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Pan African Resources upgrades FY-2010 EPS forecasts further

In accordance with JSE listing rules, Pan African Resources (LON:PAF) has provided a further upgrade to its earnings forecasts for the year ended 30th June 2010.

The company now expects to report GBP earnings per share (NYSEARCA:EPS) at a level between 159-162% higher than the previous year, due to greater-than-expected gold sales at the end of June, and a lower-than-expected foreign exchange (ZAR:GBP) rate. In H109, Pan African Resources reported EPS of 0.4p.

Pan African Resources’ audited full-year results are due for release on the 31st August 2010.

Previously, on the 23rd June, the company initially told investors that its results would be ahead-of-expectations.

Headline EPS is expected to have risen between 16-26%, from the 0.85p reported for the previous financial year.

Pan African has two primary assets -  the Barberton gold mining complex and the Phoenix platinum project in South Africa. The Barberton mining complex consists of three mines: Fairview, Consort and Sheba.