Panex signs MOU to Acquire 55% Interest in Giro Goldfields and Announces
ZUG, SWITZERLAND -- (Marketwired) -- 10/22/13 -- Panex Resources Inc.
(the "Company," or "Panex") (OTCQB:DBGF), is pleased to announce that
it has signed a Memorandum of Understanding (MOU) with Amani
Consulting SPRL currently in Joint Venture with state entity La
Societe Miniere de Kilo Moto (Sokimo) to acquire a 55% interest in
Giro Goldfields SPRL (Giro). Amani has a 65% interest and Sokimo has
a 35% free carried interest in Giro which is comprised of two
exploitation permits, PE's 5046 and 5049, covering a surface area of
610sqkm. The permits lie within 20 - 30km west of Randgold/Ashanti's
20Moz Kibali gold deposits.
The Company also intends to raise capital via the issuance of
approximately 500,000,000 shares at $0.001 cents per share.
Preference will be given to loyal shareholders who wish to take part
in the fund raising.
The Giro Project is located within twenty-thirty kilometers to the
west of Randgold Resources' multi-million ounce Kibali Gold deposits.
Randgold and partners Ashanti commenced first production in September
2013 at a cost of US$1.7b and are expecting to produce 550,000oz of
gold in 2014. Both projects occur within the Kilo-Moto Belt, 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, a wide quartz vein with an average grade of 16g/t Au was
mined within a shear potentially 2km long and 100m wide. Channel
samples from the base of artisanal workings within the shear returned
significant grades including 3.5m @ 36.6g/t Au and 8m @ 3.6g/t Au
confirming the potential for significant grade and widths within the
Two Belgian pits located along a 4km west-east trending structure
were mined at Tora. Historic focus was on high grade quartz veins
which returned grades of 0.8m @ 21.6g/t Au, 0.6m @ 37g/t Au and 0.35m
@ 485g/t Au from Belgian drilling.
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.
1. Two months after the successful conclusion of the due diligence
(commencement date), Panex will make a payment of US$100,000 to the
current shareholders of Amani. Six months after the commencement date
Panex will pay a further $300,000 to the current shareholders of Amani.
2. On signing of a Share Purchase Agreement, Panex will issue 55% of the
share capital in Panex to current partners of Amani.
3. Should Panex identify 3moz (measured and indicated) gold resources at a
cut off grade of 2.5g/t, Panex will pay a further $5,350,000 to the
current shareholders in Amani.
4. On successful completion of the due diligence, Panex will fund a 3,000m
RC drilling programme to test the mineralised potential on the two main
target areas mined previously by the Belgians on the Giro Project.
5. Panex may at its discretion withdraw from this agreement by written
notice to Amani at any time without penalty.
As part of the ongoing due diligence, Panex is conducting an audit of
agreed payments in the contract between Amani and Sokimo and payments
made by all parties to date. Special attention has been given to
payments made to Cadastre Minier (CAMI) to ensure all licence fees
have been fully paid to date and that permits have been properly
transferred to Giro.
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,"
"will," "should," "could," "expects," "plans," "intends,"
"anticipates," "believes," "estimates," "predicts," "potential" or
"continue" or the negative of those terms and other comparable
These forward-looking statements appear in a number of places in this
press release and include, but are not limited to, statements about:
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
Commission at 1-800-SEC-0330. The U.S. Securities and Exchange
Commission also maintains an Internet site that contains reports,
proxy and information statements, and other information regarding
issuers that file electronically with the U.S. Securities and
Exchange Commission at http://www.sec.gov.
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
CUSIP No. 69841J 106
To view Figure 1 please click on the following link:
Panex Resources Incorporation
Klaus Eckhof or Ross Doyle
(+41) 41 711 0281
Panex Resources Incorporation
C/- Coresco AG
Level 3, Gotthardstrasse 20
6304 Zug, Switzerland
Press spacebar to pause and continue. Press esc to stop.