Pan African Oil Ltd. Sells African Gold Exploration Properties in Burkina Faso
28 Gennaio 2014 - 10:30PM
Access Wire
Toronto, Canada, January 28, 2014 - Pan African
Oil Ltd. (TSXV:PAO) (the "Corporation") today
announced that it has closed its previously-announced sale (the
"Transaction") of all of
the outstanding shares of the Corporation's subsidiary LMZ Gold
Burkina SARL (the "LMZ
Shares") to Algold Resources Ltd. (formerly
Kanosak Capital Venture Corporation) (TSXV:ALG)
("Algold") pursuant to a share purchase agreement dated April 2, 2013,
as amended. LMZ Gold Burkina SARL owns 100% of the exploration and
mining rights for three properties in Burkina Faso, known as the
Gabou, Dianvour and Ouaraba properties (the "Properties").
As consideration for the LMZ Shares,
Algold paid the Corporation $30,000 in cash and issued 2,000,000
common shares to the Corporation and will issue 3,000,000
additional common shares to the Corporation upon reaching each of
the following two milestones: (i) the release of a mineral resource
estimate evidencing a minimum of 1,000,000 ounces of gold on the
Properties; and (ii) the preparation of a bankable feasibility
study on the Properties. There is no assurance that these
additional common shares will be issued to the Corporation.
For further details
please see the Corporation's press release of April 3, 2013.
For further information,
please contact:
Gary
Wine
Pan African Oil
Ltd.
Suite 305, 602 -
11th Ave SW
Calgary AB, Canada
T2R 1J8
Phone:
1(587)353-2205
The TSX Venture
Exchange has in no way passed upon the merits of the Transaction
and has neither approved nor disapproved the contents of this press
release.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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