Statement re Clarification 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                               
            ISIN for Nil Paid Rights: GB00B85FJG40 (JSE Code: PANN)            
                   ISIN for Fully Paid Rights: GB00B8RCBP62                    

                         ("Pan African" or "Company")                          

    CLARIFICATION ANNOUNCEMENT WITH RESPECT TO A STATEMENT CONTAINED IN THE    
     DOCUMENT PERTAINING TO THE PAN AFRICAN RIGHTS OFFER ("RIGHTS OFFER")      

Pan African shareholders ("Shareholders") are referred to the prospectus (as
required by the U.K. Prospectus Rules) and pre-listing statement (as envisaged
in the JSE Limited Listings Requirements) of the Company prepared in respect of
the Company's Rights Offer, which was published on 3 December 2012 (the "
Document").

Shareholders are advised that the third sentence of section 2 of Part 1,
entitled "Rationale for the Evander Acquisition", included on page 37 of the
Document, should read as follows:

"Upon completion of the Transaction, the Group will increase its reserves from
1.16 Moz (11.34 Mt @ 3.18 g/t) to 8.82 Moz (39.55 Mt @ 6.94 g/t) and its
resources from 2.95 Moz (17.15 Mt @ 5.35 g/t) to 31.66 Moz (126.7 Mt @ 7.77 g/
t), excluding, in both instances, all surface sources at Evander."

Similarly, Shareholders are advised that the data contained in the table
included under section 7 of Part 2, entitled "Summary of the Enlarged Group's
gold resources and reserves statements", included on page 46 of the Document
excludes all surface sources at Evander.


10 December 2012


Transaction Sponsor to the Rights Offer

One Capital

Independent Sponsor to the Rights Offer

Nedbank Capital


Enquiries                                                                    
                                                                               
South Africa                         UK                                        
                                                                               
Pan African Resources                Canaccord Genuity Limited - Nomad and     
                                     Joint Broker                              
Jan Nelson, Chief Executive Officer  Rob Collins / Peter Stewart / Sebastian   
                                     Jones / Joe Weaving                       
[phone]                  [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]


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


Canaccord Genuity Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for Pan African Resources
PLC, as nominated adviser and broker to Pan African Resources PLC, and for no
one else in connection with the matters referred to in this announcement.
Canaccord Genuity Limited will not be responsible to anyone other than Pan
African Resources PLC for providing the protections afforded to customers of
Canaccord Genuity Limited or for providing advice in relation to the matters
referred to herein.