Pan African Resources plc                           

  (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                               

                                ("Pan African")                                

                                 ANNOUNCEMENT                                  

Shareholders are referred to the announcement dated 21 May 2009 regarding the
acquisition by Pan African of 100% of Phoenix Platinum (Proprietary) Limited
from Metorex Limited ("Metorex") for a cash consideration of ZAR 71,250,000
("the Transaction Consideration").

Shareholders are referred to the payment terms of the Transaction
Consideration, as set out in the above announcement, and are advised that Pan
African is pleased to announce that the outstanding balance of ZAR 12,089,536
of the Transaction Consideration will be paid to Metorex on 30 September 2009.

Johannesburg

30 September 2009

JSE Sponsor and Corporate Advisor

Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited

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

Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited

Natalie Di-Sante

+27 (0) 11 750 0207

Sholto Simpson

+27 (0) 11 750 0213

St James's Corporate Services Limited

Phil Dexter

+44 (0) 20 7499 3916

FD Beachhead Media & Investor Relations

Jennifer Cohen

+27 (0) 11 214 2401

Louise Brugman

+27 (0) 11 214 2415

+27 (0) 83 504 1186