Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                
                                                                               
1. Identity of the issuer or the underlying    Pan African Resources Plc Ord 1p
issuer                                                                         
of existing shares to which voting rights                    ISIN: GB0004300496
are                                                                            
attached: ii                                                                   
                                                                               
2 Reason for the notification (please tick the appropriate box or boxes):      
                                                                               
An acquisition or disposal of voting rights                               X    
                                                                               
An acquisition or disposal of qualifying financial instruments which           
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         
to qualifying financial instruments                                            
                                                                               
An event changing the breakdown of voting rights                               
                                                                               
Other (please    Change in the Issue Share Capital                             
specify):                                                                      
                                                                               
3. Full name of person(s) subject to              Investec Asset Management Ltd
the                                                                            
notification obligation: iii                                                   
                                                                               
4. Full name of shareholder(s)                                                 
(if different from 3.):iv                                                      
                                                                               
5. Date of the transaction and date                                    08.10.09
on                                                                             
which the threshold is crossed or                                              
reached: v                                                                     
                                                                               
6. Date on which issuer notified:                                      12.10.09
                                                                               
7. Threshold(s) that is/are crossed                                         10%
or                                                                             
reached: vi, vii                                                               

135,690,299135,690,299

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                           
                                                                                    
Ordinary 1p                                           150,346,264           10.675% 
                                                                                    
GB0004300496                                                                        
                                                                                    
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                 
                                                                                    
150,346,264                             10.675%                                     

9. Chain of controlled undertakings through which the voting rights and/or the 
financial instruments are effectively held, if applicable: xxi                 
                                                                               
Proxy Voting:                                                                  
                                                                               
10. Name of the proxy holder:                                                  
                                                                               
11. Number of voting rights proxy holder will                                  
cease                                                                          
to hold:                                                                       
                                                                               
12. Date on which proxy holder will cease to hold                              
voting rights:                                                                 
                                                                               
                                                                               
13. Additional information:                                                    
                                                                               
14. Contact name:                                                 Ian Gartshore
                                                                               
15. Contact telephone number:                                     020 7597 1825