GOLD PROJECTS BY PANEX PEOPLE

The opening up of African countries to the exploration for and development of their mineral resources has created an opportunity for PanEx team members, particularly with regard to gold. By applying the understanding of gold ore forming processes within suitable host rocks within Achaean Greenstone Belts, the Witwatersrand and younger Birimian sequences, the PanEx team were responsible for the discovery and development of a number of operating gold mines bearings witness to the success of this effort. Currently gold exploration and drill evaluation projects in West Africa are ongoing on behalf of PanEx Resources and new gold projects are being evaluated in Europe. Members of the PanEx team were directly responsible for the discovery and evaluation of a number of gold deposits some of which are described below.

Buzwagi gold mine, Tanzania PanEx mines
Buzwagi Gold Mine, Tanzania
Discovered the gold deposit by regional soil sampling in an area with scant artisanal mining. Evaluated the deposit in a joint venture with Anglo American Corporation. The deposit was sold to Barrick Gold and the 3 million ounce deposit outside the town of Kahama is currently mined by Acacia Mining.
Tulawaka gold mine, Tanzania PanEx mines
Tulawaka Gold Mine, Tanzania
Discovered the deposit by regional soil sampling in an area with no known gold mineralisation. The deposit was drilled out for an open pit containing more than 1 million ounces gold at a grade of more than 10 g/t and sold to Barrick Gold.
Golden Ridge Gold Deposit, Tanzania PanEx mines
Golden Ridge Gold Deposit, Tanzania
Identified and evaluated by drilling this large ironstone hosted gold deposit located initially by BGR’s stream sediment sampling. The deposit is currently being developed by the Tanzanian State mining Corporation.
Makonjwaan gold mine, South Africa PanEx mines
Makonjwaan Gold Mine, South Africa
Makonjwaan was one of the first open pit gold mines to be established in South Africa. It went into production in 1990 and is now mined out and rehabilitated. The mine was the property of Process and Mining Consultants (Pty) Limited.
Ivory Coast gold exploration Project, PanEx mines
Ivory Coast Gold Exploration Project
An option to acquire this early stage gold exploration project was acquired in 2005. Since then approximately $10 million has been spent on exploring and developing the Birimian age gold deposits found here. Resource calculations and metallurgical studies have been carried out and mining licence has been applied for.
Burnstone gold mine, South Africa PanEx mines
Burnstone Gold Mine, South Africa
Mineral rights previously held by large mining houses were consolidated as a result of the new Mining Act in South Africa. The deposit was drilled and a resource of more than 17 million ounces was located before it was sold to Great Basin Gold a subsidiary of the Hunter Dixon Group.
Manica gold deposit, Mozambique PanEx mines
Manica Gold Deposit, Mozambique
Known gold mineralisation in the vicinity of Manica town was drilled after realising that it may be part of a larger system. The deposit was sold at an early stage to Pan African Resources as its first asset before that company grew into a mid-tier gold producer today.
Sofala gold mine, South Africa PanEx mines
Sofala Gold Mine, South Africa
The Sofala deposit of gold bearing banded ironstone was discovered in the Barberton Mountainland in 1991. An open pit mine was established on the deposit and the ore was treated in the Makonjwaan recovery plant. The Sofala deposit has now been mined out and the area rehabilitated.