Pan African Mining Corp. Signs Agreement for Environmental Controls on Its Madagascar Uranium Program
PAN AFRICAN MINING CORP. (the "Company") (Vancouver:PAF.V - News) is pleased to announce that it has entered into an Agreement dated September 19, 2005, with L'Institut National des Sciences et Techniques Nucleairs ("INSTN"), a Malagasy State agency, in connection with its uranium program. The Agreement is designed to ensure environmental and health protection in connection with the Company's exploration, development and exploitation of uranium resources in Madagascar.
Specifically, the Company agrees to ensure environmental protection and worker safety at all sites of uranium activities, including proper medical controls, and in transportation of uranium-bearing substances. The Company further agrees to ensure proper radioactive waste control.
The Agreement also reiterates that all radioactive substances derived from Madagascar may only be used for peaceful purposes. Previously, the Company entered into a Convention of Cooperation, dated June 25, 2005, with INSTN and L'Office des Mines Nationales et des Industries Strategiques ("OMNIS"), the State agency charged with oversight of the country's strategic resources of uranium and hydrocarbons. Under that Convention, the Company agreed to adhere to recommendations and standards of the International Atomic Energy Agency in Vienna concerning control and sale of radioactive substances.
On January 25, 2005, the Company entered into a preliminary agreement with OMNIS for the establishment of a joint venture with respect to four prospective uranium properties in Madagascar. Accordingly, the Company organised a new operating subsidiary named PAM Atomique Sarl, of which 20% is to be owned by the Malagasy State through OMNIS and 80% by the Company. The Company's formal Exploration Program and Budget was approved by OMNIS in July. Execution by the Company of agreements concerning environmental controls and adherence to international standards for peaceful use of nuclear substances were further conditions precedent, now met, to moving forward with the joint venture's uranium exploration and development activities. Work in the various perimeters will commence on a staggered basis following Malagasy State approval of the joint venture and granting of all requisite permits.
According to Irwin Olian, CEO of the Company, "We have been working hand-in-hand with OMNIS to put all of the pieces in place to permit the joint venture to move forward with its uranium exploration activities in the near future. We are deeply committed to maintaining utmost security of the health of Madagascar's people and protection of its environment in our programs. Using state of the art equipment together with sensitive and responsible management policies, we will ensure this result."
"Preservation of Madagascar's environmental treasures is of foremost importance in all of the Company's activities and is reflected in senior management policies. Fafah Ramboasalama, our Resident Manager in Madagascar and head of our operating subsidiaries PAM Madagascar Sarl and PAM Atomique Sarl, previously served as Director of Masoala National Park, Madagascar's largest nature reserve. Our mission statement in Madagascar is clear: Development of mineral resources for the mutual benefit of all with preservation of the environment."
About Pan African
The Company is an exploratory resource company with approximately 10,000 square kilometres of diversified mineral properties in Madagascar. The Company is exploring these properties for gold, uranium, precious stones, base metals and industrial commodities. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl and its uranium activities are carried out through its 80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada and Antananarivo, Madagascar. More information about the Company is available at www.panafrican.com
ON BEHALF OF THE BOARD OF DIRECTORS OF PAN AFRICAN MINING CORP.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.
Pan African Mining Corp.
Suite 1925, Box 11553
650 West Georgia Street
Vancouver, BC
V6B 4N8
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
"Irwin A. Olian"
Irwin A. Olian
Chief Executive Officer
For further information, contact:
Irwin Olian
President and CEO
Email: Email Contact
Phone: 604-899-0100
Fax: 604-899-0200
Karim Gangji
Technical Operations Manager
Email: Email Contact
Phone: 604-521-6846
Fax: 604-899-0200
Tom Kinakin
Research
Email: Email Contact
Phone: 604-676-8671
Fax: 604-899-0200
Specifically, the Company agrees to ensure environmental protection and worker safety at all sites of uranium activities, including proper medical controls, and in transportation of uranium-bearing substances. The Company further agrees to ensure proper radioactive waste control.
The Agreement also reiterates that all radioactive substances derived from Madagascar may only be used for peaceful purposes. Previously, the Company entered into a Convention of Cooperation, dated June 25, 2005, with INSTN and L'Office des Mines Nationales et des Industries Strategiques ("OMNIS"), the State agency charged with oversight of the country's strategic resources of uranium and hydrocarbons. Under that Convention, the Company agreed to adhere to recommendations and standards of the International Atomic Energy Agency in Vienna concerning control and sale of radioactive substances.
On January 25, 2005, the Company entered into a preliminary agreement with OMNIS for the establishment of a joint venture with respect to four prospective uranium properties in Madagascar. Accordingly, the Company organised a new operating subsidiary named PAM Atomique Sarl, of which 20% is to be owned by the Malagasy State through OMNIS and 80% by the Company. The Company's formal Exploration Program and Budget was approved by OMNIS in July. Execution by the Company of agreements concerning environmental controls and adherence to international standards for peaceful use of nuclear substances were further conditions precedent, now met, to moving forward with the joint venture's uranium exploration and development activities. Work in the various perimeters will commence on a staggered basis following Malagasy State approval of the joint venture and granting of all requisite permits.
According to Irwin Olian, CEO of the Company, "We have been working hand-in-hand with OMNIS to put all of the pieces in place to permit the joint venture to move forward with its uranium exploration activities in the near future. We are deeply committed to maintaining utmost security of the health of Madagascar's people and protection of its environment in our programs. Using state of the art equipment together with sensitive and responsible management policies, we will ensure this result."
"Preservation of Madagascar's environmental treasures is of foremost importance in all of the Company's activities and is reflected in senior management policies. Fafah Ramboasalama, our Resident Manager in Madagascar and head of our operating subsidiaries PAM Madagascar Sarl and PAM Atomique Sarl, previously served as Director of Masoala National Park, Madagascar's largest nature reserve. Our mission statement in Madagascar is clear: Development of mineral resources for the mutual benefit of all with preservation of the environment."
About Pan African
The Company is an exploratory resource company with approximately 10,000 square kilometres of diversified mineral properties in Madagascar. The Company is exploring these properties for gold, uranium, precious stones, base metals and industrial commodities. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl and its uranium activities are carried out through its 80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada and Antananarivo, Madagascar. More information about the Company is available at www.panafrican.com
ON BEHALF OF THE BOARD OF DIRECTORS OF PAN AFRICAN MINING CORP.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.
Pan African Mining Corp.
Suite 1925, Box 11553
650 West Georgia Street
Vancouver, BC
V6B 4N8
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
"Irwin A. Olian"
Irwin A. Olian
Chief Executive Officer
For further information, contact:
Irwin Olian
President and CEO
Email: Email Contact
Phone: 604-899-0100
Fax: 604-899-0200
Karim Gangji
Technical Operations Manager
Email: Email Contact
Phone: 604-521-6846
Fax: 604-899-0200
Tom Kinakin
Research
Email: Email Contact
Phone: 604-676-8671
Fax: 604-899-0200
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