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Sydney, Jan 23, 2006 AEST (ABN Newswire) - Pan Australian (ASX: PNA) (PNK: PNAJF) Announces Quarterly Report for the three months ending 31 December 2005
Highlights Phu Bia Gold Mine - First gold was poured from the Phu Bia Gold Mine on 1st November 2005. - On schedule to produce over 60,000oz of gold in 2006. Gold production is ramping up in accordance with expectations with 516oz poured in November and 2,902oz poured in December. - Gold sales totalled 2,096oz at an average realised gold price of US$515/oz, compared with an average price for the quarter of US$487/oz. - Mining and stacking operations exceeded target by the end of the quarter, with annualised rates of over 2.0 million tonnes and nearly 1.6 million tonnes respectively being achieved in the month of December.
Phu Kham Copper-Gold Project - Full feasibility study is on schedule for completion in March 2006. - Revised process plant location will lead to a simplified process flowsheet and reduction in capital cost. - Board approval received to commence pioneering works to facilitate the fast-tracking of the development.
Exploration - High-grade exploration results returned from the Phu He epithermal gold-silver prospect: - 10m grading 14.6g/t gold and 198g/t silver from 52m down hole
Corporate - Pan Australian secures a 100% interest in its Lao assets, following the acquisition of Newmont South East Asia Pte Limited's 20% interest in Phu Bia Mining Limited. - At 31 December, Pan Australian had cash and bullion of A$3.4 million and debt of A$5.3 million from an expanded US$10 million debt facility.
Please click on the Pan Australian Resources website to view the the full announcement.
