Statement re Appointment of new CEO

Pan African Resources PLC ("Pan African" or the "Company" or the "Group") (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 RETIREMENT OF RON HOLDING AND APPOINTMENT OF NEW CEO Pan African wishes to advise shareholders that Ron Holding (62) will retire asChief Executive Officer ("CEO") of the Group with effect from 1 March 2015. Hewill be succeeded as CEO by Cobus Loots (37), who is currently the FinanceDirector ("FD") of Pan African. To ensure that Mr. Holding's experience and knowledge is retained by the Group,an exclusive consulting agreement will be concluded with Mr. Holding, effective1 March 2015. This arrangement will be for a minimum period of one year. Mr. Loots has been a director of Pan African since 2009, and was alsopreviously the Group's joint interim CEO from March 2013 to September 2013. Mr. Loots is a CA(SA) and a CFA ® charterholder. He completed his articles andwas an audit manager with Deloitte & Touché, after which he was employed inMacquarie Africa's mining corporate finance business. Prior to joining PanAfrican on a permanent basis, Cobus was the managing director of ShandukaResources, where he was directly responsible for the oversight of Shanduka'smining and minerals investment portfolio. During his time at Shanduka, Cobuswas instrumental in executing the Pan African empowerment transaction withShanduka. Messrs Holding and Loots have successfully driven the execution of PanAfrican's strategy over the last few years. The board of Pan African will announce a Group FD appointment, to replace MrLoots, in due course. Keith Spencer, Chairman of Pan African, commented: "The Group and board ofdirectors wish to thank Ron for his dedication during his tenure as CEO, and welook forward to his continued involvement." The appointment of Cobus as CEO secures the long-term stability and continuityof executive management. Cobus is very familiar with our business and thoseissues critical to the success thereof. Pan African will continue delivering value to shareholders and otherstakeholders". For further information on Pan African, please visit the Company's website atwww.panafricanresources.com 5 February 2015 Contact Details Corporate OfficeThe Firs Office Building1st Floor, Office 101Cnr. Cradock and Biermann AvenuesRosebank, JohannesburgSouth AfricaOffice: + 27 (0) 11 243 2900Facsmile: + 27 (0) 11 880 1240 Registered OfficeSuite 31Second Floor107 CheapsideLondonEC2V 6DNUnited Kingdom Office: + 44 (0) 207 796 8644Facsmile: + 44 (0) 207 796 8645 Ron Holding Cobus LootsPan African Resources PLC Pan African Resources PLCChief Executive Officer Finance DirectorOffice: + 27 (0)11 243 2900 Office: + 27 (0) 11 243 2900 Phil Dexter Peter StewartSt James's Corporate Services Limited Canaccord Genuity LimitedCompany Secretary Nominated AdviserOffice: + 44 (0)207 796 8644 Office: +44 (0)207 523 8000 Sholto Simpson Matthew Armitt / Ross AllisterOne Capital Peel Hunt LLPJSE Sponsor Joint BrokerOffice: + 27 (0)11 550 5009 Office: +44 (0)020 7418 8900 Julian Gwillim Daniel ThöleAprio Strategic Communications Bell Pottinger PRPublic & Investor Relations SA Public & Investor Relations UKOffice: +27 (0)11 880 0037 Office: + 44 (0)203 772 2500

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