Results of Rights Offer

PAN AFRICAN RESOURCES PLC                           

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

              With registered number 3937466 on 25 February 2000)              

                                 AIM Code: PAF                                 

                                 JSE Code: PAN                                 

                              ISIN: GB0004300496                               

                         ("Pan African" or "Company")                          

          PAN AFRICAN'S RIGHTS OFFER SUBSCRIBED TO THE EXTENT OF 175%          

 1. RESULTS OF THE RIGHTS OFFER
   
Pan African is pleased to announce to its shareholders ("Shareholders") the
successful completion of the Company's ZAR703 million rights offer, to be
implemented through the issue of 370,071,902 new Pan African ordinary shares ("
Rights Shares") at a subscription price of ZAR1.90 or 14 pence per Rights Share
("Subscription Price") ("Rights Offer").

The Rights Offer closed on Friday, 11 January 2013. Pan African received
subscription applications for a total of 645,898,862 Rights Shares, equating to
175% of the available Rights Shares. Accordingly, Pan African has successfully
raised the full ZAR703 million from the Rights Offer.

Pan African shall apply the Rights Offer proceeds towards the acquisition of
Evander Gold Mines Limited.

The details of the Rights Offer take-up are as follows:

                                            Number of Rights     % of available
                                                      Shares      Rights Shares
                                                                               
Total Rights Shares available in terms of        370,071,902                100
the Rights Offer                                                               
                                                                               
Rights Shares subscribed for by following        350,996,361                 95
of rights                                                                      
                                                                               
Excess Rights Shares available                    19,075,541                  5
                                                                               
Excess Rights Shares applied for                 294,902,501                 80
                                                                               
Oversubscription                                 275,862,960                 75

Jan Nelson, CEO of Pan African, said:

"The overwhelming support of the rights offer by investors indicates a strong 
message of confidence for the Evander acquisition and Pan African's longer term
strategy. We have raised sufficient equity funding which, together with our
strong cash generation from the operations and secured revolving line of
credit, allows us to comfortably fund this acquisition.

 

We intend to extract maximum benefit from Evander whilst eliminating our
historical single asset risk by diversifying the company's risk across two
profitable assets." 

 2. SALIENT DATES FOR THE ISSUE AND SETTLEMENT OF THE RIGHTS SHARES
   
The expected timetable of principal events relating to the issue and settlement
of the Rights Shares in South Africa ("SA") is set out below:

                                                                           2013
                                                                               
SA dematerialised Shareholders' ("SA Dematerialised               9.00 am on 14
Shareholders") (or their renouncees') accounts credited                 January
with Rights Shares and debited with the aggregate                              
Subscription Price by their CSDP or broker                                     
                                                                               
Certificates in respect of Rights Shares posted to SA                14 January
certificated Shareholders ("SA Certificated Shareholders")                     
(or their renouncees) on or about                                              
                                                                               
Results of Rights Offer published in the SA press                    15 January
                                                                               
SA Dematerialised Shareholders' (or their renouncees')            9.00 am on 16
accounts will be credited with excess Rights Shares (if                 January
any) and debited with the aggregate Subscription Price                         
                                                                               
Share certificates and/or refund cheques in respect of               16 January
excess Rights Shares will be posted to SA Certificated                         
Shareholders (or their renouncees) on or about                                 

The expected timetable of principal events relating to the issue and settlement
of the Rights Shares in the United Kingdom is set out below:

                                                                           2013
                                                                               
Dealings in Rights Shares, fully paid, commenced on the           8.00 am on 14
AIM Market of the LSE                                                   January
                                                                               
Rights Shares credited to CREST stock accounts                       14 January
                                                                               
Expected date for crediting excess Rights Shares to CREST            16 January
stock accounts                                                                 
                                                                               
Despatch of definitive share certificates for the Rights    by no later than 28
Shares and excess Rights Shares in certificated form and/               January
or refund cheques in respect of excess Rights Shares                           

14 January 2013

Sole Bookrunner, Corporate Adviser and JSE Transaction Sponsor to the Rights
Offer

One Capital

Independent Sponsor to the Rights Offer

Nedbank Capital

SA Attorneys to the Rights Offer

Cliffe Dekker Hofmeyr Inc.

UK Legal Counsel to the Rights Offer

Fasken Martineau



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