REG-Pan African Resources PLC: Disposal of interest in Auroch Minerals <Origin Href="QuoteRef">PAFR.L</Origin> <Origin Href="QuoteRef">PANJ.J</Origin>

Pan African ResourcesAnnouncement

24/11/2014 15:06

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 NL            

Pan African shareholders are referred to the announcements published by the
Company on 29 August 2012, 14 December 2012 and 26 November 2013, regarding the
disposal 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 of
its 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 final
settlement and to satisfy all of its outstanding obligations, including
AUD350,000 that was paid to Pan African in the last week.

Even though the total settlement amount is less than the AUD2,000,000
settlement amount previously agreed, the Transaction allowed for earlier
payment and provided completion certainty to Pan African. The conclusion of the
Transaction further allows Pan African to focus on its core asset portfolio.

 

17 November 2014

Pan African Resources Enquiries

Ron Holding                     Cobus Loots                                    
                                                                               
Pan African Resources PLC       Pan African Resources PLC                      
                                                                               
Chief Executive Officer         Financial Director                             
                                                                               
Office: + 27 (0) 11 243 2900    Office: + 27 (0) 11 243 2900                   
                                                                               
Phil Dexter                     Neil Elliot / Peter Stewart                    
                                                                               
St James's Corporate Services   Canaccord Genuity Limited                      
Limited                                                                        
                                                                               
Company Secretary               Nominated Adviser and Joint Broker             
                                                                               
Office: + 44 (0)20 7796 8647    Office: +44 (0)207 523 8350                    
                                                                               
Matthew Armitt / Ross Allister  Sholto Simpson                                 
                                                                               
Peel Hunt LLP                   One Capital                                    
                                                                               
Joint Broker                    JSE Sponsor                                    
                                                                               
Office: +44 (0)020 741 8900     Office: + 27 (0) 11 550 5009                   
                                                                               
Julian Gwillim                  Daniel Thöle                                   
                                                                               
Aprio Strategic Communications  Bell Pottinger PR                              
                                                                               
Public & Investor Relations SA  Public & Investor Relations UK                 
                                                                               
Office: +27 (0)11 880 0037      Office: + 44 (0) 203 772 2500                  

www.panafricanresources.com



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