| FOR IMMEDIATE
RELEASE April 1,
2008
TSX.V:
PAF
FRANKFURT:
P2A POSITIVE GEOCHEMICAL
SAMPLING RESULTS INDICATE PROXIMAL KIMBERLITE PIPE
IN PAN AFRICAN’S MADAGASCAR Diamond
PROJECT Vancouver, British
Columbia — PAN AFRICAN MINING
CORP. (the
“Company”) is pleased to
report that results have now been received for
detailed follow-up sampling of certain minor
tributaries of the Fandiavo River in the
South-east of Madagascar within the
Company’s license area B3 near the port of
Manakara. A tight clustering of
samples with high ilmenite counts was outlined in
a minor ephemeral tributary in the upper reaches
of the drainage basin. These
samples include ilmenites with perovskite reaction
rims, which are typically indicative of minimal
transport from a primary kimberlite
source. The restricted
distribution of the positive samples coupled with
the ilmenite surface textures strongly suggest a
local point source in the form of a proximal
kimberlite pipe.
The initial focus of the
Company’s Diamond program in Madagascar
remains its B3 license area.
The first alluvial diamonds from Madagascar
were reported to have been recovered by artisinal
gold miners from the Sandranampano
River. These were reputedly
well-formed crystals of good quality.
However, despite subsequent systematic
sampling of this river, no primary kimberlite
source of these stones has yet been
located.
Initial reconnaissance and
follow-up sampling by the Company of its B3
license area recovered a small number of
encouraging samples in the Fandiavo River, about 5
km west of the Sandranampano River.
Hence the present round of follow-up
sampling was carried out with a view toward
further evaluating the potential of this area and
in particular several of the tributaries in the
upper reaches of the drainage basin.
The geometry of the
drainage network in the B3 area indicates that
there have been numerous river
“piracy” events which have modified
the headwaters of the streams over a long period
of time. This process
typically involves headwater erosion of one river
that captures the course of a second drainage,
thus diverting or pirating the latter’s
headwaters. In this instance,
there are now strong indications that the modern
headwaters of the Fandiavo were originally linked
to the very linear, structurally controlled
Sandranampano River. The
potential kimberlite pipe in the upper Fandiavo
basin indicated by the latest round of local
sampling results thus represents a likely source
of the four Stapoundzi diamonds reportedly found
in 1907 in the area. According to Dr. Andy
Moore, P.Geol. and a Qualified Person, who manages
the Company’s Diamond exploration program,
“ Our recent sampling results combined with
geophysical data and anecdotal evidence of earlier
Diamond discoveries in this area provide a
compelling case for the existence a
Diamond-bearing kimberlite pipe within the
Company’s B3 license area in
Madagascar. Our prime
target area in the vicinity of the Fandiavo River
has now been narrowed to a small zone measuring
less than 2 km x 2 km in the upper reaches of the
drainage basin. Our exploration
teams are now being mobilized to locate the source
of the instant anomaly at the outset of the dry
season in the near future.” About Pan
African The Company is an
exploratory resource company with approximately
7,500 sq. km. of diversified mineral properties
and 5,000 sq. km. of uranium properties in
Madagascar. The Company is exploring these
properties for uranium, gold, coal, precious
stones, base metals and industrial commodities. In
addition, the Company is exploring two large
regions for gold and metals in Mozambique under
agreements with other companies. It also has
approximately 5500 sq. km. of Diamond licenses in
Botswana which it is presently exploring. Its
operations in Madagascar are carried out through
its operating subsidiary, PAM Madagascar Sarl, and
its uranium activities are carried out through its
80% owned subsidiary PAM Atomique Sarl. The
Company has offices in Vancouver, Canada and
Antananarivo, Madagascar. More information about
the Company is available at www.panafrican.com.
ON BEHALF OF THE
BOARD OF DIRECTORS OF
PAN AFRICAN MINING
CORP.
“Irwin
Olian”
Irwin Olian
Chairman & CEO For more
information, contact:
| Irwin
Olian, President and CEO E-mail:
tigertail@panafrican.com Phone: (604) 899-0100
Fax: (604) 899-0200
| Tom
Kinakin, Corporate Communications –
Vancouver Email:
tom@panafrican.com Phone: (604)
899-0100 Fax: (604)
899-0200 |
| |
| | Carrie Howes, Corporate Communications –
London Email: carrie@panafrican.com
Phone:
+44-7780-602-788 |
The TSX
Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy
of the content of the information contained
herein. The statements made in
this press release may contain certain
forward-looking statements that involve a number
of risks and uncertainties.
Actual events or results may differ from
the Company’s
expectations.
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