May 24th, 2011
Shares Issued and Outstanding: 17,763,991
TSXV : PGZ
Vancouver, British Columbia: May 24, 2011 – Pan Global Resources Inc. (the “Company”) (TSXV : 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 licences. These are Radusa, Badanja, Ljig, Bela Crkva, Kosjeric, Gorobilje and total approximately 464Km2 as shown in Figure 1. This is in addition to the previously approved licences of Jadar West and Valjevo which total 178Km2.
The exploration program is now underway with a geophysical program including gravity and magneto-tellurics. Gravity has been completed on 4 licences and show well developed basins within a well documented zone of lithium anomalism. Magneto-tellurics have been completed on 3 licences including Jadar West and Badanja with results expected by the months end . These titles are immediately adjacent to Rio Tinto’s Jadar deposit where production is planned to commence in 2016 (Figure 2) .
In addition, field reconnaissance has started in all approved licences where outcrop mapping and sampling is ongoing. Geochemical assays have been obtained from outcrops in the Valjevo licence and indicate strong lithium and borate anomalism. Assays from other geochemical sampling remains 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 have 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Julian Bavin, President and CEO
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