Further Cautionary Announcement

Pan African Resources PLC                           

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

              with registered number 3937466 on 25 February 2000)              

                                 AIM Code: PAF                                 

                                 JSE Code: PAN                                 

                              ISIN: GB0004300496                               

                         ("Pan African" or "Company")                          

                        FURTHER CAUTIONARY ANNOUNCEMENT                        

Shareholders of Pan African ("Shareholders") are referred to the announcement
published by the Company on 30 May 2012 regarding the proposed acquisition of
the entire issued share capital of and claims against Evander Gold Mines
Limited from Harmony Gold Mining Company Limited ("Transaction") which included
a further Pan African cautionary announcement.

Shareholders are advised that the pro forma financial effects of the
Transaction are still being determined, the publication of which may have a
material effect on the price of Pan African securities. Accordingly,
Shareholders are advised to continue to exercise caution when dealing in Pan
African`s securities until a further announcement is made.

11 July 2012

Johannesburg

Lead Corporate Advisor, Transaction Sponsor and JSE Sponsor

One Capital

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 Limited - 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]

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