Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                
                                                                               
1. Identity of the issuer or the underlying           Pan African Resources Plc
issuer                                                                         
of existing shares to which voting rights                                      
are                                                                            
attached: ii                                                                   
                                                                               
2 Reason for the notification (please tick the appropriate box or boxes):      
                                                                               
An acquisition or disposal of voting rights                              Yes   
                                                                               
An acquisition or disposal of qualifying financial instruments which      No   
may result in the acquisition of shares already issued to which voting         
rights are attached                                                            
                                                                               
An acquisition or disposal of instruments with similar economic effect    No   
to qualifying financial instruments                                            
                                                                               
An event changing the breakdown of voting rights                          No   
                                                                               
Other (please                                                            N/A   
specify):                                                                      
                                                                               
3. Full name of person(s) subject to        Shanduka Gold (Proprietary) Limited
the                                                                            
notification obligation: iii                                                   
                                                                               
4. Full name of shareholder(s)                                              N/A
(if different from 3.):iv                                                      
                                                                               
5. Date of the transaction and date                              25 August 2009
on                                                                             
which the threshold is crossed or                                              
reached: v                                                                     
                                                                               
6. Date on which issuer notified:                              3 September 2009
                                                                               
7. Threshold(s) that is/are crossed                                         26%
or                                                                             
reached: vi, vii                                                               

00%

8. Notified details:                                                              
                                                                                  
A: Voting rights attached to shares viii, ix                                      
                                                                                  
Class/type   Situation previous    Resulting situation after the triggering       
of           to the triggering     transaction                                    
shares       transaction                                                          
                                                                                  
             Number    Number      Number    Number of voting    % of voting      
if possible  of        of          of shares rights              rights x         
using        Shares    Voting                                                     
the ISIN               Rights      Direct    Direct xi  Indirect Direct   Indirect
CODE                                                    xii                       
                                                                                  
                                             366 168             26%              
                                             585                                  
  Ordinary                                                                        
shares of 1p                                                                      
    each                                                                          
                                                                                  
GB                                                                                
0004300496                                                                        
                                                                                  
B: Qualifying Financial Instruments                                               
                                                                                  
Resulting situation after the triggering transaction                              
                                                                                  
Type of financial Expiration Exercise/           Number of voting    % of voting  
instrument        date xiii  Conversion Period   rights that may be  rights       
                             xiv                 acquired if the                  
                                                 instrument is                    
                                                 exercised/                       
                                                 converted.                       
                                                                                  
C: Financial Instruments with similar economic effect to Qualifying Financial     
Instruments xv, xvi                                                               
                                                                                  
Resulting situation after the triggering transaction                              
                                                                                  
Type of       Exercise Expiration Exercise/  Number of voting      % of voting    
financial     price    date xvii  Conversion rights instrument     rights xix, xx 
instrument                        period     refers to                            
                                  xviii                                           
                                                                                  
                                                                   Nominal  Delta 
                                                                                  
Total (A+B+C)                                                                     
                                                                                  
Number of voting rights                 Percentage of voting rights               
                                                                                  
366 168 585                             26%                                       

9. Chain of controlled undertakings through which the voting rights and/or the 
financial instruments are effectively held, if applicable: xxi                 
                                                                               
Proxy Voting:                                                                  
                                                                               
10. Name of the proxy holder:                                                  
                                                                               
11. Number of voting rights proxy holder will                                  
cease                                                                          
to hold:                                                                       
                                                                               
12. Date on which proxy holder will cease to hold                              
voting rights:                                                                 
                                                                               
                                                                               
13. Additional information:                                                    
                                                                               
14. Contact name:                                                   Cobus Loots
                                                                               
15. Contact telephone number:                                   [phone]