Acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd. Closed Today in Accordance With Plan of Arrangement

VANCOUVER, BC (PINKSHEETS: PAFRF) (FRANKFURT: P2A) (the "Company") is pleased to announce the closing today of the Plan of Arrangement and related transactions (the "Plan of Arrangement") contemplated by the Arrangement Agreement dated May 9, 2008, as amended June 17, 2008 (the "Amended Arrangement Agreement"), among Asia Thai Mining Co., Ltd. ("ATM"), 0819615 B.C. Ltd. (the "Purchaser"), the Company and African Queen Mines Ltd. ("African Queen"), a newly formed subsidiary of the Company. A Final Order approving the Plan of Arrangement was obtained from the Supreme Court of British Columbia on June 26, 2008, following approval at a Special Meeting of Securityholders of the Company on June 25, 2008.

Accordingly, the Company has now been acquired by the Purchaser and the Depositary, Equity Transfer & Trust Company, has been instructed to commence distribution of cash proceeds and spin-out shares of African Queen upon presentation and surrender of shares of common stock, warrants and options of the Company as contemplated by the Plan of Arrangement and related documents including the Depositary Agreement dated May 30, 2008, as amended June 23, 2008. Distribution of cash proceeds and spin-out shares of African Queen is anticipated to commence next week. The Company will be applying for delisting of its common shares from the TSX Venture Exchange and the Frankfurt Stock Exchange shortly.

About Pan African

The Company is an exploratory resource company with approximately 7,500 sq. km. of diversified mineral properties and 5,000 sq. km. of uranium properties in Madagascar. The Company is exploring these properties for uranium, gold, coal, precious stones, base metals and industrial commodities. In addition, the Company is exploring two large regions for gold and metals in Mozambique under agreements with other companies. It also has approximately 5500 sq. km. of diamond licenses in Botswana which it is presently exploring. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl, and its uranium activities are carried out through its 80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada and Antananarivo, Madagascar. Executive offices are being opened in Bangkok, Thailand as a result of the acquisition of the Company by the Purchaser. More information about the Company is available at www.panafrican.com.

About Asia Thai Mining Co., Ltd.

Asia Thai Mining Co., Ltd. ("ATM") is a holding company incorporated in Thailand. ATM, either directly or through affiliated companies has extensive experience in the development and operation of mining interests, in particular in respect of coal mining interests. Through its subsidiaries, it is involved in the exploration and development of several coal mines in Indonesia. The company projects its coal production capacity will reach approximately 4 million tons by 2009. ATM forms part of a group of affiliated mining companies, including Saraburi Coal Co., Ltd. ("SBCC"). SBCC has been mining coal and tin in Thailand and other Southeast Asian countries since 1998. In addition, SBCC has recently been awarded a 9-year, US$500 million coal mining contract in Thailand from Electricity Generating Authority of Thailand and SBCC will start work in 2008. ATM is a private company with its registered address and principal place of business at 2034/132-161 New Petchburi Road, Bangkapi, Huaykwang, Bangkok Thailand.

ON BEHALF OF PAN AFRICAN MINING CORP.

"Irwin A. Olian"
Irwin A. Olian
CEO & Director

Forward-looking Statements

Certain statements herein constitute forward-looking statements or forward-looking information within the meaning of applicable securities legislation, including the statements or information about the Transaction. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

With respect to forward-looking statements and information contained herein, we have made numerous assumptions. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made herein are qualified by this cautionary statement.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein.

Distributed by Filing Services Canada and retransmitted by Marketwire

For more information, contact: Irwin Olian President and CEO E-mail: Email Contact Phone: [phone] Fax: [phone] Tom Kinakin Corporate Communications - Vancouver Email: Email Contact Phone: [phone] Fax: [phone] Carrie Howes Corporate Communications - London Email: Email Contact London: [phone] Germany: [phone] Pan African Mining Corp. Suite 1925, Box 11553 650 West Georgia Street Vancouver, BC V6B 4N8