Acquisition(s)

23 Nov 2006 07:00

23 November 2006 GEMFIELDS RESOURCES PLC ACQUISITION

Gemfields Resources PLC ("Gemfields" or "the Company", Ticker "GEM") is pleased to announce the completion of the acquisition of the entire issued share capital of Sarina Global Limited from CA Fiduciary Services Limited for a total consideration of 1,500,000 ordinary shares as a result of the successful transfer of the Mitondo East exploration licence in the Ndola Rural Emerald Restricted Area ("NRERA") in Zambia to Gemfields.

This agreement was signed in September 2005 as disclosed in the Company's Admission Document but has only now been completed.

For more information:

Peter Kitchen, CEO peter.kitchen@gemfields.co.uk

Richard James, CFO richard.james@gemfields.co.uk

Gemfields Resources Plc Tel: +44 (0)20 7016 9416

www.gemfields.co.uk

Laurence Read/ Leesa Peters Tel: +44 (0) 207 429 6605

Conduit PR Cell: +44 (0) 7974 982 512