Asia Thai Mining Acquires Pan African Mining

On June 27, 2008, Asia Thai Mining Co., Ltd., through its wholly owned subsidiary, 0819615 B.C. Ltd., completed the acquisition of Pan African Mining Corp., a TSX Venture Exchange-listed company, pursuant to a statutory plan of arrangement. A final order approving the plan was obtained from the Supreme Court of British Columbia on June 26, 2008, following approval at a special meeting of securityholders of Pan African on June 25, 2008. The plan involved the acquisition of all of the common shares, options and warrants of Pan African in exchange for cash and the shares of African Queen Mines Ltd., a newly incorporated company spun out of Pan African. The aggregate cash consideration paid pursuant to the plan was approximately $158 million and was financed by a credit facility in that amount provided by The Siam Commercial Bank Public Company Limited.

Pan African is an exploratory resource company with approximately 7,500 sq. km. of diversified mineral properties and 5,000 sq. km. of uranium properties in Madagascar. Pan African has offices in Vancouver, Canada, and Antananarivo, Madagascar.

Asia Thai is a holding company incorporated in Thailand. Asia Thai either directly or through affiliated companies has extensive experience in the development and operation of mining interests, in particular in respect of coal mining interests. Through its subsidiaries, it is involved in the exploration and development of several coal mines in Indonesia. The company projects its coal production capacity will reach approximately four million tons{tonnes???} by 2009. Asia Thai forms part of a group of affiliated mining companies, including Saraburi Coal Co., Ltd. (SBCC). SBCC has been mining coal and tin in Thailand and other Southeast Asian countries since 1998. Asia Thai is a private company with its registered address and principal place of business in Bangkok, Thailand.

Baker & McKenzie LLP represented Asia Thai with a team that included Nurhan Aycan, Matthew Grant, Allan Ritchie (corporate/securities), Alex Roberts (banking/finance), and Sorachon Boonsong (corporate). Asia Thai also received Canadian representation in respect of British Columbia securities and banking law matters from Lang Michener LLP with a team that included John D. Morrison, Leo Raffin and Amandeep Sandhu.

The Vancouver office of Fasken Martineau DuMoulin LLP represented Pan African with a team led by Charlotte Bell and that included Lata Casciano, Frank Schober, Brent Lewis, Steve Saville and Mark Fancourt-Smith.


Charlotte P. Bell Alex C. Roberts Leo Raffin Mark Fancourt-Smith Matthew Grant Lata C. Casciano John D. Morrison Amandeep Sandhu Nurhan Aycan Allan J. Ritchie Brent J. Lewis Steve A. Saville Frank S. Schober