Panex Acquires 55% Interest in Giro Goldfields and Announces New CEO
December 09 2013 - 9:01AM
Marketwired
Panex Acquires 55% Interest in Giro Goldfields and Announces New
CEO
ZUG, SWITZERLAND--(Marketwired - Dec 9, 2013) - Panex Resources
Inc. (the "Company", or "Panex") (OTCQB:DBGF) is pleased to
announce that it has acquired 85% of Amani Consulting SPRL
currently in Joint Venture with state entity La Société Minière de
Kilo Moto (Sokimo). The company now owns an ultimate 55% interest
in Giro Goldfields SPRL (Giro). Amani has a 65% interest and Sokimo
has a 35% free carried interest in Giro which is comprised of two
exploitation permits, PE's 5046 and 5049, covering a surface area
of 610sqkm. The permits lie within 20 - 30km west of
Randgold/Ashanti's 20Moz Kibali gold deposits.
The Board of Directors is pleased to announce the appointment of
Mr Mark Gasson as Chief Executive Officer and President of Panex.
Mr Gasson replaces Mr Eckhof who will retain his position as
non-executive Director.
The Board is delighted to have Mr Gasson join the Board as he
brings vast experience and management skills which will have a
significant impact in the exploration and development of Panex's
highly prospective mineral projects in the Democratic Republic of
Congo.
Mr Gasson is a geologist with more than 25 years of experience
developing mineral deposits throughout the globe including Africa.
He has held senior positions with a number of Australian and
international mining companies operating in Africa. His most recent
position was Managing Director of Erongo Energy Limited (ASX:ARN)
and he was previously the Exploration Manager-East Africa for
Gallery Gold Limited and the Executive Director of Exploration for
Tiger Resources Limited.
The Board wishes to thank Mr Eckhof for his dedication to the
Company as CEO.
Further details on the Giro Project: located within
twenty-thirty kilometers to the west of Randgold Resources'
multi-million ounce Kibali Gold deposits. Randgold and partners
Ashanti commenced first production in September 2013 and are
expecting to produce 550,000oz of gold in 2014. Both projects occur
within the Kilo-Moto Belt, one of the world's principal greenstone
belts which hosts Anglogold Ashanti's deposits to the east, Loncore
and Kilogold deposits to the south and 50Moz of gold discovered in
Tanzania since 1994.
The Giro Project area is underlain by highly prospective
volcano-sedimentary lithologies in a similar structural and
lithological setting as the Kibali gold deposits. Both primary and
alluvial gold was mined from two main areas, the Giro and Tora
areas, during Belgian rule and today these areas are mined
extensively by artisanal miners.
At Giro, a wide quartz vein with an average grade of 16g/t Au
was mined within a shear potentially 2km long and 100m wide.
Channel samples from the base of artisanal workings within the
shear returned significant grades including 3.5m @ 36.6g/t Au and
8m @ 3.6g/t Au confirming the potential for significant grade and
widths within the shear.
Two Belgian pits located along a 4km west-east trending
structure were mined at Tora. Historic focus was on high grade
quartz veins which returned grades of of 0.8m @ 21.6g/t Au, 0.6m @
37g/t Au and 0.35m @ 485g/t Au from Belgian drilling.
The area has not been explored for over 50 years (since the
Belgian colonial era) and has never been subjected to modern
exploration.
The Company is targeting broad mineralised shear structures with
excellent potential to host multi-million ounce gold resources from
surface from at least 5 target areas within the project.
Acquisition Terms:
- Two months after the successful conclusion of the due diligence
(commencement date), Panex will make a payment of US$100,000 to the
current shareholders of Amani. Six months after the commencement
date Panex will pay a further $300,000 to the current shareholders
of Amani.
- On signing of a Share Purchase Agreement, Panex will issue 55%
of the share capital in Panex to current partners of Amani.
- Should Panex identify 3moz (measured and indicated) gold
resources at a cut off grade of 2.5g/t, Panex will pay a further
$5,350,000 to the current shareholders in Amani.
- On successful completion of the due diligence, Panex will fund
a 3,000m RC drilling programme to test the mineralised potential on
the two main target areas mined previously by the Belgians on the
Giro Project.
- Panex may at its discretion withdraw from this agreement by
written notice to Amani at any time without penalty.
ON BEHALF OF PANEX
Ross Doyle, CFO
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains statements that plan for or
anticipate the future, called "forward-looking statements." In some
cases, you can identify forward-looking statements by terminology
such as "may," "will," "should," "could," "expects," "plans,"
"intends," "anticipates," "believes," "estimates," "predicts,"
"potential" or "continue" or the negative of those terms and other
comparable terminology.
These forward-looking statements appear in a number of places in
this press release and include, but are not limited to, statements
about: our market opportunity; revenue generation; our strategies;
competition; expected activities and expenditures as we pursue our
business plan; the adequacy of our available cash resources; our
ability to acquire properties on commercially viable terms;
challenges to our title to our properties; operating or technical
difficulties in connection with our exploration and development
activities; currency fluctuations; fluctuating market prices for
precious and base metals; the speculative nature of precious and
base metals exploration and development activities; environmental
risks and hazards; governmental regulations; and conduct of
operations in politically and economically less developed areas of
the world.
Many of these contingencies and uncertainties can affect our
actual results and could cause actual results to differ materially
from those expressed or implied in any forward-looking statements
made by, or on behalf of, us. Forward-looking statements are not
guarantees of future performance. All of the forward-looking
statements made in this press release are qualified by these
cautionary statements. Specific reference is made to our most
recent annual report on Form 10KSB and other filings made by us
with the United States Securities and Exchange Commission for more
detailed discussions of the contingencies and uncertainties
enumerated above and the factors underlying the forward-looking
statements. These reports and filings may be inspected and copied
at the Public Reference Room maintained by the U.S. Securities and
Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549.
You can obtain information about operation of the Public Reference
Room by calling the U.S. Securities and Exchange Commission at
1-800-SEC-0330. The U.S. Securities and Exchange Commission also
maintains an Internet site that contains reports, proxy and
information statements, and other information regarding issuers
that file electronically with the U.S. Securities and Exchange
Commission at http://www.sec.gov.
We disclaim any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except to the extent required by
applicable laws.
This press release is for informational purposes only and is not
and should not be construed as an offer to solicit, buy, or sell
any security.
CUSIP No. 69841J 106
To view Figure 1 please click on the following link:
http://media3.marketwire.com/docs/DBGF1209.pdf
Panex Resources IncorporationKlaus Eckhof or Ross Doyle(+41) 41
711 0281info@coresco.chPanex Resources IncorporationC/- Coresco
AGLevel 3, Gotthardstrasse 206304 Zug,
Switzerlandwww.panexresources.com
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