BPC.L Regulatory News (BPC)

27 Feb 2006 10:00

Falkland Gold and Minerals Ltd27 February 2006 27 Feburary 2006 Falkland Gold & Minerals Limited AGM Statement At today's Annual General Meeting of Falkland Gold & Minerals Limited, RichardLinnell, Chairman, will tell shareholders: "On 13 December 2005 we reported that good progress had been made on drillingand that 5,950 metres had been drilled by our financial year end, 30 September2005. By 31 December we had drilled a total of 8,400 metres of core with sevenof the priority aerial magnetic targets and two of the secondary magnetictargets tested by the drill. Four of the targets are now confirmed as magneticintrusive rocks - doleritic, one as a structural feature and four unexplainedmagnetic anomalies. This comprehensive drilling programme has been underpinned by exploration workto refine the secondary aerial magnetic targets and to develop new targets. Thework has comprised 3,176 line-km of ground magnetic surveys and 3,664 sub-peatsoil geochemical samples. Drilling to date has predominately been in Area 6 - the area from whichsignificant particle gold has been recovered from streams that drain this largearea. To date the drilling has yet to resolve the main source of the particlegold. Magnetic targets associated with the area have been found to be anomalousbut cannot yet be assigned as the main source. Your Board's target for the year ahead is to complete drilling on the followingtargets: • Glorious Hill Prospect (Target 11)• Malo East Prospect (Target 15E)• Black Rock Prospect (T9S) - dependent on soil geochemical results• Target 12 / 22 / 23 / 24 (which are all in the vicinity of Area 6)• Albemarle Prospect (Target 18) - dependent on soil geochemical results• Leicester Prospect (Target 20) - dependent on soil geochemical results• Area 6 - as defined by the soil geochemical results• Warrah Prospect - as defined by the soil geochemical results and to continue to undertake methodical exploration activities to identityprospective targets for sub-surface drilling on known prospects: • Malo West - Target 16, and in new areas: • Lafonia - which is similar to Target 11 The financial standing of the company remains strong with cash balances, as at31 December 2005, of £7.1m. I remain confident that the potential that was reported in the prospectusremains valid and that the work we will conduct in the coming year will generatethe solutions to the various anomalies. We remain hopeful that this will lead onto some discoveries of economic value." Enquiries: Falkland Gold and Minerals LimitedRichard Linnell (Chairman) +27 82 440 6710 Bell Pottinger Corporate & FinancialNick Lambert +44 (0) 20 7861 3232 This information is provided by RNS The company news service from the London Stock Exchange