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Pan African bumps gold production guidance for 2021

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(Kitco News) - Pan African Resources (AIM: PAF) announced today that the company’s FY 2021 production guidance increased to ca. 195,000oz of gold for the financial year ending 30 June 2021, exceeding the previous production guidance of ca. 190,000oz.

The company said that the production from Evander’s 8 Shaft pillar has significantly improved in the 2nd half of the 2021 financial year, with average production of ca. 3,400oz per month, for the last three months. The 8 Shaft pillar has a remaining life in excess of 2 years, and is expected to produce ca. 80,000oz of gold during its remaining life of mine (ca. 34,000oz per annum).

Pan African pointed out that the company is pleased with the robust operational performance for the year to date and expects to exceed its original full year production guidance again.

Additionally, the company noted that it anticipates the commissioning of 9,975MW solar photovoltaic plant at Evander Mines in the third calendar quarter of 2021. The solar photovoltaic plant will provide an estimated 30% of Elikhulu’s power requirements, resulting in a reduction of fossil fuel-generated power and an expected annual CO2 saving of more than 26,000t in the first full year of operation.

Pan African Resources is a mid-tier African-focused gold producer that owns and operates a portfolio of South African operations with a production capacity of approximately 200,000oz of gold per annum.

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