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

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

with gold over $1700 - mega profits & divi should be good this year

EPS figure is pretty good for 2011 at 63% but not sure the 2011 divi is going to be that great at c3.4% (forecast) compared to other years, but of course with a marked drop in the sp that will change, though divi is in DEC (I assume?) so anything can happen between then.

Of interest from NortonFolgate on another discussion board

"Ok, I spoke to Phil Dexter at St James's Corporate Services Limited late this afternoon.

1. The audited full year results and dividend recommendation RNS is due out on 12th Sept as others have mentioned on here.
2. There is still the possibility of a trading update RNS before that date. The figures are currently with the accountants and if they determine a 20% difference in profit an RNS will be issued before 12th Sept.
3. Now this is the bit that surprised me: He said that he thought Phoenix production was due to start next month. He sounded very sure of this. I was surprised. I double checked this, I was put on hold for a bit and then when he came back Sept/Oct was mentioned. Full production is still targetted for Q1 2012 but even plant acceptance seems a lot more than a month ahead of schedule to me. And he said plant cost was under budget (which I think we all already knew but it's nice to hear it confirmed again). I came aware with from the call with a strong conviction that Phoenix production will commence next month. I sold some stock that I feel is going nowhere at the moment and quickly bought some more PAF:
15:53:59 12.45p 49,551 6,169 12p 12.5p BUY O

Apologies for not sharing this before 4:30."

http://www.moneyweb.co.za/mw/view/mw/en/page295799?oid=550155&sn=2009+Detail&pid=287226

19 August 2011 23:14 Pan African to list Manica separately (excerpt): Jan Nelson - CEO, Pan African Resources

Interviewer ProfileAlec Hogg is a writer and broadcaster. He founded Moneyweb and is its editor-in-chief.

Shareholders could be in for R100m bonanza.

ALEC HOGG: It's no secret that one of my favourite stocks is the Barberton gold miner, Pan African Resources. Maybe they are going to hit another golden quarry, as it was, that they hit there in the late 1800s. Who knows? Anything can happen in greenstone mining.
But today it announced that it is separately listing Manica it's Mozambican gold prospect. I asked the chief executive Jan Nelson for a little bit more information on the mine.
***

JAN NELSON: It's a greenstone gold project that outcrops on surface and it's got a total resource just short of three million ounces. Half of that is measured and indicated. It's got still quite a bit of exploration potential we've only explored about four kilometres of a total of 20 kilometres. But it also has the potential for some more for the fact that the mining could start on a much smaller scale in the short term.

ALEC HOGG: You talk about an outcrop in other words, very close to surface.

JAN NELSON: On surface, yes.

ALEC HOGG: So pretty easy then to mine.

JAN NELSON: Yes.

ALEC HOGG: I see from the detail that you actually are talking to TWP and Basil Read as coming in as partners here.

JAN NELSON: Yes, what we've done is we've appointed a new executive team for the project. And, as we've mentioned, the idea is to list it separately. One of the executive directors that will come on board is Dean Cunningham, and TWP and Basil Read are being brought on board as strategic partners to help develop the project. So I think it's all positive. They wouldnt have necessarily invested in Pan African with its other diversity assets, but in this projects specific asset thats listing separately, thats attractive to them.

ALEC HOGG: But I presume then that they would be doing the mining for you?

JAN NELSON: Well, we would think so.

ALEC HOGG: It sounds a little bit like a mining version of a Jannie Mouton youve got a project within a company, and youre separately listing it on the side. Whats the motivation here?

JAN NELSON: Alec, it's quite easy. If you look at our focus in South Africa, it's on Barberton and expanding that and we've got big organic expansion programmes going on. You know, we are looking at the tailing operations there and it's going to require another R260m of capex to process an additional 25 000 ounces. Phoenix [Platinum] is going into production and we want to expand that. And we are looking at other acquisitions in South Africa, assets that are operating at the moment. So we've got a big South African focus whereas this project, Manica, has still got quite a bit of exploration. Our major institutional shareholders and also the board dont want to spend that money on development, they'd rather spend it in South Africa. At the same time we dont want to have a project stand still. So we believed the best way to unlock value was let us focus on South Africa, lets list this separately, give it its own team, and it can go and make its own call on capital on the markets.
We will retain not a stake that will be incumbent to the company, but a smaller stake where we can also realise some further upside down the line and we can also supply them with some skills if they are required.

