Issue of Equity

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 issue of Pan African ordinary shares
of 1p each ("Shares") has been made, following the exercise of share options
granted in 2007 under the Company's share option plan:

  * 3,000,000 Shares were issued at a price of 7.0 pence per Share, for a total
    consideration of £210,000.00
   
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 3,000,000 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 19 November 2012.

Following the above issue of shares, the total issued share capital of the
Company comprises 1,451,262,361 Shares.

13 November 2012

Sponsor

One Capital

Enquiries

South Africa                      UK                                           
                                                                               
Pan African Resources             Canaccord Genuity Limited - Nomad and Joint  
                                  Broker                                       
                                                                               
Jan Nelson, Chief Executive       Rob Collins / Sebastian Jones / Joe Weaving  
Officer                                                                        
                                                                               
[phone]               [phone]                         
                                                                               
One Capital                       finnCap Limited - Joint Broker               
                                                                               
Sholto Simpson / Megan Young      Matthew Robinson / Elizabeth Johnson         
                                                                               
[phone]               [phone]                         
                                                                               
Vestor Investor Relations         St James's Corporate Services Limited        
                                                                               
Louise Brugman                    Phil Dexter                                  
                                                                               
[phone]               [phone]                         
                                                                               
                                  Gable Communications                         
                                                                               
                                  Justine James                                
                                                                               
                                  [phone] / [phone]