Panex Resources Inc.: Drilling Commences on Giro Gold Project, Moto Belt, DRC

Panex Resources Inc.: Drilling Commences on Giro Gold Project, Moto Belt, DRC 
ZUG, SWITZERLAND -- (Marketwired) -- 01/07/14 --   Panex Resources
Inc. (the "Company," or "Panex") (OTCQB: DBGF), is pleased to
announce that it commenced drilling on its highly prospective Giro
Gold Project on 30 December 2013. The Giro Project covers a surface
area of 610sqkm and lies within the Kilo-Moto Belt in one of the
world's principal greenstone belts which hosts Randgold Resources'
multi-million ounce Kibali Gold deposits within 30km of Giro,
Anglogold Ashanti's deposits to the east, Loncore and Kilogold
deposits to the south and 50Moz of gold discovered in Tanzania since
1994.  
An initial reverse circulation (RC) drilling program of 3,000 metres
has been planned to test the mineralised potential of the principal
Giro structure mined historically by the Belgians as well as the Tora
workings to the north where the Belgians mined at two locations. At
Giro, six drill fences with complete coverage will test 2km of the
potentially mineralised structure as shown in Figure 2. Significant
channel sample results reported from artisanal workings along the
structure included 3.5m @ 36.6g/t Au and 8m @ 3.6g/t Au, confirming
the potential for significant grades within the shear which is
potentially greater than 100m wide. At Tora drilling will test the
mineralised potential under the Mangote open pit where historic
drilling returned grades of 0.8m @ 21.6g/t Au, 0.6m @ 37g/t Au and
0.35m @ 485g/t Au from quartz veins. 
Initial observations of drill chips are highly encouraging. Eight
holes have been completed, totaling 372 metres where quartz veins and
quartz fragments have been observed in saprolite in all holes. Pyrite
mineralization up to 3% has been observed in the fresh rock at depth
in most holes. All holes were stopped short of the planned 120m where
excessive ground water prevented the return of a dry sample.  
Initial results are expected in early February 2014.  
ON BEHALF OF PANEX  
Mark Gasson, Chief Executive Officer  
The information in this report that relates to exploration results is
based on information compiled by Mr Mark Gasson who is a member of
the Australasian Institute of Mining and Metallurgy. Mr Gasson, the
Chief Executive Officer of the Company, has sufficient relevant
experience in respect of the style of mineralization, the type of
deposit under consideration and the activity being undertaken to
qualify as a Competent Person within the definition of the 2004
Edition of the AusIMM's "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves". Mr Gasson
consents to the inclusion in this report of the matters that are
based on his information in the form and context in which it appears. 
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
terminology.  
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
applicable laws.  
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
security. 
To view Figure 1: Regional location map showing Giro Project (blue),
please visit the following link:
http://media3.marketwire.com/docs/920605_FIG_1.pdf  
To view Figure 2: Location of the planned drill fence lines, showing
the veins mined historically by the Belgians (blue outline) and the
extent of current artisanal workings, please visit the following
link: http://media3.marketwire.com/docs/920605_FIG_2.pdf  
CUSIP No. 69841J 106 
Contacts:
Panex Resources Incorporation
Mark Gasson or Ross Doyle
(+41) 41 711 0281
info@coresco.ch
www.panexresources.com