Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                
                                                                               
1. Identity of the issuer or the underlying           Pan African Resources Plc
issuer                                                                         
of existing shares to which voting rights                                      
are                                                                            
attached: ii                                                                   
                                                                               
2 Reason for the notification (please tick the appropriate box or boxes):      
                                                                               
An acquisition or disposal of voting rights                               NO   
                                                                               
An acquisition or disposal of qualifying financial instruments which      NO   
may result in the acquisition of shares already issued to which voting         
rights are attached                                                            
                                                                               
An acquisition or disposal of instruments with similar economic effect    NO   
to qualifying financial instruments                                            
                                                                               
An event changing the breakdown of voting rights                          NO   
                                                                               
Other (please    Change in the Issue Share Capital                       YES   
specify):                                                                      
                                                                               
3. Full name of person(s) subject to    JPMorgan Asset Management Holdings Inc.
the                                                                            
notification obligation: iii                                                   
                                                                               
4. Full name of shareholder(s)           JPMorgan Asset Management (UK) Limited
(if different from 3.):iv                                                      
                                                                               
5. Date of the transaction and date                           01 September 2009
on                                                                             
which the threshold is crossed or                                              
reached: v                                                                     
                                                                               
6. Date on which issuer notified:                             11 September 2009
                                                                               
7. Threshold(s) that is/are crossed                                5% downwards
or                                                                             
reached: vi, vii                                                               

60,000,00060,000,000

8. Notified details:                                                               
                                                                                   
A: Voting rights attached to shares viii, ix                                       
                                                                                   
Class/type   Situation previous    Resulting situation after the triggering        
of           to the triggering     transaction                                     
shares       transaction                                                           
                                                                                   
             Number    Number      Number    Number of voting    % of voting rights
if possible  of        of          of shares rights              x                 
using        Shares    Voting                                                      
the ISIN               Rights      Direct    Direct   Indirect   Direct    Indirect
CODE                                         xi       xii                          
                                                                                   
GB0004300496                                          60,000,000           4.26%   
                                                                                   
B: Qualifying Financial Instruments                                                
                                                                                   
Resulting situation after the triggering transaction                               
                                                                                   
Type of financial Expiration Exercise/           Number of voting    % of voting   
instrument        date xiii  Conversion Period   rights that may be  rights        
                             xiv                 acquired if the                   
                                                 instrument is                     
                                                 exercised/                        
                                                 converted.                        
                                                                                   
C: Financial Instruments with similar economic effect to Qualifying Financial      
Instruments xv, xvi                                                                
                                                                                   
Resulting situation after the triggering transaction                               
                                                                                   
Type of       Exercise Expiration Exercise/  Number of voting      % of voting     
financial     price    date xvii  Conversion rights instrument     rights xix, xx  
instrument                        period     refers to                             
                                  xviii                                            
                                                                                   
                                                                   Nominal   Delta 
                                                                                   
Total (A+B+C)                                                                      
                                                                                   
Number of voting rights                 Percentage of voting rights                
                                                                                   
60,000,000                              4.26%                                      

9. Chain of controlled undertakings through which the voting rights and/or the 
financial instruments are effectively held, if applicable: xxi                 
                                                                               
Total disclosable holding for JPMorgan Asset Management Holdings Inc. :        
60,000,000 (4.26%)                                                             
                                                                               
JPMorgan Asset Management (UK) Limited: 60,000,000 (4.26%)                     
                                                                               
Proxy Voting:                                                                  
                                                                               
10. Name of the proxy holder:                                               N/A
                                                                               
11. Number of voting rights proxy holder will                               N/A
cease                                                                          
to hold:                                                                       
                                                                               
12. Date on which proxy holder will cease to hold                           N/A
voting rights:                                                                 
                                                                               
                                                                               
13. Additional information:                                                 N/A
                                                                               
14. Contact name:                                               Miss Jay Supaya
                                                                               
15. Contact telephone number:                                     020 7325 4513