Issue of Equity

Pan African Resources PLC                           

                ("Pan African" or the "Group" or the "Company")                

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

                registered number 3937466 on 25 February 2000)                 

                            Share code on AIM: PAF                             

                            Share code on JSE: PAN                             

                              ISIN: GB0004300496                               

                     ISSUE OF SHARES: EXERCISE OF OPTIONS                      

Pan African announces that the following issue of Pan African ordinary shares
of 1p each ("Shares") has been made following the exercise of share options
granted in 2008 under the Company's share option plan:

  * 965,000 Shares at a price of R0.83 per Share, for a total consideration of
    R800,950 (collectively, the "Issue").
   
Application will be made to the AIM market of the London Stock Exchange ("AIM")
and to the Main Board of JSE Limited ("JSE") for 965,000 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 20 February 2014.

Following the Issue the total issued share capital of the Company comprises
1,829,144,763 Shares.

19 February 2014

Sponsor

One Capital

PAN AFRICAN ENQUIRIES                UK                                        
                                                                               
South Africa                                                                   
                                                                               
Pan African Resources                Canaccord Genuity Limited                 
                                                                               
Mr Ron Holding                       Nomad and Joint Broker                    
                                                                               
Chief Executive Officer              Neil Elliot / Peter Stewart / Joe Weaving 
                                                                               
[phone]                  [phone]                      
                                                                               
Vestor Investor Relations            finnCap Limited                           
                                                                               
Louise Brugman                       Joint Broker                              
                                                                               
[phone]                  Elizabeth Johnson / Joanna Weaving        
                                                                               
[phone]                      [phone]                      
                                                                               
One Capital                          St James's Corporate Services Limited     
                                                                               
Liezl Gildenhuys                     Phil Dexter                               
                                                                               
[phone]                  [phone]                      
                                                                               
                                     Gable Communications                      
                                                                               
                                     Justine James                             
                                                                               
                                     [phone] / [phone]

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