Pan African's CEO steps down

Pan African Resources announced Wednesday the resignation of Chief Executive Officer Jan Nelson.

He steps down from the company and its board on March 1st but will continue to provide counsel.

He will remain a Director of Auroch Minerals, the holding company of the Manica gold project.

Chairman, Keith Spencer, said: "We appreciate Jan's significant contribution to the transformation and growth of Pan African and particularly in respect of the successful acquisition of Evander Gold Mines.

"The board wishes him all the best with his future endeavours. Mr Nelson has agreed that his counsel will remain available to the company for a period following his departure."

The board has appointed Ron Holding and Cobus Loots as joint Interim Chief Executives until a successor is found.

Holding is currently the Chief Operating Officer of Pan African while Loots has been a director of the company since 2009 and was the group's former Chief Financial Officer.

Nelson said: "I thank the board for its good wishes and am proud to

leave the company following the successful achievement of such a significant milestone. I believe Evander will contribute significantly to Pan African's medium to long term growth and my best wishes accompany all the staff and other stakeholders in Pan African."

RD