Pan Global Resources Inc. announced results for the first drill hole completed at the La Jarosa target ("La Jarosa") at the Escacena Project ("Escacena") in the Iberian Pyrite Belt, southern Spain. La Jarosa is located approx. 4km northeast of La Romana, which has been the focus of the company's drilling for the past 30 months.

La Jarosa is the second of up to twelve gravity targets at Escacena and follow-up drilling is in progress. New ground gravity survey results have been received over the Zarcita target (located approx. 4.5 km north of La Romana), La Jarosa and surrounding areas.

A high-resolution helicopter-borne Time Domain electromagnetic and magnetic survey has also been completed over the Escacena Project and final results are awaited. La Jarosa Drilling: Drill holes LJD-01 and LJD-02 have been completed at La Jarosa and drill hole LJD-03 is in progress. Drill hole LJD-01 confirmed copper mineralization approximately 20m from a similar intersection in Exxon drill hole PJ-02 drilled in 1985, which included approx.

9.5m at 1.4% Cu (Boliden Apirsa S.L., Plan de Labores 1997, Memoria Y Presupuesto, (Annex D), p5). Note: only summary information is available for the Exxon drill hole and the results could not be audited or verified by the Company's QP. The drilling results show the copper mineralization is hosted within strong chlorite-altered dacitic volcanics.

Observed sulphide minerals include chalcopyrite, pyrite and minor to trace pyrrhotite and sphalerite. The zone of copper mineralization appears to dip approximately 45 to the north. Assay results are pending for drill hole LJD-02, drilled approx.

80m up-dip from LJD-01. Drill hole LJD-03 is in progress, targeting approx. 100m down-dip from LJD-01.

Further Exploration: Additional ongoing exploration includes: a high resolution airborne electromagnetic (AEM) survey has been completed and final results expected in approximately 6 weeks; regional ground gravity surveys over the entire area are in progress; soil and rock geochemical sampling surveys over selected targets are in progress; additional drilling is planned at La Romana and assay results are pending for 23 completed drill holes; IP surveys will commence on selected targets in the coming weeks; and up to 20,000m of drilling is planned in 40 to 60 holes. The gravity survey results at La Zarcita highlight a more than 2km long east-west gravity anomaly trend extending from the historic Zarcita mine workings beneath shallow cover and coincident with a soil-copper anomaly. The new gravity survey results also highlight a large gravity anomaly immediately south of the Zarcita mine workings beneath shallow cover that is untested.

Additional soil sampling and mapping has extended the soil copper anomaly and alteration beyond the cover to the west where it remains open.