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Pan African Resources PLC (PAF)

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Thursday 03 February, 2011

Pan African Resources PLC

Trading Update


3 February 2011

                           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 UPDATE                                 

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 as follows:

Pan African is incorporated in England and Wales under Companies Act 1985 and
accordingly its presentation currency is Pound Sterling ("GBP"). The earnings
per share for the six months ended 31 December 2010, denominated in GBP, is
expected to be between 53 per cent and 63 per cent higher than those for the
previous corresponding period (six months ended 31 December 2009: 0.34 pence
per share). Earnings per share, calculated in South African Rand ("ZAR"), using
the average ZAR:GBP exchange rate of 11.18 that prevailed for the six months
ended 31 December 2010, is expected to be between 36 per cent and 46 per cent
higher than those for the previous corresponding period (six months ended 31
December 2009: 4.21 cents per share at an average ZAR:GBP exchange rate of
12.48).

Headline earnings per share for the six months ended 31 December 2010,
denominated in GBP, is expected to be between 41 per cent and 51 per cent
higher than those for the previous corresponding period (six months ended 31
December 2009: 0.36 pence per share). Headline earnings calculated in ZAR is
expected to be between 26 per cent and 36 per cent higher than those for the
previous corresponding period (six months ended 31 December 2009: 4.54 cents
per share).

The financial information for the six months ended 31 December 2010 and
contained in this trading update has neither been reviewed nor reported on by
the Company`s auditors. It is anticipated that the Company's unaudited results
for the six months ended 31 December 2010 will be released on 22 February 2011.

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

Enquiries:

Pan African Resources

Jan Nelson, CEO

+27 (0) 11 243 2900

Nicole Spruijt, Public Relations

+27 (0) 11 243 2900

RBC Capital Markets

Martin Eales

+44 (0) 20 7029 7881

Macquarie First South Advisers (Proprietary) Limited

Melanie de Nysschen/ Annerie Britz/ Yvette Labuschagne

+27 (0) 11 583 2000

St James's Corporate Services Limited

Phil Dexter

+44 (0) 20 7499 3916