29 January 2014
Pan African Resources trading update
In terms of paragraph 3.4(b) of the Listings Requirements of JSE Limited, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported on next, will differ by at least 20 per cent from those of the previous corresponding period.

The Company advises shareholders that it expects its earnings per share in South African Rand ("ZAR") terms will be over 20 per cent higher for the six months ended 31 December 2013 than those for the six months ended 31 December 2012.


Pan African is incorporated in England and Wales under Companies Act 1985 and accordingly its presentation currency is Pound Sterling ("GBP").


Earnings per share and headline earnings per share, calculated in ZAR, using the average ZAR:GBP exchange rate of 15.94 that prevailed for the six months ended 31 December 2013 (six months ended 31 December 2012: 13.49), is expected to be between 27 per cent and 34 per cent higher than those for the previous corresponding period (six months ended 31 December 2012: 11.50 cents per share).


The earnings per share and headline earnings per share for the six months ended 31 December 2013, denominated in GBP, is expected to be between 8 per cent and 15 per cent higher than those for the previous corresponding period (six months ended 31 December 2012: 0.85 pence per share).


The financial information for the six months ended 31 December 2013 and contained in this trading update has neither been reviewed nor reported on by the Company`s auditors.


It is anticipated that the Companys unaudited results for the six months ended 31 December 2013 will be released on 19 February 2014.


ENDS
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louise brugman managing director Tel: +27 (0) 11 787 3015 Cell: +27 (0) 83 504 1186 skype louise.brugman Email: Web: www.vestor.co.za
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