Disposal of interest in Auroch Minerals

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" or the "Company") COMPLETION OF DISPOSAL OF INTEREST IN AUROCH MINERALS NL Pan African shareholders are referred to the announcements published by theCompany on 29 August 2012, 14 December 2012 and 26 November 2013, regarding thedisposal by Pan African of its interests in the Manica gold exploration project("Manica") and Auroch Minerals NL ("Auroch"). Pan African can confirm that the Company has now completed the disposal ofits interest in Manica and Auroch, via a deed of mutual settlement with Auroch(the "Transaction"). Auroch has paid Pan African a total amount of AUD850,000 in full and finalsettlement and to satisfy all of its outstanding obligations, includingAUD350,000 that was paid to Pan African in the last week. Even though the total settlement amount is less than the AUD2,000,000settlement amount previously agreed, the Transaction allowed for earlierpayment and provided completion certainty to Pan African. The conclusion of theTransaction further allows Pan African to focus on its core asset portfolio. 17 November 2014 Pan African Resources Enquiries Ron Holding Cobus Loots Pan African Resources PLC Pan African Resources PLC Chief Executive Officer Financial Director Office: + 27 (0) 11 243 2900 Office: + 27 (0) 11 243 2900 Phil Dexter Neil Elliot / Peter Stewart St James's Corporate Services Canaccord Genuity LimitedLimited Company Secretary Nominated Adviser and Joint Broker Office: + 44 (0)20 7796 8647 Office: +44 (0)207 523 8350 Matthew Armitt / Ross Allister Sholto Simpson Peel Hunt LLP One Capital Joint Broker JSE Sponsor Office: +44 (0)020 741 8900 Office: + 27 (0) 11 550 5009 Julian Gwillim Daniel Thöle Aprio Strategic Communications Bell Pottinger PR Public & Investor Relations SA Public & Investor Relations UK Office: +27 (0)11 880 0037 Office: + 44 (0) 203 772 2500

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