Holding(s) in Company

12 Feb 2010 13:45

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying Pan African Resources Plc Ord 1p issuer

of existing shares to which voting rights ISIN: GB0004300496are attached: ii

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

An acquisition or disposal of voting rights X An acquisition or disposal of qualifying financial instruments which

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 to qualifying financial instruments

An event changing the breakdown of voting rights Other (please Change in the Issue Share Capital specify): 3. Full name of person(s) subject to Investec Asset Management Ltdthe notification obligation: iii 4. Full name of shareholder(s) (if different from 3.):iv 5. Date of the transaction and date 10.02.10on which the threshold is crossed or reached: v 6. Date on which issuer notified: 11.02.10 7. Threshold(s) that is/are crossed 11%or reached: vi, vii 153,898,928153,898,9288. 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 rightsif possible of of of shares rights x using Shares Voting the ISIN Rights Direct Direct Indirect Direct IndirectCODE xi xii Ordinary 1p 155,898,928 11.07% GB0004300496 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 155,898,928 11.07%

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: Ian Gartshore 15. Contact telephone number: 020 7597 1825