Pan African Resources PLC Evander Fatality & Shaft Refurbishment Programme
20 February 2017 - 7:00AM
UK Regulatory
TIDMPAF
Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
("Pan African" or the "Company")
EVANDER GOLD MINING PROPRIETARY LIMITED ("EVANDER") FATALITY AND SHAFT
REFURBISHMENT PROGRAMME
FATALITY
It is with deep regret that Pan African reports that a mining accident occurred
at the Evander 7 shaft complex on 15 February 2017. Mr Velile Chaplin Kapa
(54), an Engineering Assistant employed by the operation, sustained a fatal
head injury when a section of the main shaft pump column failed whilst he was
working in the shaft bottom area. Pan African's management and board express
their sincere condolences to the family, friends and colleagues of Mr Kapa.
SHAFT REFURBISHMENT PROGRAMME
Shareholders are referred to the Trading Update, released on 5 December 2016,
in which Pan African, inter-alia, disclosed details of the refurbishment
programme being conducted at Evander's 7A shaft.
In conjunction with the 7A shaft refurbishment programme, Evander's management
initiated a number of independent and internal engineering studies to assess
the condition of Evander's underground mining infrastructure (both Evander 7
and 8 shafts). These studies identified critical infrastructure issues
requiring remedial action, to ensure safe and sustainable operation of these
shafts.
The nature of these refurbishments require a suspension of Evander's
underground mining operations for a period of up to 55 days, during which
critical infrastructure issues will be addressed. Evander's tailings and
surface operations will be unaffected by the underground mining suspension.
The cost of the shaft refurbishment programmes is expected to be approximately
R40 million, which will be funded from the Company's existing banking
facilities.
In light of these recent developments, Pan African has revised its gold
production guidance for the financial year ending 30 June 2017 from 195 000
ounces to approximately 181,000 ounces.
Pan African's interim results for the period ended 31 December 2016 will be
released on 22 February 2017. Further detail on the Evander underground
refurbishment programme will be made available as part of this interim
presentation.
20 February 2017
CONTACT INFORMATION
Corporate Office
The Firs Office Building
1st Floor, Office 101
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: + 27 (0) 11 243 2900
Facsimile: + 27 (0) 11 880 1240
Registered Office
Suite 31
Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom
Office: + 44 (0) 207 796 8644
Facsimile: + 44 (0) 207 796 8645
Cobus Loots Deon Louw
Pan African Resources PLC Pan African Resources PLC
Chief Executive Officer Financial Director
Office: + 27 (0) 11 243 2900 Office: + 27 (0) 11 243 2900
Phil Dexter John Prior / Paul Gillam / James Black
St James's Corporate Services Numis Securities Limited
Limited
Company Secretary Nominated Adviser and Joint Broker
Office: + 44 (0)207 796 8644 Office: +44 (0)207 260 1000
Matthew Armitt / Ross Allister Sholto Simpson
Peel Hunt LLP One Capital
Joint Broker JSE Sponsor
Office: +44 (0)020 7418 8900 Office: + 27 (0) 11 550 5009
Julian Gwillim Bobby Morse/Chris Judd
Aprio Strategic Communications Buchanan Communications
Public & Investor Relations SA Public & Investor Relations UK
Office: +27 (0)11 880 0037 Office: +44 (0) 207 466 5000
Jeffrey Couch/Neil Haycock/Thomas Rider
BMO Capital Markets Limited
Joint Broker
Office: +44 (0) 207 236 1010
www.panafricanresources.com
END
(END) Dow Jones Newswires
February 20, 2017 02:00 ET (07:00 GMT)