June 27 , 2008
ACQUISITION OF PAN AFRICAN MINING CORP. BY ASIA THAI MINING CO., LTD. CLOSED TODAY IN ACCORDANCE WITH PLAN OF ARRANGEMENT
Vancouver, British Columbia — PAN AFRICAN MINING CORP. (the “Company”) is pleased to announce the
closing today of the Plan of Arrangement and related transactions (the “Plan of Arrangement”) contemplated by the Arrangement
Agreement dated May 9, 2008, as amended June 17, 2008 (the “Amended Arrangement Agreement”), among Asia Thai Mining Co., Ltd.
(“ATM”), 0819615 B.C. Ltd. (the “Purchaser”), the Company and African Queen Mines Ltd. (“African Queen”), a newly formed subsidiary
of the Company. A Final Order approving the Plan of Arrangement was obtained from the Supreme Court of British Columbia on June 26,
2008, following approval at a Special Meeting of Securityholders of the Company on June 25, 2008.
Accordingly, the Company has now been acquired by the Purchaser and the Depositary, Equity Transfer & Trust Company, has been instructed to commence
distribution of cash proceeds and spin-out shares of African Queen upon presentation and surrender of shares of common stock, warrants and options
of the Company as contemplated by the Plan of Arrangement and related documents including the Depositary Agreement dated May 30, 2008, as amended
June 23, 2008. Distribution of cash proceeds and spin-out shares of African Queen is anticipated to commence next week. The Company will be
applying for delisting of its common shares from the TSX Venture Exchange and the Frankfurt Stock Exchange shortly.
About Pan African
The Company is an exploratory resource company with approximately 7,500 sq. km. of diversified mineral properties and
5,000 sq. km. of uranium properties in Madagascar. The Company is exploring these properties for uranium, gold, coal, precious stones, base
metals and industrial commodities. In addition, the Company is exploring two large regions for gold and metals in Mozambique under agreements
with other companies. It also has approximately 5500 sq. km. of diamond licenses in Botswana which it is presently exploring. Its operations
in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl, and its uranium activities are carried out through its
80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada and Antananarivo, Madagascar. More information about the
Company is available at www.panafrican.com.
About Asia Thai Mining Co., Ltd.
Asia Thai Mining Co., Ltd. (“ATM”) is a holding company incorporated in Thailand. ATM, either directly or through affiliated companies has extensive
experience in the development and operation of mining interests, in particular in respect of coal mining interests. Through its subsidiaries, it is
involved in the exploration and development of several coal mines in Indonesia. The company projects its coal production capacity will reach
approximately 4 million tons by 2009. ATM forms part of a group of affiliated mining companies, including Saraburi Coal Co., Ltd. (“SBCC”).
SBCC has been mining coal and tin in Thailand and other Southeast Asian countries since 1998. In addition, SBCC has recently been awarded a
9-year, US$500 million coal mining contract in Thailand from Electricity Generating Authority of Thailand and SBCC will start work in 2008.
ATM is a private company with its registered address and principal place of business at 2034/132-161 New Petchburi Road, Bangkapi,
Huaykwang, Bangkok, Thailand.
ON BEHALF OF THE BOARD OF DIRECTORS
Irwin A. Olian
Chief Executive Officer
Forward Looking Statements
Certain statements herein constitute forward-looking statements or forward-looking information within the meaning of applicable securities legislation,
including the statements or information about the Transaction and proposed spin-off of African Queen. Forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such forward-looking statements or information.
With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things,
assumptions of our ability to close the Transaction and spin-off African Queen. Although our management believes that the assumptions made
and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement
or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and
involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or
industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking
statements or information. Such risks and uncertainties include risks and uncertainties involved in satisfying the conditions to close the
Transaction and spin-off African Queen.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking
statements or information. All forward-looking statements and information made herein, are qualified by this cautionary statement.
For Further Information, Contact:
President and CEO
Phone: (604) 899-0100
Fax: (604) 899-0200
Corporate Communication - Vancouver
Phone: (604) 676-8671
Fax: (604) 899-0200
Corporate Communications – London - Dusseldorf
London Phone: +44-7780-602-788)
Germany Phone: +49 (0) 1722 1234 47
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of the content of the information contained herein. The statements made in this press
release may contain certain forward-looking statements that involve a number of risks and uncertainties.
Actual events or results may differ from the Company's expectations.