Pan Global Restarts Drilling at Valjevo Licence in Serbia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/05/12 -- Pan Global Resources Inc. (TSX VENTURE: PGZ) ("Pan Global" or the "Company") is pleased to announce that its Balkan exploration partner Lithium Li Holdings Inc. ("Lithium Li") restarted drilling as planned on September 1st with the continuation of a stratigraphic drilling program in the Valjevo licence (see Figures 1 and 2: http://www.panglobalresources.com/_resources/news/PGZ_Sept_5_Release_Figures.pdf).
Julian Bavin, President and CEO of Pan Global, stated, "Having intersected very promising indications of widespread borate mineralisation over an 1800m east west linear distance in the first three holes we drilled in the Valjevo licence, we are very excited about the next tranche of holes at Valjevo. We will be starting with a 1000m stepout to the north of the fence of three previously drilled holes."
As reported on July 18th the three holes drilled by the Company in Valjevo to date intersected direct evidence of borate mineralisation with a best intersection of 16% B2O3, 0.23% Li2O in drill hole VBN-003 which compares well to drill results from Rio Tinto's Jadar deposit which has an average grade of 12.9% B2O3 and 1.8% Li2O. This intercept demonstrated the potential of this basin to host a significant body of borate mineralization; a value indication is that a metric tonne of mined Borate (probertite) of 16% B2O3 would convert to 280Kg of boric acid; the latter has an average FOB sale cost of more than US$1000/t.
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
jbavin@panglobalresources.com
Pan Global Resources Inc.
Dan McIntyre
Investor Relations
dmcintyre@panglobalresources.com
Pan Global Resources Inc.
604-689-9930
604-689-9940 (FAX)
www.panglobalresources.com