Vast Resources Regulatory News (VAST)

11 Dec 2006 12:05

African Consolidated Resources Plc11 December 2006 African Consolidated Resources Plc ("ACR" or the "Company") Statement re Marange Diamond Title Further to recent press commentary, ACR confirms that under Section 50 of theZimbabwe Mines and Minerals Act the Ministry of Mines has given notice ofintention to cancel registration of the Company's title to the Marange Diamonddeposit approximately 200 miles south east of Harare. The grounds for thenotice are that title should not have been granted in the first instance becauseof a pre-existing exploration licence over the same area. Based on its belief that its title is valid ACR has also previously entered intoJoint Venture discussions to work the Marange diamond deposit with partners bothat the local and at the national level in order to ensure benefit for thecommunity as well as for the Company. ACR believes that the Marange area is highly prospective for diamonds. Howeveras yet the Company has been unable to carry out a thorough evaluation andtesting programme on the area. ACR's core activity is the exploration of gold, but the Company has alsodeveloped a broad portfolio of other minerals activities in Zimbabwe. TheCompany will make a further announcement clarifying its position on the MarangeTitle in due course. Enquiries: African Consolidated ResourcesAndrew Cranswick +44 7920 189010Roy Tucker +44 1622 816918 +44 7920 189012 Evolution SecuritiesSimon Edwards +44 20 7071 4300 College Hill +44 20 7457 2020Nick ElwesPaddy Blewer This information is provided by RNS The company news service from the London Stock Exchange