ALEC HOGG: Are you looking also to raise some capital for Pan African through this spin-off?

JAN NELSON: Well, we think through the spin-off, yes. We will certainly sell down a stake that we hold in the project, and we will use some of the proceeds from that stake towards our capital commitments and we could declare a special dividend to our shareholders.

ALEC HOGG: How big a project is Manica? Financially? If you list it as a separate company, how big could the cap be?

JAN NELSON: We think it could be anywhere between US$100m and $200m.

ALEC HOGG: Hows that one, Wayne? This is a company thats only worth R2bn total market cap. Not too many shareholders even knew that they had an operation in Mozambique it's such a small part of the business. Quite nice to put R700m back into the balance sheet.

WAYNE McCURRIE: Very nice, very much so, Alec. And I must say we agree with you we also like Pan African Resources a lot.

ALEC HOGG: Youve done well on it, Wayne. Unfortunately I am not a shareholder of this company, but you are and its doubled in the past year. Well, if youve made the money on this one, you certainly wouldnt be selling now.

Pan African Resources increases dividend in profitable year
StockMarketWire.com
Pan African Resources has announced annual results for the year ended 30 June 2011, showing gross revenue for gold sales increased by 15.62% to 79.2 million (2010: 68.5million).

EBITDA increased by 14.00% to 28.5 million (2010: 25.0 million).

Attributable profit increased by 20.28% to 17.2 million (2010: 14.3 million).

Earnings per share ('EPS') increased by 15.38% to 1.20p (2010: 1.04p) and headline earnings per share ('HEPS') increased by 12.15% to 1.20p (2010:1.07p).
Profit margin increased by 30.36% to US$ 584/oz (2010: US$ 448/oz)and resource inventory increased by 22.46% to 5.67 Moz (2010: 4.63 Moz).
The Group's cash balance was 10.1 million (2010: 12.8 million) at year-end.
The compnay increased Group capital expenditure by 255.93% to 21.0 million (2010: 5.9 million).
Proposed dividend has increased by 37.93% to 0.5135p per share (2010: Final dividend of 0.3723p declared).

Special Report Podcast: Jan Nelson, Pan African Resources CEO
http://www.moneyweb.co.za/mw/view/mw/en/page299360?oid=551738&sn=2009+Detail&pid=295683

A bounce up would be appreciated any time soon!

Ex-divi tomorrow, 9th Nov.

.

'Cos I sold just after the divi with a little profit! was hoping they would drop further for a better re-entry point. Damn!

.

CAUTIONARY ANNOUNCEMENT

Shareholders are advised that Pan African has entered into negotiations, which
if successfully concluded may have a material effect on the price of the
securities of the companies. Accordingly, shareholders are advised to exercise
caution when dealing in the Company's securities, until a full announcement has
been made.

Rosebank

17 November 2010

These are isable 'Arry......you can buy and sell at will in there...I'm in more by luck than anything else !...

Pan African announces that the following issue of Pan African ordinary shares
of 1p each ("Shares") has been made, following the exercise of share options
granted under the Company's share option plan:

* 723,650 Shares were issued at a price of ZAR0.83 per Share, for a total
consideration of ZAR600,629.50

Application will be made today, to the AIM market of the London Stock Exchange
("AIM") and to the Main Board of JSE Limited ("JSE") for 723,650 shares to be
admitted to trading on AIM and for listing on the JSE, with admission to
trading and listing on both markets expected to occur on 1 December 2011.

Following the above issues of shares, the total issued share capital of the
Company comprises 1,444,964,361 Shares.

Pan African, the African focused precious metals producer, is pleased to
announce it has successfully commissioned the Phoenix platinum project
(`Phoenix') Chrome Tailings Retreatment Plant (`CTRP') and signed a sale of
Platinum Group Metal (`PGM') concentrate agreement with Lonmin plc's operating
subsidiary in South Africa, Western Platinum Limited (`WPL').

Summary
* Phoenix has concluded a sale of PGM concentrate agreement with WPL for a
five year period

* The CTRP produced its first PGM concentrate two months ahead of schedule

* Planned production for Q3/Q4 (FYE 30 June 2012), taking into consideration
a build-up phase, is estimated to be 4,500 ounces of PGM's

* Planned production on an annualised basis is estimated to be 12,200 ounces
of PGM's (240,000 tonnes per annum at an average feed grade of 3.15 g/t)

* The CTRP has a project life of 17 years

Tempted to buy at this price. Seems to be good chart support.