Interim Results

Pan African Resources PLC
24 May 2007


24th May 2007

                           PAN AFRICAN RESOURCES PLC

                 9 Month Interim Statement at 31 December 2006


Result for the period

During the period under review, the Group returned a loss of £685,805 as
compared with a loss of £865,249 in the eighteen-month period to 31 March 2006.
As at 31 December 2006 the Company had a cash balance of approximately £750,704.


Market Update

The Company announced on 20 December that it had signed a conditional Sale of
Shares Agreement with Metorex Limited to purchase 74% of Barberton Mines Limited
in South Africa.  The proposed transaction is intended to provide the Company
with a strong production base to further pursue its exploration and development
strategy.

This transaction is near conclusion and the Group's advisers are awaiting
certain regulatory approvals prior to release of an Admission Document and the
convening of an EGM for shareholders to consider and if thought appropriate,
approve the transaction.

On publication of the Admission  Document the shares will recommence trading,
which hopefully will arise as soon as the regulatory approvals are received.

As Barberton prepares accounts to 30 June, the Group will report its next full
result to 30 June 2007.  Accordingly, nine month interims have been prepared.

In order to continue to incentivise the current continuing Directors and Pangea
Exploration, options over their 20,700,000 ordinary shares of 1p each
exerciseable at 4p per share have been extended for a further three years,
conditional upon approval of the transaction referred to above.  Formal details
will be included in the Admission Document.

Your Board thanks the shareholders for their patience during the period since 20
December while the transaction has been processed, but trust that the enhanced
value of the enlarged group once completed will make the delay worthwhile.


For further information please contact:

Pan African Resources            Ambrian Partners Limited           Parkgreen Communications
Nathan Steinberg                 Richard Brown                      Justine Howarth
Finance Director                 [phone]               [phone]
[phone]


PAN AFRICAN RESOURCES PLC
AND SUBSIDIARIES


CONSOLIDATED PROFIT AND LOSS ACCOUNT
Period ended 31 December 2006

                                                                         9 months to             18 months to
                                                                            31/12/06                 31/03/06
                                                                                                   (restated)
                                                                                   £                        £

Exploration costs                                                          (345,208)                (464,575)
Administrative expenses                                                    (368,306)                (420,783)

Operating loss                                                             (713,514)                (885,358)
Interest receivable                                                           27,709                   30,759
Amounts written off investments                                                    -                 (10,650)

Loss on ordinary activities before taxation                                (685,805)                (865,249)
Tax on loss on ordinary activities                                                 -                        -

Loss for the financial period                                              (685,805)                (865,249)

Loss per ordinary share - basic                                              (0.17p)                  (0.24p)




PAN AFRICAN RESOURCES PLC
AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006

                                                                  31/12/06                              31/03/06
                                                                                                      (restated)
                                                     £                   £                 £                   £

FIXED ASSETS
Intangible assets                                                5,210,958                             4,847,630
Investments                                                          4,800                                 4,800
                                                                 5,215,758                             4,852,430
CURRENT ASSETS
Debtors                                         26,083                                 3,225
Cash at bank                                   750,704                             1,874,702

                                               776,787                             1,877,927

Creditors:  amounts falling due
   within one year                           (182,869)                             (399,455)

                                                                   593,918                             1,478,472

Total assets less current liabilities                            5,809,676                             6,330,902


CAPITAL AND RESERVES
Share capital                                                    4,077,532                             4,077,532
Share premium account                                            3,978,178                             3,978,178
Merger reserve                                                   1,485,000                             1,485,000
Share option reserve                                               238,535                                73,956
Profit and loss account                                        (3,969,569)                           (3,283,764)

Shareholders' funds                                              5,809,676                             6,330,902



 PAN AFRICAN RESOURCES PLC
AND SUBSIDIARIES


CONSOLIDATED CASH FLOW STATEMENT
Period ended 31 December 2006

                                                                           9 months to           18 months to
                                                                              31/12/06               31/03/06
                                                                                                   (restated)

                                                                                     £                      £
CASH FLOW STATEMENT

Net cash outflow from operating activities                                   (274,641)              (503,901)

Returns on investments and servicing of finance                                 27,709                 30,759

Capital expenditure and financial investment                                 (877,066)              (697,170)

Management of liquid resources                                               (400,000)                      -

Financing                                                                            -              1,820,881

(Decrease)/Increase in cash                                                (1,523,998)                650,569



PAN AFRICAN RESOURCES PLC

NOTES TO THE UNAUDITED INTERIM ACCOUNTS


Nine Months Ended 31 December 2006

     
1.   The calculation of earnings per share is based on the loss of £685,805 and 
     on the weighted average number of shares in issue totaling 407,753,235 
     ordinary shares.

     There is no dilutive effect in the period and in the previous period in
     accordance with FRS 14 paragraph 56.

     No change has been made to share based payments under FRS in respect of 
     share options granted, as the Directors consider that the effect will not 
     be material.

2.   The current period for the company will be a fifteen-month period ending 
     30th June 2007.

3.   The comparative figures were for the eighteen-month period
     ended 31st March 2006.

4.   The interim statement for the nine months ended 31st December 2006 is 
     audited and was approved by the Directors on 21 May 2007.   The financial 
     information set out above does not constitute statutory accounts within the 
     meaning of s.240 of the Companies Act 1985.
     
5.   Copies of the Interim Report are available to the public free of charge 
     from the Company at Manfield House, 2nd floor, 1 Southampton Street, London 
     WC2R 0LR during normal office hours, Saturdays, Sundays and Bank Holidays 
     excepted, for 31 days from today.




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