APP.L Regulatory News (APP)

21 Sep 2006 07:00

African Consolidated Resources Plc21 September 2006 Embargoed until 7.00 am 21 September 2006 African Consolidated Resources plc (ACR or the 'Company') African Consolidated Resources plc has reached agreement with African Platinumplc to assume historical costs of exploration on the latter's Snakes Head Eastexploration ground in the northern chamber of the Great Dyke, Zimbabwe. Inthe light of the fact that ACR and associated companies previously acquiredmining and exploration rights throughout the gabbroic region of Snakes HeadWest, this agreement allows ACR to consolidate the entire PGE-prospective groundof the region being the last unexplored recognised PGE resource in Zimbabwe'sGreat Dyke. The Great Dyke represents the world's second largest knownreservoir of in-ground platinum metal after the South African Bushveld Complex. Drilling has previously been undertaken at Snakes Head East and West the resultsof which were set out in Section C of the Competent Person's Report contained inthe Admission Document published by the Company on 29 June 2006. In summarythese previous results showed an average grade on the Main Sulphide Zone of 1.16g/t over 5.5 metres at Snakes Head West and at 1.47 g/t over 3.85 metres atSnakes Head East. The company will undertake a drilling program as soon aspracticable and will announce the results when known. Enquiries: ACR Andrew Cranswick (+44) 7920 189010 Roy Tucker (+44) 1622 816918 Evolution Securities Simon Edwards (+44) 20 7071 4330 This information is provided by RNS The company news service from the London Stock Exchange