Pan Global Resources Inc. Secures Bosnian Exploration Licenses
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/11/12 -- Pan Global Resources Inc. ("Pan Global" or the "Company") (TSX VENTURE: PGZ) is pleased to announce that its Balkan exploration partner Lithium Li Holdings Inc. ('Lithium Li' ) has received approval from the Bosnian Government for preliminary exploration on their Lopare concession. This license has some of the best surface geochemistry and geological potential of any lithium borate exploration prospect outlined in the Balkans to date, and there is now an exploration agreement in place whereby a geochemical sampling program and gravity survey can proceed to outline underlying lacustrine basins.
Julian Bavin, President and CEO of Pan Global, stated, "This is an excellent development which has enabled us to extend our control over one of the most geologically prospective lithium borates exploration opportunities in the Balkans, and will enable us to advance the project to drill target selection through geological and geophysical surveys."
Pan Global and Lithium Li are working with Bosnian authorities to clarify existing legislation regarding the continuance of exploration licences through to mining licences, even though legal advisors in the mining ministry could not point to a single instance when explorers were denied the right to go on to mine.
In Serbia, ground based geological, geophysical and geochemical exploration work has continued on the licences subject to the joint venture. Since the Company's News Release of March 28th announcing the commencement of a 6,000m program of reconnaissance drilling, holes have been completed in the Valjevo licence (2 holes), the Ljig licence (2 holes), the Jadar West licence (1hole), the Kosjeric licence (1 abandoned hole), and the Radusa licence (1 hole), for a total of 2,822 meters. Assays from the drilling campaign undertaken to date this year are awaited, but are expected to be returned in the next few weeks. Drilling has now been suspended until the end of August, due to the need to incorporate assays prior to selecting the next sites, and the importance of focusing on only the highest priority targets. Full details of the recently drilled holes will be released once assays have been received.
The technical information provided in this news release was reviewed and approved by Robert. W. Baxter (FAusIMM), a director of the Company and a qualified person for the purposes of National Instrument 43-101.
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Contacts:
Pan Global Resources Inc.
Mr. Julian Bavin
President and CEO
604-689-9930
jbavin@panglobalresources.com
Pan Global Resources Inc.
Dan McIntyre
Investor Relations
604-689-9930
604-689-9940 (FAX)
dmcintyre@panglobalresources.com
www.panglobalresources.com