Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                         
                                                                                        
                                                                                        
                                                                                        
                                                                   Pan African Resources
1. Identity of the issuer or the underlying issuer                      Plc Ord 1p      
of existing shares to which voting rights are                                           
attached: ii                                                                            
                                                                                        
                                                                    ISIN: GB0004300496  
                                                                                        
2 Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                             
                                                                                        
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                                       X
                                                                                        
Other (please specify):                                                                 
                                                                                        
3. Full name of person(s) subject to the                              Investec Asset    
notification obligation: iii                                          Management Ltd    
                                                                                        
4. Full name of shareholder(s)                                                          
 (if different from 3.):iv                                                              
                                                                                        
5. Date of the transaction and date on                                   25.11.10       
which the threshold is crossed or                                                       
reached: v                                                                              
                                                                                        
6. Date on which issuer notified:                                        26.11.10       
                                                                                        
7. Threshold(s) that is/are crossed or                                     11%          
reached: vi, vii                                                                        
                                                                                        

 

8. Notified details:                                                                              
                                                                                                  
A: Voting rights attached to shares viii, ix                                                      
                                                                                                  
Class/type   Situation previous               Resulting situation after the triggering transaction
of           to the triggering                                                                    
shares       transaction                                                                          
                                                                                                  
             Number             Number        Number  Number of voting       % of  voting rights x
if possible  of                 of            of      rights                                      
using        Shares             Voting        shares                                              
the ISIN                        Rights                                                            
CODE                                          Direct  Direct xi Indirect xii Direct  Indirect     
                                                                                                  
Ordinary 1p                                                                                       
             158,504,791        158,504,791                     158,504,791          10.98%       
GB0004300496                                                                                      
                                                                                                  
                                                                                                  
                                                                                                  
B: Qualifying Financial Instruments                                                               
                                                                                                  
Resulting situation after the triggering transaction                                              
                                                                                                  
Type of        Expiration        Exercise/             Number of voting            % of voting    
financial      date xiii         Conversion Period xiv rights that may be          rights         
instrument                                             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 price    Expiration Exercise/  Number of voting rights   % of voting rights
financial                       date xvii  Conversion instrument refers to      xix, xx           
instrument                                 period                                                 
                                           xviii                                                  
                                                                                                  
                                                                                Nominal Delta      
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
Total (A+B+C)                                                                                     
                                                                                                  
Number of voting rights                             Percentage of voting rights                   
                                                                                                  
158,504,791                                         10.98%                                        
                                                                                                  

 

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:   The change in percentage voting rights is due to Pan      
                              African Resources issuing 10,000,000 additional shares on 
                              25 November 2010. As a result, our percentage voting      
                              rights decreased from 11.05% to 10.98%.                   
                                                                                        
14. Contact name:                                   Ian Gartshore                       
                                                                                        
15. Contact telephone number:                       020 7597 1825