Issue of Equity

PAN AFRICAN RESPOURCES PLC

("Pan African" or the "Company")

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

AIM: PAF

JSE: PAN

ISIN: GB0004300496

EXERCISE OF OPTIONS

Pan African announces that the following issues of Pan African ordinary shares
of 1p each ("Shares") have been made, following the exercise of share options
granted, as a part of a retention package to key management at Barberton Mines,
under the Company's share option plan:

1,098,000 Shares at a price of 83 cents , for a total consideration of R911,340

1,700,000 Shares at a price of 68 cents, for a total consideration of
R1,156,000.

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 2,798,000 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 Thursday 3 May 2012.

Following the above issues of Shares, the total issued share capital of the
Company comprises 1,448,262,361 Shares.

26 April 2012

Enquiries

South Africa UK

Pan African Resources Canaccord Genuity Limited - Nomad and

Jan Nelson, Chief Executive Officer Joint Broker

[phone] John Prior / Sebastian Jones / Joe Weaving

                                                           [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] [phone]

                                             Gable Communications Justine James

                                      44 (0) 20 7193 7463 / [phone]

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