Pan African Mining Corp. Consents to Open Market Purchases of Its Shares by Acquiring Party

VANCOUVER, BC (TSX-V: PAF) (FRANKFURT: P2A) announces that it has entered into a Market Purchase Consent Agreement (the "Consent Agreement") with 0819615 B.C. Ltd. (the "Purchaser"), a wholly owned subsidiary of Asia Thai Mining Co., Ltd. ("ATM") and African Queen Mines Ltd. ("African Queen"), a newly formed subsidiary of the Company. As previously reported, an Arrangement Agreement dated May 9, 2008 has been executed among ATM, the Purchaser, the Company and African Queen in order to effectuate the acquisition of the Company by ATM through the Purchaser by means of a plan of arrangement (the "Plan of Arrangement"). The transaction contemplated by the Plan of Arrangement is pending.

Under the Consent Agreement, the Purchaser is permitted to acquire shares of the common stock of the Company through open market purchases from time to time in the Purchaser's discretion, subject to compliance with all applicable Canadian securities laws and the requirements of the TSX Venture Exchange and any other regulatory authority with jurisdiction, including reporting and notice requirements. According to the Consent Agreement, the Purchaser, ATM and their affiliates may not collectively hold more than an aggregate of 9.9% of the issued and outstanding common shares of the Company through such purchases. The parties have further agreed to a standstill provision to the effect that neither the Purchaser, ATM nor their affiliates may acquire an interest in the common shares or assets of African Queen or conduct other specified activities following closing of the transaction contemplated by the Plan of Arrangement for a period the earlier of (i) 36 months from the date of closing or (ii) 24 months after the date the shares of African Queen commence trading on any recognized exchange, without advance approval from African Queen.

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. 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 and proposed spin-off of African Queen. 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 including among other things, assumptions of our ability to close the Transaction and spin-off African Queen. 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. Such risks and uncertainties include risks and uncertainties involved in satisfying the conditions to close the Transaction and spin-off African Queen.

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: 7780-602-788 Germany: (0) 1722-1234-47