Pan Global Resources Inc. announced the mobilisation of two additional drill rigs to the Escacena Project which is located in the Iberian Pyrite Belt, in Andalucia, southern Spain. Initial results having been received for the recently completed heliborne electromagnetic (EM) plus magnetic survey, several crews are now operating an expanded program of ground geophysics and geochemistry surveys to further delineate additional drill targets. The heliborne EM and magnetic surveys were designed to directly identify potentially conductive sulphide mineralisation and to help prioritize existing targets.

These surveys are very effective tools in the Iberian pyrite belt. The survey data is of excellent quality and interpretation and prioritization of targets is ongoing. The results have so-far highlighted at least eleven targets corresponding with gravity anomalies.

Pan Global commenced a 20,000-meter drill program in early 2022 at Escacena. The drill plan includes testing new targets and potential extensions to the La Romana copper-tin discovery. Two rigs are currently drilling at La Romana, where 20-25 drill holes (approx.

20% of the planned 20,000 meter program) will test strike and dip extensions of identified mineralization, including several large step-out holes to the east. Four drill holes have also been completed at the La Jarosa target and the third rig will commence drilling shortly at the Zarcita target (located approx. 5 km north of La Romana) where up to ten drill holes will test a combination of geochemistry and gravity targets along the projected 2.5-km Zarcita historical mine trend.

In addition to the ongoing drilling, a substantial field program is in progress following up gravity, geochemistry and heliborne EM anomalies. This includes two gravity teams, IP geophysics, geological mapping and soil geochemistry. As additional results are received from the heliborne survey and ongoing geophysics and geochemistry, further high priority targets will also be drilled.

Assay results are currently pending for more than nine additional drill holes from La Romana and three holes from La Jarosa completed in 2022. They will be released as soon as they are received.