PAN AFRICAN RESOURCES PLC

M&A Activity • Nov 17, 2014

National Storage Mechanism | Additional information

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PAN AFRICAN RESOURCES PLC - Disposal of interest in Auroch Minerals

PR Newswire

London, November 16

                       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")           COMPLETION OF DISPOSAL OF INTEREST IN AUROCH MINERALS NLPan African shareholders are referred to the announcements published by theCompany on 29 August 2012, 14 December 2012 and 26 November 2013, regarding thedisposal by Pan African of its interests in the Manica gold exploration project("Manica") and Auroch Minerals NL ("Auroch").Pan African can confirm that the Company has now completed the disposal ofits interest in Manica and Auroch, via a deed of mutual settlement with Auroch(the "Transaction").
Auroch has paid Pan African a total amount of AUD850,000 in full and finalsettlement and to satisfy all of its outstanding obligations, includingAUD350,000 that was paid to Pan African in the last week.Even though the total settlement amount is less than the AUD2,000,000settlement amount previously agreed, the Transaction allowed for earlierpayment and provided completion certainty to Pan African. The conclusion of theTransaction further allows Pan African to focus on its core asset portfolio.17 November 2014Pan African Resources EnquiriesRon Holding                     Cobus LootsPan African Resources PLC       Pan African Resources PLCChief Executive Officer         Financial DirectorOffice: + 27 (0) 11 243 2900    Office: + 27 (0) 11 243 2900Phil Dexter                     Neil Elliot / Peter StewartSt James's Corporate Services   Canaccord Genuity LimitedLimitedCompany Secretary               Nominated Adviser and Joint BrokerOffice: + 44 (0)20 7796 8647    Office: +44 (0)207 523 8350Matthew Armitt / Ross Allister  Sholto SimpsonPeel Hunt LLP                   One CapitalJoint Broker                    JSE SponsorOffice: +44 (0)020 741 8900     Office: + 27 (0) 11 550 5009Julian 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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