Proposed Placing & Open Offer

Kenmare Resources PLC
8 April 2002


               Kenmare Resources plc ('Kenmare' or 'the Company')



Conditional Placing of 56,950,000 New Ordinary Shares each in Kenmare Resources
   plc at a price of Stg14p (Euro 23c) per share raising approximately Stg£8
                        million (Euro 13 million) gross

                                      and

 Proposed Open Offer to Existing Shareholders of 23,881,255 New Ordinary Shares
       in Kenmare Resources plc at a price of Stg14p (Euro 23c) per share



Kenmare Resources plc is pleased to announce that the Company has entered into
arrangements to place 56,950,000 New Ordinary Shares in the capital of the
Company at a price of Stg14p (Euro 23c) per share, raising approximately Stg£8
million (Euro 13 million) before expenses. This placing, to both new and
existing shareholders, has been arranged by Canaccord Capital (Europe) Limited.


Kenmare also announces a proposal to raise up to an additional Stg£3.3 million
(Euro 5.4 million) before expenses, by way of an open offer of 23,881,255 New
Ordinary Shares to existing Shareholders in the Company. The open offer, which
will not be underwritten, is expected to be made on the basis of 1 New Ordinary
Share at a fully paid price of Stg14p (Euro 23c) per share for every 8 existing
Ordinary Shares held on the associated record date.




USE OF PROCEEDS

Kenmare intends to use the funds raised for the further implementation of its
Moma Titanium Minerals Project. Kenmare considers this successful fundraising to
be an important demonstration of confidence in, and endorsement of, strategy, as
well as a significant step in the overall project financing.


The net proceeds of the placing are to be used to cover various fees and
expenses, to fund working capital and to serve as a component of equity funding
for project implementation.




Further information on the Placing and on the Open offer

Commitments under the placing, which is not underwritten, are firm, subject to
final documentation and the conditions therein. The allotment of the New
Ordinary Shares, pursuant to the placing, is conditional on grant of allotment
authorities to the Directors of the Company, such authorities to be sought at an
Extraordinary General Meeting to be convened for this purpose.


Completion of the open offer will also be conditional, inter alia, upon approval
of various share capital resolutions to be proposed and considered at the
Extraordinary General Meeting, and subsequent allotment of the New Ordinary
Shares pursuant to the open offer.


The placing will also be conditional on the approval, subject to allotment, by
the Irish Stock Exchange and the UK Listing Authority of application for
admission of the New Ordinary Shares to be issued pursuant to the placing to
their respective Official Lists. It is also conditional on the Irish Stock
Exchange and the London Stock Exchange admitting such New Ordinary Shares to
trading on their respective markets for listed securities.


The open offer will also be conditional on the approval, subject to allotment,
by the Irish Stock Exchange and the UK Listing Authority of application for
admission of the New Ordinary Shares to be issued pursuant to the open offer to
their respective Official Lists. It is also conditional on the Irish Stock
Exchange and the London Stock Exchange admitting such New Ordinary Shares to
trading on their respective markets for listed securities.




SHAREHOLDER DOCUMENTATION

Shareholder documentation relating to the placing and the open offer, containing
inter alia information on the record date, procedure and timetable for
application under the open offer, and convening the requisite Extraordinary
General Meeting, will be posted to Shareholders in due course.






For further information:


Kenmare Resources plc


Michael Carvill

Managing Director

Tel: [phone] or [phone]


Tony McCluskey

Financial Director

Tel: [phone] or [phone]


Murray Consultants

Tom Byrne

Tel: [phone] or [phone]


Blackstone Business Communications

Tim Blackstone

Tel: [phone]


www.kenmareresources.com


8th April, 2002




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