Pan African Resources PLC

Pan African is a 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

Overview
Vision & Strategy
Company Structure
Board of Directors
Management
Black Economic Empowerment

Phoenix Platinum Project (South Africa) - Milestones Achieved

Key Events

Achievement

Completion Date

Comments

CTRP site negotiation

Concluded agreement
with International
Ferro Metals SA (Pty)
Ltd (‘IFM’)

5 November 2010

Total consideration of ZAR80 million (£7.2 million) payable in tranches as follows:

payment of ZAR25 million (£2.24 million) paid on signature

ZAR25 million (£2.24 million) on commencement of bulk earthworks

ZAR500,00 (£0.05 million) to purchase the site property, payable on transfer

ZAR29.5 million (£2.64 million) on commissioning of CTRP

Project
review

Independent overall
review by Venmyn
Rand (Pty) Ltd

1 August
2010

Review concluded that there were no fatal flaws in the information reviewed

Detail engineering
design

July
2010

Design review completed by external experts led to minor design changes

Final capital expenditure

Capital estimate

August
2010

Estimated ZAR104 million

Concluded capital construction and
execution agreement

18 November 2010

Lump sum turnkey contract concluded with Matomo Projects (Pty) Ltd

Commenced construction

Site establishment

18 November 2010

Procurement and long lead item phase commenced

Phoenix Platinum Project (South Africa) - Milestones Planned

Key Events

Objective

Estimated Completion Date

Procurement

Conclude procurement of long lead items (feed
thickener, ultra fine grind mill and flotation cells)

Complete

Detail design

Finalise construction drawings and diagrams on
receipt of vendor drawings

Complete

Commence
CTRP construction

Bulk earthworks on site and civil engineering

Commence mechanical construction and erection

Mid-March 2011

Mid-May 2011

Commissioning

Complete construcition and start cold commissioning

October 2011

Full production

Achieve planned production rate

Q1 2012

Manica Gold Project (Mozambique) - Project Schedule

Key Events

Completion Date

Progress

Metallurgical test work

October 2010

Mine design

November 2010

Plant design

November 2010

Engineering design

November 2010

Completion of pre-feasibility - open pit

December 2010

Environmental impact assessment

June 2011

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