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Pan African Resource (PAF)

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Friday 11 May, 2007

Pan African Resource

Issue of Shares

Pan African Resources PLC
11 May 2007

11 May 2007

                             Pan African Resources

                                Issue of Shares

Pan African Resources (the 'Company') today announces the issue of 10,250,000
Ordinary Shares of 1p each in the Company ('Shares'), comprised as follows:

- 1,677,273 Shares issued in respect of the exercise of options.

- 1,072,727 Shares issued to Goldiam SARL in consideration for the acquisition
of the 10 per cent. free carried interest in the Company's Bogoin and Dekoa
projects, as announced on 13 March 2006.

- 6,750,000 Shares issued to Bullion Prospects SA (Pty) Limited and 750,000
Shares issued to Geoser Limitada in respect of the acquisition of Explorata
Limitada as announced on 9 January 2006.

The Company's Shares are currently suspended from trading on the AIM Market of
the London Stock Exchange ('AIM') and hence the new Shares will be admitted to
trading on AIM when the suspension is lifted. The Company expects to make an
announcement with regard to the timing of the lifting of its suspension before
the end of May 2007.

Following these issues, the Company will have 418,003,235 Shares in issue with
418,003,235 voting rights.

For further information please contact:

Pan African Resources   Ambrian Partners Limited  Parkgreen Communications
Nathan Steinberg        Richard Brown             Justine Howarth
Finance Director        +44 (0)20 7776 6417       +44 (0) 20 7851 7480
+44 (0) 20 7845 7500

                      This information is provided by RNS
            The company news service from the London Stock Exchange