A PAN GLOBAL
w Resources
December 1, 2010 TSXV: PGZ Shares Issued and Outstanding: 9,514,000
PAN GLOBAL RESOURCES INC. PROVIDES UPDATE ON BALKAN PROPERTIES
VANCOUVER, BRITISH COLUMBIA — (November 30, 2010) — Pan Global Resources Inc. ("Company") (TSX Venture: PGZ) is pleased to announce that Mr. Julian Bavin has been appointed President & CEO of the Company. Mr. Bavin brings to the position more than 30 years of technical, operational and commercial experience in mineral exploration, most of which was spent with the Rio Tinto Group in South America, Australia, Indonesia and Europe. Mr. Bavin joined the board of directors on June 6, 2010.
Director Bob Baxter said: “We are fortunate to have someone of Julian’s caliber and experience accept a leadership role in our company. We wish to extend our sincere thanks to Brian Kerzner for serving as President & CEO for the past three years.” Mr. Kerzner will remain on the board of directors of the Company.
The Company also wishes to provide a general update on corporate activities. Regarding the Jadar West, Valjevo and Lopare mineral prospects (together the “Balkan Properties’), the Company has a formal binding Letter of Intent with LithiumLi Balkan doo, the holder of the exploration licenses for the Balkan Properties, to earn an initial 51% interest, with further options to earn up to an 80% undivided interest. This binding LO! will now form the basis of a definitive agreement, which is currently being negotiated with LithiumLi Balkan doo. The transaction is described in the Company's July 30, 2010 news release, and further details are available on the Company’s website, www.panglobalresources.com.
The Company is also actively pursuing other lithium opportunities in other parts of the world.
The Company's previously announced brokered private placement with Raymond James Ltd. is fully subscribed and is expected to be completed by the middle of December. The net proceeds of the private placement will be expended upon exploration of the Balkan Properties, assuming completion of the definitive agreement with LithiumLi Balkan doo. Otherwise the proceeds shall be used for general working capital and the acquisition and exploration of other lithium properties. The TSX Venture Exchange has conditionally accepted notice of the private placement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Robert Baxter, Director Telephone: 51-1-9935-26473 Pan Global Resources Inc. Email: [email protected]
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
400 Burrard Street, Suite 1780, Vancouver, BC V6C 3A6 Tel: 604-689-9930 Fax: 604-689-9940