PAN AFRICAN RESOURCES PLC - Clarification announcement with respect to the Pan African rights offer

Clarification announcement with respect to the Pan African rights offer

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
ISIN for Nil Paid Rights: GB00B85FJG40 (JSE Code: PANN)
ISIN for Fully Paid Rights: GB00B8RCBP62
(“Pan African” or “Company”)


CLARIFICATION ANNOUNCEMENT WITH RESPECT TO A STATEMENT CONTAINED IN THE
DOCUMENT PERTAINING TO THE PAN AFRICAN RIGHTS OFFER (“RIGHTS OFFER”)


Pan African shareholders (“Shareholders”) are referred to the prospectus (as required by the U.K.
Prospectus Rules) and pre-listing statement (as envisaged in the JSE Limited Listings Requirements)
of the Company prepared in respect of the Company's Rights Offer, which was published on
3 December 2012 (the “Document”).


Shareholders are advised that the third sentence of section 2 of Part 1, entitled “Rationale for the
Evander Acquisition”, included on page 37 of the Document, should read as follows:


“Upon completion of the Transaction, the Group will increase its reserves from 1.16 Moz (11.34 Mt @
3.18 g/t) to 8.82 Moz (39.55 Mt @ 6.94 g/t) and its resources from 2.95 Moz (17.15 Mt @ 5.35 g/t) to
31.66 Moz (126.7 Mt @ 7.77 g/t), excluding, in both instances, all surface sources at Evander.”


Similarly, Shareholders are advised that the data contained in the table included under section 7 of
Part 2, entitled “Summary of the Enlarged Group’s gold resources and reserves statements”, included
on page 46 of the Document excludes all surface sources at Evander.


10 December 2012


Transaction Sponsor to the Rights Offer


One Capital


Independent Sponsor to the Rights Offer


Nedbank Capital



Enquiries


South Africa                                           UK
Pan African Resources                                  Canaccord Genuity Limited – Nomad and Joint Broker
Jan Nelson, Chief Executive Officer                    Rob Collins / Peter Stewart / Sebastian Jones / Joe
+27 (0) 11 243 2900                                    Weaving
                                                       +44 (0) 20 7523 8350


One Capital                                            finnCap Limited – Joint Broker
Sholto Simpson / Megan Young                           Elizabeth Johnson / Joanna Weaving
+27 (0) 11 550 5000                                    +44 (0) 20 7220 0500


Vestor Investor Relations                              St James’s Corporate Services Limited
Louise Brugman                                         Phil Dexter
+27 (0) 11 787 3015                                    +44 (0) 20 7499 3916
+27 83 504 1186


                                                       Gable Communications
                                                       Justine James
                                                       +44 (0) 20 7193 7463 / +44 (0) 7525 324431


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



Canaccord Genuity Limited, which is regulated in the United Kingdom by the Financial Services
Authority, is acting exclusively for Pan African Resources PLC, as nominated adviser and broker to
Pan African Resources PLC, and for no one else in connection with the matters referred to in this
announcement. Canaccord Genuity Limited will not be responsible to anyone other than Pan African
Resources PLC for providing the protections afforded to customers of Canaccord Genuity Limited or
for providing advice in relation to the matters referred to herein.

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