Pan African Regulatory News (PAF)

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi Pan African Resources1. Identity of the issuer or the underlying issuer Plc Ord 1pof existing shares to which voting rights areattached: ii ISIN: GB00043004962 Reason for the notification (please tick the appropriate box or boxes):An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may resultin the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect toqualifying financial instrumentsAn event changing the breakdown of voting rights XOther (please specify):3. Full name of person(s) subject to the Investec Assetnotification obligation: iii Management Ltd4. Full name of shareholder(s) (if different from 3.):iv5. Date of the transaction and date on 17.11.10which the threshold is crossed orreached: v6. Date on which issuer notified: 24.11.107. Threshold(s) that is/are crossed or 11%reached: vi, vii8. Notified details:A: Voting rights attached to shares viii, ixClass/type Situation previous Resulting situation after the triggering transactionof to the triggeringshares transaction Number Number Number Number of voting % of voting rights xif possible of of of rightsusing Shares Voting sharesthe ISIN RightsCODE Direct Direct xi Indirect xii Direct IndirectOrdinary 1p 157,296,980 157,296,980 157,296,980 10.96%GB0004300496B: Qualifying Financial InstrumentsResulting situation after the triggering transactionType of Expiration Exercise/ Number of voting % of votingfinancial date xiii Conversion Period xiv rights that may be rightsinstrument acquired if the instrument is exercised/ converted.C: Financial Instruments with similar economic effect to Qualifying FinancialInstruments xv, xviResulting situation after the triggering transactionType of Exercise price Expiration Exercise/ Number of voting rights % of voting rightsfinancial date xvii Conversion instrument refers to xix, xxinstrument period xviii Nominal DeltaTotal (A+B+C)Number of voting rights Percentage of voting rights157,296,980 10.96%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Proxy Voting:10. Name of the proxy holder:11. Number of voting rights proxy holder will ceaseto hold:12. Date on which proxy holder will cease to holdvoting rights: The change in percentage voting rights is due to Pan13. Additional information: African Resources issuing 14,499,711 additional shares on 17 November 2010. As a result, our percentage voting rights decreased from 11.08% to 10.96%.14. Contact name: Ian Gartshore15. Contact telephone number: 020 7597 1825