Issue of Equity

Pan African Resources PLC                           

                ("Pan African" or the "Group" or the "Company")                

(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                               

                     ISSUE OF SHARES: 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 at a price of R0.83 per Share, for a total consideration
    of R2,490,000.00
   
Application will be made 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 Monday, 9 September
2013.

Following the above issue, the total issued share capital of the Company
comprises 1,825,834,263 Shares.

2 September 2013

Sponsor

One Capital

Enquiries                            UK                                        
                                                                               
South Africa                                                                   
                                                                               
Pan African                          Canaccord Genuity Limited - Nomad and     
                                     Joint Broker                              
Ron Holding or Cobus Loots, Joint                                              
Interim CEO's                        Andrew Chubb/ Peter Stewart/ Joe Weaving  
                                                                               
[phone]                  [phone]                      
                                                                               
One Capital - Sponsor                finnCap Limited - Joint Broker            
                                                                               
Sholto Simpson                       Elizabeth Johnson / Joanna Weaving        
                                                                               
27 (0) 11 550 5000                   [phone]                      
                                                                               
Vestor Investor Relations            St James's Corporate Services Limited     
                                                                               
Louise Brugman                       Phil Dexter                               
                                                                               
[phone]                  [phone]                      
                                                                               
                                     Gable Communications                      
                                                                               
                                     Justine James                             
                                                                               
                                     [phone] / [phone]

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