Trading Statement

25 January 2012

                           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)                 

                            Share code on AIM: PAF                             

                            Share code on JSE: PAN                             

                              ISIN: GB0004300496                               

                               TRADING STATEMENT                               

In terms of paragraph 3.4(b) of the Listings Requirements of JSE Limited, a
listed company is required to publish a trading statement as soon as it is
satisfied that a reasonable degree of certainty exists that the financial
results for the period to be reported on next, will differ by at least 20 per
cent from those of the previous corresponding period.

The Company advises shareholders that the earnings per share and headline
earnings per share for the six months ended 31 December 2011, denominated in
Pound Sterling ("GBP"), are expected to be between 83 per cent and 93 per cent
higher than the 0.53 pence per share generated for the six months ended 31
December 2010. Earnings per share and headline earnings per share, calculated
in South African Rand ("ZAR"), using the average ZAR: GBP exchange rate of
12.06 that prevailed during the six months ended 31 December 2011, are expected
to be between 97 per cent and 107 per cent higher than the comparable period's
5.97 cents per share at an average ZAR: GBP exchange rate of 11.18.

The financial information for the six months ended 31 December 2011 and
contained in this trading statement has neither been reviewed nor reported on
by the Company`s auditors. Pan African is currently finalising its unaudited
results for the six months ended 31 December 2011 and it is anticipated that
they will be released on 22 February 2012.

Pan African is incorporated in England and Wales under Companies Act 1985 and
accordingly its presentation currency is GBP.

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

Enquiries

South Africa                           UK                                      
                                                                               
Pan African Resources                  RBC Capital Markets                     
                                                                               
Jan Nelson, Chief Executive Officer    Martin Eales / Peter Barrett-Lennard    
                                                                               
[phone]                    [phone]                    
                                                                               
Macquarie First South Capital (Pty)    St James's Corporate Services Limited   
Limited                                                                        
                                       Phil Dexter                             
Melanie de Nysschen / Annerie Britz /                                          
Yvette Labuschagne                     [phone]                    
                                                                               
[phone]                                                            
                                                                               
Vestor Investor Relations              Gable Communications                    
                                                                               
Louise Brugman                         Justine James                           
                                                                               
[phone]                    [phone]