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:

  * 1,213,000 Shares at a price of R0.83 per Share, for a total consideration
    of R1,006,790.00; and
   
  * 850,000 Shares at a price of R0.68 per Share, for a total consideration of
    R578, 000.00 (collectively, the "Issue").
   
Application will be made to the AIM market of the London Stock Exchange ("AIM")
and to the Main Board of JSE Limited ("JSE") for 2,063,000 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 Wednesday,
16 October 2013.

Following the Issue the total issued share capital of the Company comprises
1,827,897,263 Shares.

9 October 2013

Sponsor

One Capital

PAN AFRICAN ENQUIRIES                                                      
                                                                               
South Africa                         UK                                                              
                                                                               
Pan African Resources                Canaccord Genuity Limited                 
Mr Ron Holding                       Nomad and Joint Broker                    
Chief Executive Officer              Andrew Chubb / Peter Stewart / Joe Weaving
[phone]                  [phone]                      
                                                                               
Vestor Investor Relations            finnCap Limited                           
Louise Brugman                       Joint Broker                              
[phone]                  Elizabeth Johnson / Joanna Weaving        
[phone]                      [phone]                      
                                                                               
One Capital                          St James's Corporate Services Limited     
Liezl Gildenhuys                     Phil Dexter                               
[phone]                  [phone]                      
                                                                               
                                     Gable Communications                      
                                     Justine James                             
                                     [phone] / [phone]

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