Panex Enters into Agreement to Acquire Highly Prospective Gold
Project in the Moto Gold Belt, Democratic Republic of Congo
ZUG, SWITZERLAND -- (Marketwire) -- 01/14/13 -- Panex Resources
Incorporated (the "Company," or "Panex") (OTCQB:DBGF), is pleased to
announce that it has entered into an agreement with Amani Consulting
SPRL to acquire a 65% interest in a group of two tenements
(Exploitation Licences 5046 and 5049) which cover 610sq km of
prospective ground in the Oriental Province, northeast Democratic
Republic of Congo, Central Africa. The tenements are located within
thirty kilometers to the west of Randgold Resources' multi-million
ounce Kibali Gold deposits as shown in Figure 1. Both projects occur
within the Kilo-Moto Belt in 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
At Giro, the Belgians mined two quartz veins at the Giro deposit, the
Giro quartz vein which trends to the northwest and the Kibigada vein
which trends to the northeast withr a combined strikelength of 500m.
They also mined elluvial gravels over an area of 700m x 400m where
mined grades were 0.25 - 2g/t Au. Deep artisanal workings cover a
distance of 2km on two apparent northwest trending shear zones
potentially offset by the Kibigada structure. Mineralisation at Giro
is potentially from surface and extends over more than 2km.
The Mangote and Kai-Kai Belgian workings lie on a major west-east
structure parallel to the younger gneissic contact to the north over
a minimum of 3km at Tora. A number of Belgian drill sections across
the mined areas recorded grades of 0.8m @ 21.6g/t Au, 0.6m @ 37g/t
Au, 0.35m @ 485g/t Au and 0.2m @ 85.2g/t Au. There is no record of
methods used to analyse samples and it should be noted that only
quartz veins were sampled historically with no available information
on wallrock potential.
At least three additional extensive alluvial workings occur within
the project area confirming the potential for new discovery of
primary mineralized targets.
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.
The principal terms of the agreement for the Company to acquire a 65%
(65% Panex and 35% Sokimo - DRC State Mining Company) interest in the
Giro Gold Project are:
-- Agreement is subject to Company completing a due diligence review to its
satisfaction within 30 days, including receiving of all necessary
approvals from Sokimo (Societe Miniere de Kilo-Moto).
-- On the date of completion of due diligence ("Effective Date"), the
Company to pay US$1,000,000 to Amani.
-- On the Effective Date the Company to issue 200,000,000 shares to Amani
and its associates.
-- Panex will issue a further 33,000,000 upon discovery of 3Moz of proven
-- Amani may appoint 2 representatives to the Board of Directors
-- Panex will be responsible for all expenditure to completion of a
-- Panex can withdraw from project at any time with no further obligations.
Resignation of CEO
The Company further advises that Mr Kovaldas Balciauskas will resign
as CEO as the Company as a result of change of commodity interest.
Panex would like to thank Mr Balciauskas for his efforts during
recent months and would like to wish him well with his future
Mr Klaus Eckhof will remain as none executive director for the
Company and Mr Ross Doyle will remain as CFO.
Panex common stock is traded on the OTCQB in the United States and
the Frankfurt Stock Exchange in Germany under the symbols "(OTCQB:
DBGF), (Frankfurt: D1Q.F )."
ON BEHALF OF PANEX
Klaus Eckhof, Director
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,"
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These forward-looking statements appear in a number of places in this
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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
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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
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
For further information, please contact Klaus Eckhof or Ross Doyle.
Figure 1: Regional location map showing Giro Project (blue).
To view Figure 1, please visit the following link:
CUSIP No. 69841J 106
Panex Resources Incorporation
C/- Coresco AG,
Level 3, Gotthardstrasse 20
6304 Zug, Switzerland
(+41) 41 711 0281
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