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Feb 17 2009

Metorex sells Phoenix Platinum Mining

Published by at 9:07 pm under Companies,More News

Pan African Resources PLC (PAR) acquired an exclusive, non-refundable option to purchase Phoenix Platinum Mining (Pty) Ltd from South African-based mining group Metorex Ltd, reported the investor site Proactiveinvestors

PAR paid US$1 million for the option, which enables it to conduct a four months due diligence on the existing technical information. The option is payable immediately and can be exercised at any stage within the next four months. The cost of the option, if exercised, will be deducted from any agreed purchase price.

Pan African Resources is a gold exploration and production company with interests in South Africa, Mozambique, Ghana and the Central African Republic.

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