Panex Resources Inc. announced that it has received results for a further 20 holes drilled on its highly prospective Giro Gold Project. Results are from all holes drilled along Lines 1 and 2 in the eastern portion of the Giro Prospect. The Giro Project covers a surface area of 610sqkm and lies within the Kilo-Moto Belt in one of the world's principal greenstone belts which hosts Randgold Resources' multi-million ounce Kibali Gold deposits within 30km of Giro, Anglogold Ashanti's deposits to the east, Loncore and Kilogold deposits to the south and 50Moz of gold discovered in Tanzania since 1994.

Results were received for drill holes GRRC013 - 032 where GRRC013 - 016 were from Line 1 and GRRC017 - 032 from Line 2. All holes were stopped short of the planned 120m where excessive ground water prevented the return of a dry sample. The remaining four holes on line 1 reported 40m at 2.11g/t Au from 6m in GRRC013, 34m at 1.46g/t Au from 8m in GRRC014 and 8m at 1.48g/t Au from 14m in GRRC016. This mineralization remains open across the shear to the northeast where gold mineralization has already been defined over more than 300m width.

On Line 2 the southwestern limit of the shear was intersected in drill hole GRRC022. Significant results included 23m at 2.65g/t Au from 28m in GRRC023 including 11m at 4.55g/t Au from 32m, 7m at 14.99g/t Au from 12m in GRRC024, 20m at 4.15g/t Au from 17m in GRRC030, and 12m at 1.88g/t Au from 28m in GRRC032. Drilling on Line 2 has confirmed 200m of gold mineralization across the shear which remains open to the northeast.

Dominant lithologies included saprolite with quartz stringers and veins and silicified volcano sediments and tuffs at depth. The bedrock commonly contained 1-3% pyrite, believed to be associated with gold mineralization. The lateritic cap on line 2 has largely been mined by the Belgians and artisanal miners and was not observed in all holes.

The initial drilling program has been completed with 57 holes drilled for a total of 2,888m. Drilling now suggests that gold mineralization is from two separate mineralized structures, namely the Giro vein mined by the Belgians in the western portion of the Giro Prospect and the shear covered by Lines 1 and 2 in recent drilling. Current drilling and historic data suggests the Giro vein has a WNW-ESE trend whereas the eastern shear has a NNW trend.

Visible gold was reported from one hole drilled to the east of the Giro vein, suggesting the mineralized structure continues east of the historically mined out area whereas the eastern shear is open along strike to the NW and SE and across the structure to the NE.