Pan African Resources PLC

(Incorporated and registered in England and Wales under Companies Act 1985 with
                registered number 3937466 on 25 February 2000)

                                 AIM Code: PAF

                                 JSE Code: PAN

                              ISIN: GB0004300496

                       ("Pan African" or the "Company")

DEALINGS IN SECURITIES BY A DIRECTOR

The Company was notified on 12 March 2015 of the following dealing in respect
of the Company's ordinary shares of 1 pence each ("Shares"):

Name of director:                       KC Spencer

Company of which he is a director:      Pan African Resources Plc

Nature of transaction:                  Exercise of options granted in 2008 in
                                        terms of the Company's Share Option
                                        Plan

Class of securities:                    Shares

Date of transaction:                    12 March 2015

Number of securities:                   1,500,000

Price per security:                     ZAR0.83 ("Strike Price")

Value of transaction:                   ZAR1,245,000

On-market or off-market:                Off-market

Nature of interest:                     Indirect beneficial

Clearance given in terms of Paragraph   Yes
3.66:


Further to this exercise of options by Mr Spencer, the Company has issued
1,500,000 Shares at the Strike Price for a total consideration of ZAR1,245,000
to Mr Spencer's family trust - Strode Trust.

Following this issue of Shares, the total issued share capital of the Company
comprises 1,831,494,763 Shares with no Shares held in treasury. Accordingly,
the figure of 1,831,494,763 Shares may be used by shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in the
Company under the FCA's Disclosure and Transparency Rules.

Mr Spencer's total indirect beneficial interest in Pan African after the
exercise of options is 3,000,000 Shares, representing 0.16% of the issued share
capital of the Company.

Application will be made to the AIM market of the London Stock Exchange ("AIM")
and to the exchange operated by JSE Limited ("JSE") for 1,500,000 Shares to be
admitted to trading on AIM and for listing on the JSE, with admission to
trading and listing on both markets expected to occur on 19 March 2015.

Cobus Loots                             Deon Louw

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                             Peter Stewart

St James's Corporate Services Limited   Canaccord Genuity Limited

Company Secretary                       Nominated Adviser

Office: + 44 (0)207 796 8644            Office: +44 (0)207 523 8000

Sholto Simpson                          Matthew Armitt / Ross Allister

One Capital                             Peel Hunt LLP

JSE Sponsor                             Joint Broker

Office: + 27 (0)11 550 5009             Office: +44 (0)020 7418 8900

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

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

13 March 2015

Sponsor: One Capital