Pan African Mining Corp. acquired by Asia Thai Mining in $157 million deal

On June 27, 2008, Pan African Mining Corp. ("Pan African" or the "Company") announced the closing of the Plan of Arrangement and related transactions among Asia Thai Mining Co., Ltd. ("ATM"), 0819615 B.C. Ltd. (the "Purchaser"), the Company and African Queen Mines Ltd., a newly formed subsidiary of the Company. Accordingly, the Company has transferred its interests in its non-Madagascar subsidiaries to African Queen, the shares of which are held by the former shareholders of the Company, and Pan African has now been acquired by the Purchaser.

Pan African is an exploratory resource company with diversified mineral properties and uranium properties in Madagascar. 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.

Pan African was advised in this transaction by a team from Fasken Martineau led by Charlotte Bell and that included, among others, Lata Casciano, Frank Schober (tax), Brent Lewis, Steve Saville and Mark Fancourt-Smith.