PAR7273 - Pan African Resources Environmental Application Process

Pan African Resources PLC (PAR) has entered into a Sale and Purchase Agreement to acquire shares and claims against Mogale Gold (Pty) Ltd (Mogale Gold). PAR entered into this agreement with the liquidators of Mintails Mining SA (Pty) Ltd (in liquidation) (MMSA), which is the holding company of Mogale Gold. This transaction is subject to a due-diligence investigation that is currently underway.
Mogale Gold owns the rights to extract and process gold from tailings resources by reprocessing old gold mine slime dams and sandy mine dumps left by the extensive historic mining activities that have taken place in the area since 1888.
PAR intends to construct a large-scale gold tailings retreatment operation. PAR is interested in the surface operations associated with Mining Right (MR) 206, which includes the Mogale Cluster1. These operations include the Tailings Storage Facilities (TSFs) for reclamation, processing and deposition. The large-scale gold tailings retreatment operation aims to reprocess 120 megatons (Mt) of tailings and will deposit the tailings first onto the West Wits Pit and then onto the "New Tailings Facility" to be established on the footprint of 1L23-1L25. Other pits are also being considered as options for deposition should these be required.