Director/PDMR Shareholding

Regulatory Announcement                                                        
                                                                               
Company                           Pan African Resources plc                    
                                                                               
TIDM                              PAF                                          
                                                                               
Headline                          Directors Dealings: Issue of Equity          
                                                                               
Released                          29 February 2008                             

                           Pan African Resources plc                           

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

               registration number 3937466 on 25 February 2000)                

                   Share code on AIM: PAF ISIN: GB0004300496                   

                            Share code on JSE: PAN                             

                       ("Pan African" or the "Company")                        

                                Issue of Equity                                

                              Directors Dealings                               

Pan African announces that as a result of an exercise of share options by Mr
Jan Nelson, the Company's Chief Executive Officer, the Company issued
12,000,000 ordinary shares of 1p each (`Shares') on 28 February 2008 at a price
of 2p per Share.

Application has been made to the AIM Market of the London Stock Exchange
(`AIM') and the Alternative Exchange of the JSE Limited (`Altx') for 12,000,000
Shares to be admitted to trading on AIM and listed on Altx (`Admission').
Admission is expected to occur on 7 March 2008.

Mr Nelson also notified the Company that on 28 February 2008 he placed
9,000,000 Shares at a price of 6p per Share with an institutional investor with
the proceeds raised partly to pay for the tax arising on the disposal and the
cost of exercise.

Mr Nelson has retained the residual 3,000,000 Shares and has further options to
acquire 6,000,000 Shares.

Ends

For further information please contact:

Pan African         Ambrian Partners    Macquarie First     St James's         
Resources           Limited             South Corporate     Corporate Services 
                                        Finance (Pty)       Limited            
Jan Nelson, CEO     Richard Brown       Limited                                
                                                            Phil Dexter        
[phone] [phone]     Amanda Markman                         
                    6417                                    [phone]    
Keith Spencer,                          [phone] 3916               
Chairman            Richard Greenfield                                         
                                        Doné Hattingh       FDBeachhead Media &
[phone] [phone]                         Investor Relations 
                    6418                [phone]                    
Nicole Stoyell                                              Jennifer Cohen     
                                                                               
Public Relations                                            [phone]
                                                                               
[phone]                                         Louise Brugman     
                                                                               
                                                            [phone]

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

London, United Kingdom

29 February 2008

Sponsor in South Africa

Macquarie First South Corporate Finance (Pty) Ltd