Further Cautionary Announcement

Pan African Resources PLC

(`Pan African')

(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000)

Share code on AIM: PAF / JSE: PAN

ISIN: GB0004300496

Further cautionary announcement

Pan African shareholders (`Shareholders') are referred to the cautionary
announcements released by Pan African on Thursday, 17 November 2011, Thursday,
29 December 2011, Monday, 30 January 2012 and Monday, 12 March 2012 and using
the terms defined in the previous announcements, are advised that the pro forma
financial effects of the Transaction are still being determined, which may have
a material effect on the price of Pan African securities. Accordingly,
Shareholders are advised to continue to exercise caution when dealing in Pan
African's securities until a further announcement is made.

Johannesburg

26 April 2012

Lead Corporate Advisor, JSE Transaction Sponsor and JSE Sponsor

One Capital

Enquiries                            UK                                        
                                                                               
South Africa                                                                   
                                                                               
Pan African Resources                Canaccord Genuity Limited - Nomad and     
                                     Joint Broker                              
Jan Nelson, Chief Executive Officer                                            
                                     John Prior / Sebastian Jones / Joe Weaving
[phone]                                                            
                                     [phone]                      
                                                                               
One Capital                          finnCap Limited - Joint Broker            
                                                                               
Sholto Simpson / Megan Young /       Elizabeth Johnson / Joanna Weaving        
Nicholas Tyler                                                                 
                                     [phone]                      
[phone]                                                            
                                                                               
Vestor Investor Relations            St James's Corporate Services Limited     
                                                                               
Louise Brugman                       Phil Dexter                               
                                                                               
[phone]                  [phone]                      
                                                                               
                                     Gable Communications                      
                                                                               
                                     Justine James                             
                                                                               
                                     [phone] / [phone]

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