RENEWAL OF CAUTIONARY ANNOUNCEMENT

Pan African Resources plc

(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

(`Pan African' or the `company')

RENEWAL OF CAUTIONARY ANNOUNCEMENT

Further to the cautionary announcement released on Thursday, 26 November 2009
and in terms of the Listings Requirements of JSE Limited, shareholders are
advised that the discussions in respect of a possible transaction are still in
progress. If successfully concluded, the outcome of the discussions may have a
material effect on the price of the company's securities. Shareholders are
accordingly advised to continue exercising caution when dealing in the
company's securities until a full announcement in respect of the possible
transaction is made.

Rosebank

7 January 2010

JSE Sponsor

MACQUARIE FIRST SOUTH ADVISERS (PTY) LIMITED

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

ENQUIRIES

Pan African Resources                                                          
                                                                               
Jan Nelson (CEO)                        [phone]                    
                                                                               
Nicole Spruijt (Public Relations)       [phone]                    
                                                                               
RBC Capital Markets                                                            
                                                                               
Martin Eales                            [phone]                   
                                                                               
Macquarie First South Advisers                                                 
                                                                               
Melanie de Nysschen/Thembeka Mgoduso    [phone]                    
                                                                               
St James's Corporate Services Limited                                          
                                                                               
Phil Dexter                             [phone]                   
                                                                               
Vestor                                                                         
                                                                               
Louise Brugman                          [phone]