Holding(s) in Company

3 Sep 2009 11:47

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi 1. Identity of the issuer or the underlying Pan African Resources Plcissuer of existing shares to which voting rights are attached: ii

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights Yes

An acquisition or disposal of qualifying financial instruments which No may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect No to qualifying financial instruments

An event changing the breakdown of voting rights No Other (please N/A specify):

3. Full name of person(s) subject to Shanduka Gold (Proprietary) Limited the

notification obligation: iii 4. Full name of shareholder(s) N/A(if different from 3.):iv 5. Date of the transaction and date 25 August 2009on which the threshold is crossed or reached: v 6. Date on which issuer notified: 3 September 2009 7. Threshold(s) that is/are crossed 26%or reached: vi, vii 00%8. Notified details: A: Voting rights attached to shares viii, ix

Class/type Situation previous Resulting situation after the triggering of

to the triggering transaction shares transaction Number Number Number Number of voting % of voting if possible of of of shares rights rights x using Shares Voting the ISIN Rights Direct Direct xi Indirect Direct IndirectCODE xii 366 168 26% 585 Ordinary shares of 1p each GB 0004300496 B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial Expiration Exercise/ Number of voting % of voting instrument date xiii Conversion Period rights that may be rights xiv acquired if the instrument is exercised/ converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction Type of Exercise Expiration Exercise/ Number of voting % of voting financial price date xvii Conversion rights instrument rights xix, xx instrument period refers to xviii Nominal Delta Total (A+B+C) Number of voting rights Percentage of voting rights 366 168 585 26%

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

Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: 14. Contact name: Cobus Loots 15. Contact telephone number: +27 11 305 8900