Issue of Equity

18 November 2010

                           Pan African Resources PLC                           

                       (`Pan African' or the `Company')                        

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

                 registered number 3937466 on 25 February 2000                 

                               AIM: PAF/JSE: PAN                               

                              ISIN: GB0004300496                               

EXERCISE OF OPTIONS

Pan African announces that the following issues of Pan African ordinary shares
of 1p each ("Shares") have been made, following the exercise of share options
granted under the Company's share option plan:

  * 6,000,000 Shares were issued at a price of 7p per Share, for a total
    consideration of GBP420,000; and
   
  * 4,000,000 Shares were issued at a price of 5.5p per Share, for a total
    consideration of GBP220,000.
   
Application will be made today, to the AIM market of the London Stock Exchange
("AIM") and to the Main Board of JSE Limited ("JSE") for 10,000,000 shares to
be admitted to trading on AIM and for listing on the JSE, with admission to
trading and listing on both markets expected to occur on 25 November 2010.

Following the above issues of shares, the total issued share capital of the
Company comprises 1,444,040,711 Shares.

Enquiries

South Africa                               UK                                
                                                                             
Pan African                                RBC Capital Markets               
                                                                             
Jan Nelson, Chief Executive Officer        Martin Eales / Brett Jacobs       
                                                                             
[phone]                        [phone]              
                                                                             
Macquarie First South Advisers (Pty) Ltd   St James's Corporate Services     
                                           Limited                           
Melanie de Nysschen / Yvette Labuschagne /                                   
Annerie Britz                              Phil Dexter                       
                                                                             
[phone]                        [phone]              
                                                                             
Vestor Media & Investor Relations          Hansard Communications            
                                                                             
Louise Brugman                             Justine James                     
                                                                             
[phone]                        [phone] / +44 (0)    
                                           7525 324431