VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 24, 2011) - Pan Global Resources Inc. (the "Company") (TSX VENTURE:PGZ) is pleased to provide an update on exploration activities in the Republic of Serbia.
The Company is pleased to announce that our exploration partner, Lithium Li Holdings Inc., has received notification of the approval of six new licenses. These are Radusa, Badanja, Ljig, Bela Crkva, Kosjeric, Gorobilje and total approximately 464 km2, as shown in Figure 1. This is in addition to the previously approved licenses of Jadar West and Valjevo, which total 178 km2.
To view Figure 1, please click the following link: http://media3.marketwire.com/docs/PGZ-FIGURE1.pdf.
The exploration program is now underway with a geophysical program including gravity and magneto-tellurics. Gravity has been completed on four licenses and show well developed basins within a well documented zone of lithium anomalism. Magneto-tellurics have been completed on three licenses, including Jadar West and Badanja, with results expected by the month's end. These titles are immediately adjacent to Rio Tinto's Jadar deposit, where production is planned to commence in 2016 (Figure 2).
To view Figure 2, please click the following link: http://media3.marketwire.com/docs/pgz-FIGURE2.pdf.
In addition, field reconnaissance has started in all approved licenses where outcrop mapping and sampling are ongoing. Geochemical assays have been obtained from outcrops in the Valjevo license and indicate strong lithium and borate anomalism. Assays from other geochemical sampling remain pending.
Given the rapid advance of the multidisciplinary exploration program currently underway, the Company expects the exploration drilling program to be initiated in Q3 2011.
"We are extremely happy with the progress being made by our partners in conducting the exploration program which is resulting in our ability to take early decisions on the selection of drill targets for the upcoming campaign. With the program being directed by some of the best explorationists in their field, Lithium Li Holdings has shown that Pan Global Resources is farming into highly prospective lithium–borate targets in the Balkans. We are looking forward to the Q3 drilling program with excitement and are confident that we will attain early success," commented Julian Bavin, President and CEO.
In addition to its interests in the Balkans, Pan Global is actively pursuing new opportunities in other parts of the world.
Shares Issued and Outstanding: 17,763,991
The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management.
Contact Information:
Mr. Julian Bavin
President and CEO
011 56 97 8095217
julianbavin66@googlemail.com