Statement re Transfer of Listing on the JSE

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")                        

TRANSFER OF PAN AFRICAN'S LISTING FROM THE ALTERNATIVE EXCHANGE ("ALTX") TO THE
MAIN BOARD OF THE JSE LIMITED ("JSE")AND CAUTIONARY ANNOUNCEMENT

 1. Transfer of listing to the Main Board of the JSE
   
The directors of Pan African have pleasure in announcing that the JSE has
approved the transfer of Pan African`s listing from the AltX to the Gold Mining
Sector of the Main Board of the JSE, with effect from the commencement of
business on Tuesday, 1 December 2009.

Accordingly, the JSE will become the Company's dual primary regulator.

 2. Cautionary announcement
   
In terms of the Listings Requirements of the JSE, shareholders are advised that
the Company has entered into discussions in respect of a possible transaction
which, if successfully concluded, could have a material effect on the price of
the Company's securities.

Accordingly, shareholders are advised to exercise caution until a further
announcement is made.

Rosebank

26 November 2009

JSE Sponsor and Corporate Advisor

Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited

For further information on Pan African Resources plc, 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]

Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited

Natalie Di-Sante

[phone]

Sholto Simpson

[phone]

St James's Corporate Services Limited

Phil Dexter

[phone]