Change of Nomad and Joint Broker

5 April 2012

                           Pan African Resources plc                           

  (Incorporated and registered in England and Wales under Companies Act 1985   

              with registered number 3937466 on 25 February 2000)              

                       Share code on AIM: PAF / JSE: PAN                       

                              ISIN: GB0004300496                               

                       (`Pan African' or ` the Company')                       

                               Change of Adviser                               

The Board of Pan African, the Africa focussed precious metals producer, is
pleased to announce the appointment of Canaccord Genuity Limited as Nominated
Adviser and Joint Broker and finnCap Ltd. as Joint Broker to the Company with
immediate effect.

For further information on Pan African, please visit the website at
www.panafricanresources.com.

Enquiries                            UK                                        
                                                                               
South Africa                                                                   
                                                                               
Pan African Resources                Canaccord Genuity Limited - Nomad and     
                                     Joint Broker                              
Jan Nelson, Chief Executive Officer                                            
                                     John Prior / Sebastian Jones / Joe Weaving
[phone]                                                            
                                     [phone]                       
                                                                               
One Capital                          finnCap Ltd - Joint Broker                
                                                                               
Sholto Simpson / Megan Young /       Elizabeth Johnson / Joanna Weaving        
Nicholas Tyler                                                                 
                                     [phone]                      
[phone]                                                            
                                                                               
Vestor Investor Relations            St James's Corporate Services Limited     
                                                                               
Louise Brugman                       Phil Dexter                               
                                                                               
[phone]                  [phone]                      
                                                                               
                                     Gable Communications                      
                                                                               
                                     Justine James                             
                                                                               
                                     [phone] / [phone]