Completion of the Acquisition of Evander

Pan African Resources PLC                         
                                                                           
(Incorporated and registered in England and Wales under Companies Act 1985 
                                                                           
            with registered number 3937466 on 25 February 2000)            
                                                                           
                               AIM Code: PAF                               
                                                                           
                               JSE Code: PAN                               
                                                                           
                            ISIN: GB0004300496                             
                                                                           
                     ("Pan African" or " the Company")                     

ANNOUNCEMENT REGARDING THE COMPLETION OF THE ACQUISITION OF EVANDER GOLD MINES 
 LIMITED ("EVANDER") FROM HARMONY GOLD MINING COMPANY LIMITED ("TRANSACTION")  

Pan African shareholders are referred to the announcement published by the
Company on 15 February 2013 wherein they were advised that the Transaction had
become unconditional.

Pan African is pleased to further advise its shareholders that, as envisaged in
the announcement of 15 February 2013, the Company assumed effective control
over Evander on 28 February 2013 and has settled the Transaction purchase
consideration ("Purchase Consideration") in full.

Payment of the Purchase Consideration was funded through a combination of cash
resources held by Pan African and Evander (including the proceeds received
through Pan African's R703 million rights offer) ("Cash Resources") and bank
funding in the form of a R600 million revolving credit facility ("RCF"). Pan
African utilised R350 million from the RCF for purposes of funding a portion of
the Purchase Consideration, with the remaining portion being funded from Cash
Resources.

Following payment of the Purchase Consideration, R250 million of the RCF
remains unutilised and the Pan African group had operational cash resources
available of R157.4 million as at 13 March 2013.

14 March 2013

Lead Corporate Adviser, Transaction Sponsor and JSE Sponsor to Pan African     
                                                                               
One Capital                                                                    
                                                                               
Joint Corporate Adviser and Independent Transaction Sponsor to Pan African     
                                                                               
Nedbank Capital                                                                
                                                                               
Legal Counsel to Pan African                                                   
                                                                               
Werksmans Inc.                                                                 

PAN AFRICAN ENQUIRIES                     UK                                   
                                                                               
South Africa                                                                   
                                                                               
Pan African Resources                     Canaccord Genuity Limited - Nomad and
                                          Joint Broker                         
Mr Cobus Loots                                                                 
                                          Andrew Chubb / Peter Stewart /       
Non-executive director and Joint Interim  Sebastian Jones / Joe Weaving        
Chief Executive Officer                                                        
                                          [phone]                 
[phone]                                                            
                                                                               
Mr Ron Holding                                                                 
                                                                               
Chief Operating Officer and Joint Interim                                      
Chief Executive Officer                                                        
                                                                               
[phone]                                                            
                                                                               
One Capital                               finnCap Limited - Joint Broker       
                                                                               
Sholto Simpson / Megan Young              Elizabeth Johnson / Joanna Weaving   
                                                                               
[phone]                       [phone]                 
                                                                               
Vestor Investor Relations                 St James's Corporate Services Limited
                                                                               
Louise Brugman                            Phil Dexter                          
                                                                               
[phone]                       [phone]                 
                                                                               
[phone]                                                                
                                                                               
                                          Gable Communications                 
                                                                               
                                          Justine James                        
                                                                               
                                          [phone] / +44 (0) 7525  
                                          324431                               

For further information on Pan African, please visit the website at
www.panafricanresources.com