Resource outlined at Golden Ridge

Recent drilling has confirmed a resource containing 1 million oz. gold at Pangea Goldfields’ (TSE) Golden Ridge prospect in Tanzania.

Results of the 19-hole, 1,200-metre program have also led the company to believe that resources at three targets can be enhanced.

At the Nyaligongo Ridge target, the bulk-minable grade may be increased along the 3-km-long ridge, while at Hill No. 4, drilling has defined a broad, low- grade zone of mineralization over 1.2 km. At Hill No. 5, the third target, three boreholes have confirmed the presence of mineralization, as detected by previous drilling.

Exploration currently is focused on Nyaligongo Ridge, where ground geophysics, soil geochemistry, trenching and drilling are in progress.

The drilling is aimed at confirming the presence of mineralization at a depth of 150 metres below surface.

Pangea’s joint-venture partner is South African-based Rangold Resources, which can earn a 65% interest in the project by spending US$5 million and providing a bankable feasibility study within five years.

Rangold can raise its interest to 70% by paying US$30 per oz. for 5% of the proven and probable minable reserves as outlined in the feasibility study.