Pan African Resources PLCLSE: PAF

Holding in Company

· Issued by Pan African Resources PLC
White Knight Investments PLC 28 November 2001 White Knight Investments plc ('the Company') For immediate release Cancellation of options over Ordinary Shares of 1p each The Company announces that options to subscribe for 7,200,000 Ordinary Shares in the Company at price of 4p per share, previously granted to former directors and to a member of the investment advisory committee, have either lapsed or been surrendered. Enquiries: Nathan Steinberg Finance Director, White Knight Investments plc 020 7409 3500

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