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Pan African Resources PLC (PAF)

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Monday 21 April, 2008

Pan African Resources PLC

Issue of Equity


Regulatory Announcement                                                        
                                                                               
Company                           Pan African Resources PLC                    
                                                                               
TIDM                              PAF                                          
                                                                               
Headline                          Issue of Equity                              
                                                                               
Released                          21 April 2008                                

                           Pan African Resources PLC                           

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

               registration number 3937466 on 25 February 2000)                

                   Share code on AIM: PAF ISIN: GB0004300496                   

                            Share code on JSE: PAN                             

                       ("Pan African" or the "Company")                        

                                Issue of Equity                                

Pan African announces that as a result of an exercise of share options, the
Company has today issued 5,000,000 ordinary shares of 1p each (`Shares') at a
price of 2p per Share.

Application has been made to the AIM Market of the London Stock Exchange
(`AIM') and the Alternative Exchange of the JSE Limited (`Altx') for 5,000,000
Shares to be admitted to trading on AIM and listed on Altx (`Admission').
Admission is expected to occur on 25 April 2008.

                                     ENDS                                      

Enquiries:

Pan African         Ambrian Partners    Macquarie First     St James's         
Resources           Limited             South Corporate     Corporate Services 
                                        Finance (Pty)       Limited            
                                        Limited                                
                                                                               
Jan Nelson, CEO     Richard Brown       Amanda Markman      Phil Dexter        
                                                                               
+27 (0) 11 777 7840 +44 (0) 20 7634     +27 (0) 11 343 2307 +44 (0) 20 7499    
                    4709                                    3916               
                                                                               
Keith Spencer,      Richard Greenfield  Annerie Britz       FDBeachhead Media &
Chairman                                                    Investor Relations 
                    +44 (0) 20 7634     +27 (0) 11 343 2328                    
+27 (0) 11 880 3155 4710                                                       
                                                                               
Nicole Stoyell                                              Jennifer Cohen     
                                                                               
Public Relations                                            +27 (0) 11 214 2401
                                                                               
+27 (0) 11 777 7840                                                            
                                                                               
                                                            Louise Brugman     
                                                                               
                                                            +27 (0) 11 214 2415

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