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PAN - Pan African - Pan African Resources Acquires Option To Purchase Phoenix Platinum 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`) Pan African Resources acquires option to purchase Phoenix platinum Pan African Resources (`PAR`) today announces that it has acquired an exclusive, non-refundable option to purchase 100% of the shares in Phoenix Platinum Mining (Pty) Limited (`Phoenix`) from Metorex Limited (`Metorex`). This option enables PAR to conduct a four month due diligence on the existing technical information, which will provide the company with the necessary information to determine the viability of Phoenix. The option, at a cost of US$1 million, is payable immediately and can be exercised at any stage within the next four months. The cost of the option, if exercised will be deducted from any agreed purchase price. Should PAR exercise the option, the transaction will constitute a `related party transaction` under the AIM Rules and will require a fair and reasonable opinion from the Company`s Nominated Adviser, RBC Capital Markets. Phoenix owns certain rights to the contained PGM`s from both surface tailings dump and current arising from operating mines within the Bushveld igneous complex. CEO, Jan Nelson noted, "In the current market we are pleased to have the opportunity to review this project, which could result in cash generation to finance further acquisitions. The platinum project is envisaged to have low capital development costs with attractive margins." ENDS 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 Keith Spencer, Chairman +27 (0) 11 880 3155 Nicole Spruijt, Public Relations +27 (0) 11 243 2900 RBC Capital Markets Andrew Smith +44 (0) 20 7029 7882 Martin Eales +44 (0) 20 7029 7881 Macquarie First South Advisers (Pty) Limited Thato Morojele +27 (0) 11 583 2379 Annerie Britz +27 (0) 11 583 2328 St James`s Corporate Services Limited Phil Dexter +44 (0) 20 7499 3916 FDBeachhead Media & Investor Relations Jennifer Cohen +27 (0) 11 214 2401 Louise Brugman +27 (0) 83 504 1186 Date: 09/02/2009 11:00:02 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
