Zug, Switzerland–(MARKETWIRE) — January14, 2013–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 artisanal miners.
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.Mineralisationat 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 (SociétéMinière 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 gold reserves.
- Amani may appoint 2 representatives to the Board of Directors
- Panexwill be responsible for all expenditure to completion of a feasibility study.
- 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 endeavors.
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
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.
For further information, please contact Klaus Eckhof or Ross Doyle.
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Figure 1: Regional location map showing Giro Project (blue).