Pan Asia Corporation Ltd (ASX:PZC) Company Update

Perth, Oct 12, 2011 AEST (ABN Newswire) - Pan Asia Corporation Ltd (ASX:PZC) is pleased to advise the following updates:

APPOINTMENT/ RESIGNATION OF COMPANY SECRETARY

Mr Jason Campbell has been appointed Company Secretary of the Company. Mr Campbell is the Commercial Manager of the Company and was appointed in this role in March 2011. Mr Campbell has over 10 years experience in the finance and investment industry. He previously worked with Perth based Argonaut Limited, a corporate advisory and stockbroking business.

Mr Luke Martino has resigned as Company Secretary, however remains on the Board as a Non-Executive Director of the Company.

ISSUE OF OPTIONS

The Company advises that it has issued 250,000 options each to both Mr Jason Campbell and Mr Bill Hewitt exercisable at A$0.25 on or before 11 October 2014. The Options are issued in accordance with S708 (12) of the Corporations Act 2001.

Mr Bill Hewitt is the Company's In-Country Manager based in Jakarta, Indonesia. Mr Hewitt has over 24 years experience in senior technical and management roles for resource companies with international operations. These roles included the establishment of operations, overseeing exploration, project management of feasibility studies and overseeing mining projects during the development and construction phases. Bill has extensive experience in Indonesia. Prior to being employed by the Company in late 2010, Mr Hewitt was the Project Director for Intrepid Mines and President Director and Manager Technical Services for Ashton Mines (Indonesia). Mr Hewitt has also served as General Manager Exploration Asia for MIM, and Project Manager for BHP Minerals.

REDEMPTION OF CLASS B PERFORMANCE SHARES

Pursuant to their terms and conditions, 2,500,000 Class B Performance Shares in the Company have been automatically redeemed by the Company for the sum of $0.0002 per Class B Performance Share.

These performance shares were issued by the Company in February 2009 as part of the consideration for the company's interest in the Roda Niaga project in South Kalimantan, Indonesia. These performance shares are automatically redeemed due to the required project hurdle not being achieved and this project no longer being actively pursued due to the acquisition of more prospective projects acquired as part of the Innovation West acquisition.

Please find attached an Appendix 3B incorporating the abovementioned issue of options and redemption of performance shares, see link:
http://media.abnnewswire.net/media/en/docs/70016-ASX-PZC-560857.pdf

Contact

Alan Hopkins Chief Executive Officer Pan Asia Corporation Ltd Tel: + 61-8-9381-5819