Embargoed: 07:00hrs 26 July 2005
Pan African Resources plc
("Pan African Resources", "The Company")
The Board of Pan African Resources plc announces the resignation of Mr Roger
Craddock as Managing Director (effective 22 July 2005) and the appointment of
Mr Jan Petrus Nelson (effective 1 September 2005).
Mr Nelson (35) has an honours degree in geology and extensive experience in
gold exploration and mining in South Africa, Zimbabwe and Tanzania. His
experience includes extended periods in mine management and operations. He is a
South African resident and has experience of dealing with institutional
analysts, institutional investors and shareholders.
Mr Nelson will be granted options on 1 September 2005 to subscribe for
18,000,000 ordinary shares in the company at 2p per share, which will vest in
three annual instalments of 6,000,000 on 1 December 2006, 1 December 2007 and 1
December 2008. They are exercisable until 31 August 2015.
Commenting on Mr Nelson's appointment the Chairman, Mr Colin Bird, said "I am
very pleased to welcome Mr Nelson to the main board. His extensive experience
in the industry will be of great value to Pan African Resources as we continue
Mr Craddock has agreed to cancel his options to subscribe for 7,500,000
ordinary shares in the company.
The company would like to thank Mr Craddock for his hard work during the
companies' formative period and welcomes Mr Nelson to continue the companies'
mission of high quality gold target acquisition and development.
The Company advises that there are no further details relating to the
appointment of Mr Nelson which it is obliged to disclose under Schedule Two
paragraph (g) of the AIM rules.
For further information:
Pan African Resources Plc
+44 (0)7768 397627
+44 (0)20 7245 1100