Pan Asia acquires Gorontalo gold prospect

TSX Venture Exchange-listed junior exploration firm Pencari Mining Corporation has reached deal to sell its Pani gold prospect in Gorontalo province to Pan Asia Resources Corporation.

The Pani Property is held under Mining Authorization (KP) license, covering an area of 100 hectares.

Pencari acquired the right to earn a 90% interest through the assignment of a Joint Venture in the Pani Property in 2000.

A revised resources report was completed by Roger H. Pooley, BSc, FAusIMM, CP, MMICA in October 2005. This report indicated the resources identified at Pani using a 0.5 g/t Au cut off are defined as follows:

Indicated Mineral Resource: 9,860,688 tons at 1.45 g/t Au = 459,743 ounces Au and Inferred Mineral Resource: 1,383,621 tons at 1.52 g/t Au = 67,624 ounces Au. (denny)