Pan African FY earnings up by 106-116pct

[] — Pan African Resources, the African-focused gold mining company, on Monday said it expected its full year earnings per share to be between 106% and 116% higher than those for the previous corresponding period when it reported earnings per share of 5.74 cents per share.

Headline earnings for the year to end June 2010 is not expected to differ by more than 10% from the 12.28 cents a share reported for the financial year to end June 2009.

As a UK incorporated company, Pan African’s reporting currency is Great British
Pounds (GBP).

Earnings per share calculated in South African Rand (ZAR) use the average ZAR-GBP exchange rate of R12.01 to the GBP that has prevailed year to date during the current financial year.

Earnings per share in GBP, is expected to be between 148% and 158% higher than the 0.4 pence posted for the previous corresponding period.

Headline earnings per share denominated in GBP, is expected to be between 16% and 26% higher than last year’s 0.85 pence per share.

Pan African said in April that its Barberton Mines was on track to produce 97 000 ounces of gold for the full financial year 2010.

The company said production was expected to increase in the second half of 2010 after its first half production was hampered by measures to combat illegal mining activity at its Barberton mines.

Pan African anticipates releasing its full year results on August 31.