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PAN - Pan African Resources plc - Barberton mines secures revolving credit facility 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`) BARBERTON MINES SECURES REVOLVING CREDIT FACILITY Shareholders are advised that the Company`s operating subsidiary, Barberton Mines (Proprietary) Limited ("Barberton Mines"), has secured final credit approval for a three year revolving credit facility in the amount of R150 million from Nedbank Limited ("Facility"). This Facility provides the Group with immediate capacity for working capital purposes and general finance requirements, which would include funding of organic growth at Barberton Mines and within the Group. The Facility is co- guaranteed by Pan African and its wholly-owned subsidiary Phoenix Platinum Mining (Proprietary) Limited, and does not require any form of hedging as a condition. Jan Nelson, Pan African`s Chief Executive Officer, commented: "The Pan African Group continues to be unhedged and debt free, with cash on hand of R150m at the date of this announcement. The new revolving credit facility from Nedbank Limited does however provide an efficient funding mechanism to take advantage of organic growth opportunities at Barberton Mines. It also demonstrates the confidence of funders in the long-term sustainability of the mine. In this regard, a feasibility study is currently being completed on treating the Bramber tailings dam, which if viable could increase the annual production of the mine by 20koz. A separate treatment plant will have to be constructed to treat the additional production stream, and this may be funded from the Facility". ENDS For further information on Pan African Resources plc, please visit the website at www.panafricanresources.com Johannesburg 3 May 2011 JSE Sponsor: Macquarie First South Advisers (Pty) Limited Enquiries: South Africa United Kingdom
Pan African RBC Capital Markets Jan Nelson, Chief Executive Officer Martin Eales +27 (0) 11 243 2900 +44 (0) 20 7653 4000
Pan African St James`s Corporate Services Nicole Spruijt, Public Relations Limited +27 (0) 11 243 2900 Phil Dexter +44 (0) 20 7499 3916
Macquarie First South Advisers (Pty) Gable Communications Limited Justine James Melanie de Nysschen/ +44 (0) 20 7193 7463 Annerie Britz/ Yvette Labuschagne +44 (0) 7525 324431 +27 (0) 11 583 2000 Date: 03/05/2011 08:00:55 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.
