Issue of Equity

24 November 2011

                           Pan African Resources PLC                           

                       (`Pan African' or the `Company')                        

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

                 registered number 3937466 on 25 February 2000                 

                               AIM: PAF/JSE: PAN                               

                              ISIN: GB0004300496                               

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 under the Company's share option plan:

  * 723,650 Shares were issued at a price of ZAR0.83 per Share, for a total
    consideration of ZAR600,629.50
   
Application will be made today, to the AIM market of the London Stock Exchange
("AIM") and to the Main Board of JSE Limited ("JSE") for 723,650 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 1 December 2011.

Following the above issues of shares, the total issued share capital of the
Company comprises 1,444,964,361 Shares.

Enquiries

South Africa                               UK                                
                                                                             
Pan African Resources                      RBC Capital Markets               
                                                                             
Jan Nelson, Chief Executive Officer        Martin Eales / James Kelly        
                                                                             
[phone]                        [phone]              
                                                                             
Macquarie First South Capital (Pty)        St James's Corporate Services     
Limited                                    Limited                           
                                                                             
Melanie de Nysschen / Annerie Britz /      Phil Dexter                       
Yvette Labuschagne                                                           
                                           [phone]              
[phone]                                                          
                                                                             
Gable Communications                                                         
                                                                             
Justine James                                                                
                                                                             
[phone]