Pan Global Resources Inc. announced that exploration has commenced at the Company's 100%-owned, 5,653-hectare (56.5 km2) Carmenes copper, nickel, gold, cobalt project ("Carmenes" or the "Project"), located in the province of León, northern Spain. The area has a history of mining and the Project is 70 kilometers southeast of Orvana Minerals' Orovalle gold, copper, silver mining operation in the same geological belt. In addition to the early stage exploration work at Carmenes, resource delineation drilling is ongoing at the La Romana target in the Company's flagship Escacena Project in the Iberian Pyrite Belt, southern Spain.

Further drill results will be reported as soon as available, including results for recently completed drill holes at the rapidly growing Cañada Honda target. Encouraging progress is also being made to access the Company's large Bravo target located immediately to the east of La Romana. Planned Exploration and New Results at Carmenes The Carmenes Project is a highly prospective area for carbonate-hosted breccia "pipe" style mineralization, with evidence of high grades of copper, nickel, cobalt and gold.

Initial exploration priorities include the former Profunda and Providencia mine areas, targeting extensions to the copper-nickel-cobalt mineralization beneath the mine workings and recently mapped gossans. Numerous other smaller historical mine workings occur throughout the project area, highlighting the potential for additional breccia pipes and other styles of mineralization. Pan Global has commenced systematic exploration in the Carmenes Project following an initial phase of reconnaissance sampling and a detailed review of past exploration in the area.

The program includes detailed mapping and surface geochemistry surveys, drill planning at Profunda and Providencia, and follow-up of targets identified from past exploration. Table 1 (below), includes assay results from new rock samples recovered by Pan Global from within the underground mine workings and surface gossans at Providencia and Profunda, and previously unreported underground sample results acquired with the mineral rights from the previous owners, "Sociedad de Investigación y Explotación Minera de Castilla y León, S.A." (SIEMCALSA). The Pan Global and SIEMCALSA rock samples were assayed using the same laboratory and sampling protocols.

The underground samples consisted of rock chips from the walls of former mine tunnels/stopes. Average grades from the combined Pan Global and SIEMCALSA underground samples at Providencia and Profunda, include: Providencia (22 samples) ? 2.53% Cu, 1.28% Ni, 0.68% Co, 0.6g/t Au, 3.1g/t Ag Profunda (8 samples) ?

10.3% Cu, 0.18% Ni, 0.19% Co, 0.1g/t Au, 15.6g/t Ag. Reconnaissance mapping by Pan Global at the Providencia target has identified breccias hosting the historical mine workings, and surface gossans, over an area more than 300 x 100 meters. The target area at Profunda has similar dimensions.

Assay results for six samples of gossans (rock chips of gossan outcrops and float) collected at Providencia average 3.8g/t Au, 0.41% Cu, 0.28% Ni, 0.10% Co and 3.7g/t Ag. The results highlight additional untested potential for significant gold and copper-nickel-cobalt mineralization beneath the gossans outside the mine workings.