drillholes were drilled on a grid of 20 metre x 20 metre
representing approximately 6,074 metres. Samples of each hole were taken at 1.5
metres intervals and composited at 3 metres intervals representing a total of
2,344 samples taken for assaying. Modeling and geological profiling of the
boreholes confirmed two distinct depositional populations across the tailings
dam which is the result of separate historical deposition that took place in
two separate compartments, a higher grade BIOX tail section and a lower
concentrator/flotation tail section. Geostatistical modeling indicates 74.6koz
(758kt at 3.06g/t in situ) for the BIOX section and 72.9koz (2.369Mt at 0.96g/
t in situ) for the concentrator/flotation section. This represents a total
indicated resource of 148koz (3.130Mt at 1.47g/t in situ).

A total of 10 composite samples representative of the tailings dam were
submitted for metallurgical recovery test work. Initial excess cyanide test
work indicates recoveries varying between 45% and 55%. Kinetic test work is
being done to determine residence time that guides the process flow design for
plant optimum configuration to be used in the feasibility study. The
feasibility study covering plant design, final process flow design, volume
throughput, chemical and reagent consumption, recoveries and capital and
operating expenditure will be completed by quarter two of the 2011/12 financial
year. If feasible a new plant will be constructed to treat 1.2Mt per annum of
tailings for three years. An OME study completed by Matomo Projects (Pty) Ltd
(`Matomo') estimates the capital cost of the plant at approximately ZAR120
million (approximately 11m). Plant construction is estimated to take 12
months.

The Company is currently drilling another 9Mt of tailings which if viable could
extend the LOP from approximately three to ten years and increase the annual
production profile at the mine by approximately 20koz. The drilling programme
and associated metallurgical test work applicable to the expansion is expected
to be completed within three months.

Bramber Tailings Mineral Inventory

Project Resource Mass Grade Mineral Resource
Category

(kt) (g/t) (kg) (koz)

Surface Tailings

Bramber Measured
Tailings Dam
Indicated 3,130 1.47 4,600 148

Inferred

Total 3,130 1.47 4,600 148

Total Surface Tailings 3,130 1.47 4,600 148

Barberton Mines Mineral Inventory

* Inclusive of the Bramber Tailings Mineral Inventory

Barbeton Resource Mass Grade Contained Gold
Mines Mineral Category
Inventory

(kt) (g/t) (kg) (koz)

Measured 2,750 8.45 23,300 750

Indicated 7,340 5.50 40,300 1,300

Inferred 2,510 8.01 20,100 650

Total 12,600 6.64 83,700 2,700

Total Measured and Indicated 10,090 6.30 63,600 2,050

Reserve Category Mass Grade Contained Gold

(kt) (g/t) (kg) (koz)

Proved 1,220 7.27 8,900 290

Probable 2,610 8.48 22,200 710

Total Proved and Probable 3,830 8.12 31,100 1,000

Notes:

- Please note differences may occur due to rounding.

- The table above is only with respect to Barberton Mines.
The Company is currently updating the Group's Mineral Inventory statement and
this will be announced in due course.

- Frans Chadwick, a member of the South African Council for Professional and
Technical Surveyors and an employee of Barberton Mines, has signed off on the
above Mineral Inventory for Barberton Mines.

- Dave Briggs, a member of South African Council for Natural Scientists and an
independent Geological Consultant signed off on the Mineral Inventory for the
Bramber Tailings Inventory.

- The above resource is compliant with the South African Mineral Resources
Code.

Johannesburg

9 June 2011

JSE Sponsor:

Macquarie First South Advisers (Pty) Limited

Enquiries:

South Africa UK

Pan African RBC Capital Markets

Jan Nelson, Chief Executive Officer Martin Eales

+27 (0) 11 243 2900 +44 (0) 20 7653 4000

Pan African St James's Corporate Services Limited

Nicole Spruijt, Public Relations Phil Dexter

+27 (0) 11 243 2900 +44 (0) 20 7499 3916

Macquarie First South Advisers (Pty) Gable Communications
Ltd
Justine James
Natalie Di-Sante/Melanie de Nysschen
+44 (0)20 7193 7463
+27 (0) 11 583 2000

Broker note from Edison
Pan African Resources increased its gold reserves at the Barberton Mines by more than 50% to 1Moz. The total resource at Barberton is now 2.55Moz, which added to the 2.56Moz resource at the company's Manica gold project in Mozambique and lifts the Pan African gold inventory to more than 5Moz. The recent award of a mining license for Manica will allow the company to exploit that resource if it chooses to do so. Plant construction is underway at the companys Phoenix project, where it expects to begin PGM production by end-2011. The company is on track to generate annual revenues of over 76m at an after-tax profit of almost 15m for FY11. We value the company at 18.6pps compared with the current share price of 10.75p.

Last updated on 08/06/2011

gold on the up over $1700.
Shares are cheap as chips