Pan African sells Mozambiques Manica gold project to focus on South Africa.

By bne IntelliNews August 30, 2012
South African junior miner Pan African Resources said it has agreed to sell its wholly owned Manica gold project in Mozambique to Auroch Minerals Mozambique, a wholly owned subsidiary of Sydney-listed exploration company Terranova Minerals, for a cash consideration of AUD 6mn (EUR 5mn) and a significant stake in Terranova. The disposal of our Manica exploration project allows us to remain focused on our strategy of the development and growth of our South African based operating assets, Pan African CEO Jan Nelson said in a statement. Pan African will use the proceeds from the sale to fund the development of the Bramber tailings treatment project at its Barberton gold mine in Mpumalanga. The deal is subject to a number of terms and conditions and payment will be done in tranches depending on achievement of certain milestones by Manica during a four-year period following the completion of the transaction. Nelson said he believes that the Manica project will turn into a significant gold producing mine and is happy to maintain Pan Africans exposure to the project through its sizable shareholding.

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