Further Cautionary Announcement

PAN - Pan African Resources plc - Further Cautionary Announcement

Pan African Resources plc

(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000)

Share code on AIM: PAF

Share code on JSE: PAN

ISIN: GB0004300496

(`Pan African')

FURTHER CAUTIONARY ANNOUNCEMENT

Pan African shareholders (`Shareholders') are referred to the cautionary
announcements released by Pan African on Thursday, 17 November 2011, Thursday,
29 December 2011 and Monday, 30 January 2012, and using the terms defined in
the previous announcements, are advised that the pro forma financial effects of
the Transaction are still being determined, which may have a material effect on
the price of Pan African shares. Accordingly, Shareholders are advised to
continue to exercise caution when dealing in Pan African's securities until a
further announcement is made.

Johannesburg

12 March 2012

Lead Corporate Advisor, JSE Transaction Sponsor and JSE Sponsor to Pan African 
Resources plc                                                                  
                                                                               
One Capital                                                                    

Enquiries

South Africa                               UK                                  
                                                                               
Pan African Resources                      RBC Capital Markets                 
                                                                               
Jan Nelson, Chief Executive Officer        Martin Eales / James Kelly          
                                                                               
[phone]                        [phone]                
                                                                               
One Capital                                St James's Corporate Services       
                                           Limited                             
Sholto Simpson / Megan Young / Nicholas                                        
Tyler                                      Phil Dexter                         
                                                                               
[phone]                        [phone]                
                                                                               
                                           Gable Communications                
                                                                               
                                           Justine James                       
                                                                               
                                           [phone]                

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