CINCINNATI, OH – Pan African Management and Development Company, Inc., “Panafra”, announced today that it has obtained option agreements which when exercised, will give the Company mineral rights to two copper concessions which cover approximately 350 square kilometers in Tanzania. Preliminary mineral testing has indicated the areas show evidence of copper, iron, and other minor constituents. Field work and continued sampling are ongoing and a preliminary reserve estimate is expected to be completed in the first quarter of 2008. John Tate, Panafra’s Chairman commented, “Tanzania has an abundance of mineral wealth. The mining sector is growing and new discoveries seem to make headlines each day. Preliminary indications for the Panafra concessions are encouraging and we expect to be able to announce positive results from our ongoing sampling in the area in the near future. Each successive round of sampling and analysis we have conducted strengthens our view that our copper concessions represent a viable opportunity for Panafra as the Company expands its operations in Tanzania.”
CINCINNATI, OH – Pan African Management and Development Company, Inc., “Panafra”, announced today that it has obtained option agreements which when exercised, will give the Company mineral rights to two copper concessions which cover approximately 350 square kilometers in Tanzania. Preliminary mineral testing has indicated the areas show evidence of copper, iron, and other minor constituents. Field work and continued sampling are ongoing and a preliminary reserve estimate is expected to be completed in the first quarter of 2008. John Tate, Panafra’s Chairman commented, “Tanzania has an abundance of mineral wealth. The mining sector is growing and new discoveries seem to make headlines each day. Preliminary indications for the Panafra concessions are encouraging and we expect to be able to announce positive results from our ongoing sampling in the area in the near future. Each successive round of sampling and analysis we have conducted strengthens our view that our copper concessions represent a viable opportunity for Panafra as the Company expands its operations in Tanzania.”
