Pan African Resources Regulatory News (PAF)

26 Jul 2005 06:00

Embargoed: 07:00hrs 26 July 2005 Pan African Resources plc ("Pan African Resources", "The Company") Directorate Change The Board of Pan African Resources plc announces the resignation of Mr RogerCraddock as Managing Director (effective 22 July 2005) and the appointment ofMr Jan Petrus Nelson (effective 1 September 2005).Mr Nelson (35) has an honours degree in geology and extensive experience ingold exploration and mining in South Africa, Zimbabwe and Tanzania. Hisexperience includes extended periods in mine management and operations. He is aSouth African resident and has experience of dealing with institutionalanalysts, institutional investors and shareholders.Mr Nelson will be granted options on 1 September 2005 to subscribe for18,000,000 ordinary shares in the company at 2p per share, which will vest inthree annual instalments of 6,000,000 on 1 December 2006, 1 December 2007 and 1December 2008. They are exercisable until 31 August 2015.Commenting on Mr Nelson's appointment the Chairman, Mr Colin Bird, said "I amvery pleased to welcome Mr Nelson to the main board. His extensive experiencein the industry will be of great value to Pan African Resources as we continueour expansion."Mr Craddock has agreed to cancel his options to subscribe for 7,500,000ordinary shares in the company.The company would like to thank Mr Craddock for his hard work during thecompanies' formative period and welcomes Mr Nelson to continue the companies'mission of high quality gold target acquisition and development.The Company advises that there are no further details relating to theappointment of Mr Nelson which it is obliged to disclose under Schedule Twoparagraph (g) of the AIM rules.For further information:Colin BirdPan African Resources Plc+44 (0)7768 397627Ben SimonsHansard Communications+44 (0)20 7245 1100ENDPAN AFRICAN RESOURCES PLC