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PanAust Secures New Exploration Licenses

PanAust announced that it has secured three new exploration licenses in Myanmar, following approval by the Government on June 21. The licenses are the first awarded under the NLD-led government’s new minerals regulations. The exploration licenses, for the Ton Kyaung, Taung Kon and Naungphat Ananda announced the appointment of Alan Sinfield as Chief Executive Officer (CEO), officially assuming the position effective June 1. “We are delighted to welcome Alan Sinfield to Ananda and to Myanmar. With his strong leadership qualities, business acumen and extensive industry experience, Alan is highly capable of steering the future growth of ananda and supporting the development of our Myanmar team,” said Ne Aung, Chairman of IGE Group of Companies. Alan has served as telecoms CEO for the last 11 years and possesses well over 15 years of C-level experience. He has worked in nearly 50 countries including Asian countries such as Thailand, Cambodia, Hong Kong, Korea and Vietnam. “As a nascent market, Myanmar has incredible potential and wonderful challenges. It’s an exciting time to be in the telecom industry here at this moment in time and to be part of Ananda which is committed to bringing an innovative new dimension of service to the market, “said Alan Sinfield. blocks in the Sagaing Division of Myanmar, together represent a 562 square-kilometre area in the highly prospective Wuntho Massif region. P a n A u s t M a n a g i n g D i r e c t o r , D r F r e d Hess welcomed the d e v e l o p m e n t w h i c h adds to the company’s e x i s t i n g t e n e m e n t package in Myanmar. He said, “PanAust is excited to secure new ground in Myanmar, a country that is a major focus for the Company’s growth strategy. We look forward to carrying out a successful exploration program that will eventually lead to Myanmar’s next major mining operation.”

“PanAust’s world class operations in Laos provide a model for how the company will advance its activities in Myanmar. We will apply in Myanmar the same commitment to supporting the long-term socio-economic development of our host communities which has been so successful in Laos. Being at the vanguard of the next generation of mining in Myanmar, we have a wonderful opportunity to help position the industry as a positive contributor to the country’s development,” Dr. Hess commented.

In Myanmar, PanAust holds an 80% interest in Wuntho Resources Company Limited (WRCL) and has established a joint venture with Myanmar Energy Resources Group International Company Limited (MERG), a Myanmar-based company, which holds the remaining 20%. WRCL owns 100 percent of the rights to the areas covered by the exploration licenses.