Issue of Equity

18 Nov 2010 07:00

18 November 2010 Pan African Resources PLC (`Pan African' or the `Company')

Incorporated and registered in England and Wales under Companies Act 1985 with

registered number 3937466 on 25 February 2000 AIM: PAF/JSE: PAN ISIN: GB0004300496 EXERCISE OF OPTIONS

Pan African announces that the following issues of Pan African ordinary shares of 1p each ("Shares") have been made, following the exercise of share options granted under the Company's share option plan:

* 6,000,000 Shares were issued at a price of 7p per Share, for a total consideration of GBP420,000; and * 4,000,000 Shares were issued at a price of 5.5p per Share, for a total consideration of GBP220,000.

Application will be made today, to the AIM market of the London Stock Exchange ("AIM") and to the Main Board of JSE Limited ("JSE") for 10,000,000 shares to be admitted to trading on AIM and for listing on the JSE, with admission to trading and listing on both markets expected to occur on 25 November 2010.

Following the above issues of shares, the total issued share capital of the Company comprises 1,444,040,711 Shares.

EnquiriesSouth Africa UK Pan African RBC Capital Markets

Jan Nelson, Chief Executive Officer Martin Eales / Brett Jacobs

+27 (0) 11 243 2900 +44 (0) 20 7653 4000

Macquarie First South Advisers (Pty) Ltd St James's Corporate Services

Limited Melanie de Nysschen / Yvette Labuschagne / Annerie Britz Phil Dexter +27 (0) 11 583 2000 +44 (0) 20 7499 3916 Vestor Media & Investor Relations Hansard Communications Louise Brugman Justine James +27 (0) 11 787 3015 +44 (0) 20 7245 1100 / +44 (0) 7525 324431