Pan African Resources PLC

Pan African is a gold mining company with operations solely in Africa.
Mining Operations

	Country	Name	% Stake	Production Ounces	EBITDA (30 June 2009) Unaudited	Total Resource
	South Africa	Barberton Mines (Pty) Ltd Three operational gold mines: Fairview, Sheba and New Consort	100	~100,000 oz per annum	£17.8 million	2,014,000 oz

Near-Term Production

Country

Project
Name

%
Stake

Resource
(if defined)

Work
Completed

Planned
Milestones*

South Africa

Phoenix
Platinum
Mining (Pty) Ltd

100

360,000oz of PGM 4E (Platinum, Palladium, Rhodium &
Gold)

- Preliminary sampling
and recovery results
exceeded expectations

- Low cost / high margin
entry into PGM market

Complete additional metallurgical test work:
end Sept 2009

Final detailed engineering design: mid Dec 2009

BFS and funding arrangement: end Jan 2010

Commence plant construction: First half of 2010

Production start-up First half of 2011

* Sensitive to plant location negotiations

Growth Project

Country

Project
Name

%
Stake

Resource
(if defined)

Work
Completed

Planned
Milestones *

Mozambique

Manica

100

2.571Moz

- In-house pre-feasibility
completed in June 2009

Considering consolidation

Complete pre-feasibility to include additional
oxides

UK (AIM): PAF | SA (JSE): PAN