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Mozambique-based gold explorer Pan African Resources (PAF:AIM) said there is 10% more gold in its Manica project than originally estimated. Drilling to prove up the deposit has resulted in the resource statement being upgraded to 1.7 million ounces of gold, compared with the previous estimate of 1.55 million ounces.

The average grade has also increased – to 4.61 grams per tonne (g/t) of gold from 2.96 g/t. The pre-feasibility study on Manica should be completed later this month and reported during Q2, 2008. Investors piled into the stock on the project upgrade, pushing its shares up 5% to 7.38p intraday on Monday.

by: Dan Coatsworth