Last updated on April 18, 2014 at 7:49 EDT

HRT well helps to confirm Gondwana Gold’s Petroleum System Model, offshore Namibia

May 24, 2013

CALGARY, May 24, 2013 /CNW/ – Gondwana Gold Inc. (TSXV:PAO) (“Gondwana” or the “Company”) announces that it views the recent
announcement by HRT Participações em Petróleo S.A. (“HRT”) (see press
release of HRT dated May 20, 2013) regarding the results of the
Wingat-1 well in the Walvis Basin as positive in the context of
establishing a working petroleum system in the deeper waters of
Namibia. The recovery of light oil and the identification of two high
Total Organic Content source rock intervals confirms the Company’s view
that multiple, mature oil-prone source rocks are present in the deep
offshore. The lack of significant reservoir at Wingat is not a concern
to the Company as the Company’s reservoir targets are deep water basin
floor fans (a.k.a. turbidites) and are much stronger candidates for
good quality reservoir.  These deep water basin floor fans have been
identified over the Company’s licenses PEL 50 and PEL 51 with seismic
acquired by Pan African Oil Ltd., a wholly-owned subsidiary of the
Company, from Spectrum Geophysical in 2012.

The HRT well results substantiate the Company’s view that the critical
juxtaposition of good quality reservoir and mature source rocks occurs
outboard of the recent Namibia drilling targets and affirms both the
turbidite play concept and the prospectivity of the Company’s two
licences: PEL 50 in the Walvis Basin and PEL 51 in the Luderitz Basin.

The Company’s licenses are held through Pan African Oil Ltd., which the
Company acquired in March 2013.  At the annual general and special
meeting of shareholders of the Company to be held on June 10, 2013 (the
“Meeting”), the Company will seek shareholder approval to change its
name to Pan African Oil Ltd., reflecting the Company’s change to an oil
and gas company.  As announced on April 3, 2013, the Company has
entered into an agreement with Kanosak Capital Venture Corporation
(“Kanosak”) to sell the Company’s African gold exploration properties. 
The transaction is subject to customary closing conditions.  The
Company would like to note that Dejan Ristic, the Chief Financial
Officer of the Company, also acts as the Chief Financial Officer of
Kanosak.  Mr. Ristic played no role in the negotiation of this

The Company also announces that J.D. Miller has resigned from the
Company’s Board of Directors.  Mr. Miller has been a director of the
Company since December 2010, and the Company would like to thank Mr.
Miller for his service and contributions to the Company.

At the Meeting, Maruf Raza will be nominated as a director of the
Company together with the three current directors, Gary Wine, Bongani
Mtshisi and John ‘t Hart.  Mr. Raza is a Partner at Collins Barrow
Toronto LLP. Details regarding Mr. Raza can be found in the Company’s
management information circular dated May 8, 2013 filed on SEDAR at www.sedar.com.

Forward-Looking Statements

This press release contains certain forward-looking information as
defined in applicable securities laws (referred to herein as
“forward-looking statements”), including, without limitation, those
regarding the Company’s views on the announcement by HRT regarding the
results of the Wingat-1 well, the presence of multiple, mature
oil-prone source rocks in the deep offshore,  the Company’s views
regarding the juxtaposition of good quality reservoir and mature source
rocks, the prospectivity of the Company’s two licences in the Walvis
Basin and Luderitz Basin, and any statements preceded by, followed by
or that include the words “believe”, “expect”, “aim”, “intend”, “plan”,
“continue”, “will”, “may”, “would”, “anticipate”, “estimate”,
“forecast”, “predict”, “project”, “seek”, “should” or similar
expressions or the negative thereof, are forward-looking statements.
These statements are not historical facts but instead represent only
the Company’s expectations, estimates and projections regarding future
events. These statements are not guarantees of future performance and
involve assumptions, risks and uncertainties that are difficult to
predict. Therefore, actual results may differ materially from what is
expressed, implied or forecasted in such forward-looking statements.
Management provides forward-looking statements because it believes they
provide useful information to readers when considering their investment
objectives and cautions readers that the information may not be
appropriate for other purposes. Consequently, all of the
forward-looking statements made in this press release are qualified by
these cautionary statements and other cautionary statements or factors
contained herein, and there can be no assurance that the actual results
or developments will be realized or, even if substantially realized,
that they will have the expected consequences to, or effects on, the
Company. These forward-looking statements are made as of the date of
this press release and the Company assumes no obligation to update or
revise them to reflect subsequent information, events or circumstances
or otherwise, except as required by law. The forward-looking statements
in this press release are based on numerous assumptions regarding the
Company’s present and future business strategies and the environment in
which the Company will operate in the future, including assumptions
regarding expected yields, future prices, business and operating
strategies, and the Company’s ability to operate any future production
facilities on a profitable basis.  By their nature, forward-looking
statements involve numerous inherent risks and uncertainties, both
general and specific, which contribute to the possibility that the
predicted outcomes may not occur or may be delayed. The risks,
uncertainties and other factors, many of which are beyond the control
of the Corporation, that could influence actual results include, but
are not limited to: the Corporation’s limited operating history and
lack of revenue; exploration, development and operating risks; risks of
operating in Namibia; regulatory risks; financing risks and dilution to
shareholders; stock market volatility; competition; reliance on
management and dependence on key personnel; fluctuating oil and gas
prices and marketability of oil and gas; environmental risks;
governmental regulations, processing licenses and permits; conflicts of
interest of management; uninsurable risks and exposure to potential

SOURCE Gondwana Gold Inc.

Source: PR Newswire