PANAFRA AQUIRES INTEREST IN COPPER CONCESSIONS IN TANZANIA
December 31, 2007 (PRLEAP.COM) Business NewsDecember 31, 2007 - CINCINNATI, OH – Pan African Management and Development Company, Inc., “Panafra”, announced today that the Company has obtained option agreements which when exercised, will give Panafra mineral rights to two copper concessions which cover approximately 350 square kilometers in Tanzania and that negotiations are underway to obtain additional copper concessions. Preliminary mineral testing has indicated the areas show evidence of copper, iron, and other minor constituents. Field work and continued sampling are ongoing and a preliminary reserve estimate is expected to be completed in the first quarter of 2008. John Tate, Panafra’s Chairman commented, “Tanzania has an abundance of mineral wealth. The mining sector is growing and new discoveries seem to make headlines each day. Preliminary indications for the Panafra concessions are encouraging and we expect to be able to announce positive results from our ongoing sampling in the near future. Each successive round of sampling and analysis we have conducted strengthens our view that our copper concessions represent a viable opportunity for Panafra as the Company expands its operations in Tanzania.”
Panafra is a management and development company that works with emerging enterprises in Africa by providing financial, managerial, and market entry support. The company works with the international investing community and local businesses to identify, develop, and monitor appropriate investment structures that will help increase economic reach and development in Africa while meeting investor expectations. Requests for information and inquires should be addressed to firstname.lastname@example.org.