ACA.L Regulatory News (ACA)

15 April 2014 African Barrick Gold plc (the "Company" or "ABG") West Kenya Exploration Continues to Provide Positive Results ABG is pleased to announce further positive results from our grass rootsexploration programmes in Kenya where we are currently undertaking successfulexploration drilling and surface Induced Polarisation ("IP") geophysicalsurveys. Assay results from a further 327 reconnaissance Aircore drill holes testingexisting gold-in-soil anomalies along the Liranda Corridor on the south side ofthe Kakamega Dome have been returned underlining the prospectivity of thetenements, with results including: * KDAC0312: 3m @ 15.2 g/t Au from 41m and 9m @ 1.71 g/t Au from 62m * KDAC0361: 39.5m @ 0.81 g/t Au from 9m, including 6m @ 2.26 g/t Au * KDAC0376: 9m @ 2.57 g/t Au from 57m The Aircore results to date are very encouraging given the current line spacingof the Aircore traverses varies between 400 metres and 800 metres and theaverage depth of drilling to date is a relatively shallow 40-50 metres. Infilltraverses will be undertaken as part of phase two of the programme beforetargets will be ranked for testing by more advanced reverse circulation anddiamond drilling. In addition to the Aircore programme, we continue to undertake extensive soilsampling of the licence area with a further 3,323 samples collected in Q1 2014with over 50 gold-in-soil anomalies now delineated for follow-up work (Figure1). In tandem with this, we have commenced gradient IP and Resistivity acrossselected gold-in-soil anomalies. These surveys aim to target mineralisationassociated with sulphides and/or resistive lithologies, structures oralteration. Seven anomalies have been covered by IP surveys to date forapproximately 88 line kilometres, with four targets showing distinctresistivity and/or chargeability zones coincident with the gold-in-soilanomalies and should be considered as priority targets for future drillingprogrammes. Commenting on the results, Brad Gordon CEO of African Barrick Gold, said: "Weare greatly encouraged by the continued early success of our grassrootsprogramme in Kenya. This represents round 60% of our greenfields explorationbudget in 2014 and is designed to delineate priority targets ahead of a futureinvestment decision subject to the evolution of the draft Mining Act. Thisearly success is a result of applying our extensive knowledge base fromoperating in Tanzania for over a decade to a new jurisdiction and we continueto look to further diversify our exploration portfolio outside of our currentoperating areas." See www.africanbarrickgold.com for picture in the Kenya JV Project with the location of the areas in which ground IP gridsare planned across specific gold-in-soil anomalies. Map overlain on RTPmagnetic image. Aircore Drilling: In late 2013, Aircore drilling commenced targeting soil anomalies across theKakamega Dome gold camp and to date 741 holes have now been drilled for a totalof 28,061 metres. In January 2014, we announced initial results from 192Aircore holes, including notable results from 10 holes that returned assays >0.5g/t Au including 6m @ 30.9 g/t Au, 3m @ 3.35 g/t Au, 3.5m @ 4.20 g/t Au and10m @ 1.75 g/t Au. Since the January 2014 announcement, we have continued the Aircore drillingprogramme across the Kakamega Dome gold camp, as well as continuing regionalmapping and soil sampling programmes. Aircore drilling to date has been focusedon the Liranda Corridor, a major west-northwest to east-southeast trendingstructural zone, continuous over 20km in the West Kenya Project, along thesouth side of the interpreted Kakamega Dome. In addition to the LirandaCorridor, several northeast-southwest trending structural zones cross cuttingthe Liranda corridor and highlighted by gold-in-soil anomalism have also beentargeted by Aircore drilling traverses. We have now received and compiled results for a further 327 Aircore holes andwe are continuing to intersect gold anomalism in the Aircore drilling, with afurther 116 holes to date returning anomalous results (>0.1g/t Au). In total,we have now intersected zones of >0.50g/t Au in 51 Aircore holes out of 519holes assayed to date with highlighted intersections from the recent resultsincluding (refer also to Figure 2 below): * KDAC0312: 3m @ 15.2 g/t Au from 41m & 9m @ 1.71 g/t Au from 62m * KDAC0349: 6m @ 1.11 