🕐18.05.11 - 09:54 Uhr

AFRICAN CONSOLIDATED RESOURCES PLC - UPDATE ON GADZEMA GOLD PROJECT EXPLORATION DRILLING



African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining 18 May 2011 African Consolidated Resources plc (ACR or the Company) Update on Gadzema Gold Project Exploration Drilling African Consolidated Resources plc, the AIM listed southern African focused resource development company, is pleased to announce interim drilling results from its Gadzema Gold Project in the northern Midlands district of Zimbabwe (Gadzema or the Project). Highlights * Interim assays available for approximately 50% of a 13,000m drill programme * Drilling covers approx 2km strike within ACRs 7km long Gadzema gold project * Best intercepts include; * 6m @ 25.7 g/t from 35m - includes 2m @ 73.6 g/t (uncut) * 14m @ 2.0 g/t from 43m * 6m @ 5.8 g/t from 56m * 12m @ 2.3 g/t from 86m (see Table 1 below for details) * Style of mineralisation demonstrates amenity to bulk open-pit mining methods * Objective to increase current JORC Inferred Resource of 746,000oz Au at Gadzema * Additional assays expected by the end of May 2011 followed by a updated JORC estimate in June 2011 ACR Technical Director Michael Kellow said, "Following the 174,000oz increase in the Gadzema Resource as reported earlier this month, these additional drilling results further underpin the prospectivity of our Gadzema Gold Project, where we now have significant intercepts on several zones over 7km of strike length.

The style of mineralisation is very amenable to bulk open-pit mining with attractive economies of scale.

We are expecting all drilling assays to be completed by the end of May, with a JORC estimation completed in June." Detailed Results The Company commenced an intensive drilling programme in January 2011, using two Reverse Circulation (RC) rigs on double shifts, and a diamond coring drill rig.

Interim assay results have been produced for nine diamond drill holes (BRDD 01-09) and for 45 Reverse Circulation holes (BRRC 109 -154), representing 6,700m of the total 13,000m programme.

The remaining 6,300m drill programme is anticipated to be completed by the end of May 2011. The drilling has been carried out on two parallel structural/lithological corridors, where north trending thrusting has created large quartz-sulphide stockwork vein systems in felsic porphyry intrusions, and in adjacent banded iron formations and talc schists.

The system is being explored over more than 7km of strike. The current drilling has been planned to increase the JORC Inferred Resource at the Gadzema Gold Project, which currently stands at 746,000oz.

Drill density was at line spacings of 40m-80m and approximately 40m along lines, and covers approx 2km of strike.

Drilling tested the mineralisation, which dips steeply to the east, to depths of 100-150m vertically below surface.

Assays were carried out at 1m intervals by Fire Assay method using ISO accredited laboratories in South Africa and Zimbabwe. Table 1: Significant Gold Intercepts, Gadzema Project Hole_ID From (m) To (m) Interval (m) Au grade g/t BRRC154 26 28 2.0 2.0 BRRC149 94 99 5.0 3.1 BRRC144 35 41 6.0 25.7 Includes 37 39 2.0 73.6 (uncut) BRRC143 105 108 3.0 3.7 BRRC139 90 97 7.0 1.7 BRRC135 118 127 9.0 1.2 BRRC134 86 98 12.0 2.3 BRRC134 66 69 3.0 5.8 BRRC133 43 49 6.0 1.8 BRRC130 43 57 14.0 2.0 BRRC125 47 58 11.0 1.5 BRRC124 78 82 4.0 2.6 BRRC123 83 85 2.0 5.6 BRRC112 56 62 6.0 5.8 BRRC111 43 46 3.0 5.1 BRRC109 115 126 11.0 1.2 1m fire assays; intercepts include up to 2m internal waste, 0.5g/t lower cutoff, no top cut. The technical elements of this report have been reviewed by Mr.

Michael Kellow (the Companys Technical Director).

Michael Kellow (BSc) is a member of the Australian Institute of Geoscientists (AIG) and a full-time employee of African Consolidated Resources Plc.

Mr Kellow has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves" (JORC Code) and as a "qualified person" as defined in the AIM Note for Mining, Oil and Gas Companies.

Michael Kellow consents to the publication of this report. **ENDS** For further information visit www.acrplc.com or please contact: Roy Tucker African Consolidated Resources plc +44 (0) 1622 816918 +44 (0) 7920 189012 Michael Kellow African Consolidated Resources plc +263 772 239 301 Andrew Godber Panmure Gordon (UK) Limited +44 (0) 207 459 3600 Callum Stewart Panmure Gordon (UK) Limited +44 (0) 207 459 3600 Abhishek Majumdar Panmure Gordon (UK) Limited +44 (0) 207 459 3600 Susie Geliher St Brides Media & Finance Ltd +44 (0) 20 7236 1177
GLOSSARY OF TECHNICAL TERMS
Term Explanation Acronym Au chemical symbol for gold
banded iron formations
chemical sedimentary rock consisting of iron and quartz BIF diamond drilling
Drilling method using a diamond-impregnated cutting bit to obtain a core sample of rock
dip the orientation of a planar geological feature relative to horizontal
Felsite silica rich igneous rock, aka felsic volcanic
JORC Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy
mineralisation
metallic minerals such as gold, base metals, pyrite and arsenopyrite incorporated in rocks
quartz
silicon oxide mineral very common in hydrothermal deposits
resource
mineral resource as defined by the JORC Code 2004
reverse circulation drilling
rotary percussion drilling whereby the sample is returned from the cutting head inside the rod string to surface thereby avoiding contamination from the walls of the hole RC
schist
metamorphic rock with well developed foliation
stockworks
zone of multiple quartz filled structures with individual veins often of random orientation
strike
the horizontal orientation of a planar geological feature
sulphide
sulphur bearing metallic mineral
talc
magnesium iron silicate mica of metamorphic origin
thrust
shallow dipping fault where the upper body of rock overrides the lower portion
UNITS
g/t
grammes per metric tonne - metal concentration
m
metre
oz
fine troy ounce equaling 31.1048 grammes - normal unit used in selling gold
Lottie Brocklehurst St Brides Media & Finance Ltd Chaucer House 38 Bow Lane London EC4M 9AY T: +44 (0) 207 236 1177 M: +44 (0) 7917 010 468 F: +44 (0) 207 236 1188 www.stbridesmedia.co.uk



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