Pan Asia Corporation Ltd (ASX:PZC) Successful Completion Of Due Diligence On Key Projects

Perth, April 12, 2010 AEST (ABN Newswire) - The Directors of Pan Asia Corporation Ltd (ASX:PZC) are delighted to advise that the Legal and Technical Due Diligence of the key Nadvara ("NAD") and Perdana Maju Utama ("PMU") projects (the "Stage 1 RRI Assets") has been completed with highly positive results.

Innovation West Pty Ltd ("IW") will therefore now finalise the profit share and offtake agreements with regard to these two key projects, while the Company will immediately commence preparations to call a general meeting for the relevant shareholder approval for its acquisition of IW.

Having now concluded the due diligence process with regard to the highest priority projects, due diligence continues to proceed on the balance of the project portfolio, including BCKP, Surya Ibrahim, Samudera Hindia Jaya, Ratu Ayu and the other projects forming part of the Stage 2 RRI Assets.

The Company will continue to update the market with regard to progress on the acquisition of IW and on the due diligence process on the balance of the project portfolio.

Contact

Alan G. Hopkins Chief Executive Officer Tel: +61-8-9381-5819