g/t Au from 63m * KDAC0361: 39.5m @ 0.81 g/t Au from 9m, incl. 6m @ 2.26 g/t Au * KDAC0366: 20.5m @ 0.93 g/t Au from 24m, incl. 6m @ 2.58 g/t Au * KDAC0369: 17m @ 0.62 g/t Au from 27m * KDAC0376: 9m @ 2.57 g/t Au from 57m * KDAC0408: 4m @ 3.18 g/t Au from 108m, incl. 1m @ 10.5 g/t Au * KDAC0501: 6m @ 1.68 g/t Au from 6m, incl. 3m @ 3.12 g/t Au See www.africanbarrickgold.com for picture Figure 2: Selected significant Aircore intercepts along the Liranda Corridor onthe southern side of the Kakamega Dome (New results in yellow boxes, andpreviously released results in white boxes). Grades shown are the bestcomposite intersections per hole in grams per tonne of gold. These encouraging Aircore results confirm the presence of significant goldmineralisation in weathered bedrock throughout the Liranda Corridor. Thedrilling programme will continue through into H2 2014 with a further 200Aircore drill holes for 10,000 metres planned. The systematic and comprehensiveprogrammes represent a spend of approximately US$4 million in 2014 and willenable the ranking of the five to ten priority targets for future advancedreverse circulation and diamond drilling programmes. ENQUIRIES For further information contact: African Barrick Gold plc +44 20 7129 7150 Andrew Wray, Chief Financial Officer Giles Blackham, Investor Relations Manager Bell Pottinger +44 207 861 3800 Daniel Thöle About ABG ABG is Tanzania's largest gold producer and one of the largest gold producersin Africa. We have three producing mines, all located in Northwest Tanzania,and several exploration projects at various stages of development in Tanzaniaand Kenya. We have a high-quality asset base, solid growth opportunities and aclear strategy of optimising, expanding and growing our business. Maintaining our licence to operate through acting responsibly in relation toour people, the environment and the communities in which we operate is centralto achieving our objectives. ABG is a UK public company with its headquarters in London. We are listed onthe Main Market of the London Stock Exchange under the symbol ABG and have asecondary listing on the Dar es Salaam Stock Exchange. Historically and priorto our initial public offering (IPO), our operations comprised the Tanzaniangold mining business of Barrick Gold Corporation, our majority shareholder. Disclaimer and forward-looking statements This announcement is for information purposes only and does not constitute aninvitation or offer to underwrite, subscribe for or otherwise acquire ordispose of any securities of ABG in any jurisdiction. This announcement includes "forward-looking statements" that express or implyexpectations of future events or results. Forward-looking statements arestatements that are not historical facts. These statements include, withoutlimitation, financial projections and estimates and their underlyingassumptions, statements and information regarding plans, objectives andexpectations with respect to future production, exploration programmes,operations and projects, costs, products, services and the operational review,and statements regarding future performance. Forward-looking statements aregenerally identified by the words "plans," "expects," "anticipates,""believes," "intends," "estimates" "will" and other similar expressions. Allforward-looking statements involve a number of risks, uncertainties and otherfactors, many of which are beyond the control of ABG, which could cause actualresults and developments to differ materially from those expressed in, orimplied by, the forward-looking statements. Although ABG's management believesthat the expectations reflected in such forward-looking statements arereasonable, ABG cannot give assurances that such statements will prove to becorrect. Accordingly, investors should not place reliance on forward-lookingstatements in this announcement. Any forward-looking statements in thisannouncement only reflect information available at the time of preparation.Subject to the requirements of the Disclosure and Transparency Rules and theListing Rules or applicable law, ABG explicitly disclaims any obligation orundertaking publicly to release the result of any revisions to anyforward-looking statements in this announcement that may occur due to anychange in ABG's expectations or to reflect events or circumstances after thedate of this announcement.