Moma Titanium Project

Kenmare Resources PLC
15 March 2002




   Kenmare Announces Progress in Funding the Moma Titanium Minerals Project



14th March 2002



Kenmare Resources plc is pleased to announce that it has received Expressions of
Interest to provide loans totalling US$130 million for the development of the
Moma Titanium Minerals Project in Mozambique.

These Expressions have been provided by a group of Development Finance
Institutions, which will shortly begin their due diligence processes and
commence termsheet negotiations. Kenmare is still awaiting responses from a
number of similar institutions, who it would expect to join these processes.

Michael Carvill, Managing Director of Kenmare commented 'Given that the Mineral
Licence Agreement was only signed in January, this positive response from the
international lending community represents remarkable progress. Besides being
great news in itself, it will lend credibility to the continuing marketing
negotiations with potential customers. We look forward to advancing the due
diligence process with the institutions.'



For more information :

Tony McCluskey

Financial Director

Tel: [phone] or [phone]



Deirdre Walsh     Tim Blackstone

Murray Consultants     Blackstone Business Communications

Tel: [phone]     Tel: [phone]



                            www.kenmareresources.com



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