Nkombwa Licence Confirmed as Sole Valid Mining ...

African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining

15 January 2013

African Consolidated Resources plc ('ACR' or 'the Company')
Nkombwa Licence Confirmed as Sole Valid Mining Right

Further to the announcement of 10 September 2012, African Consolidated Resources plc, the AIM listed resource and development company focused in Southern Africa, is pleased to announce that the licence administration centre (the 'Cadastre') of the Zambian Ministry of Mines and Mineral Development ('the Ministry') has confirmed the validity of the Nkombwa Large Scale Prospecting Licence number 12198-HQ-LPL ('the Licence') in the name of the Company's subsidiary, Fisherman Mining Limited.  The Licence, which encompasses the Nkombwa Hills Rare Earth Project ('Nkombwa Hills'), has therefore been approved as the sole existing exploration licence over the area which is recognised by and authorised by the Ministry.

Further to the Ministry's validation of the Licence, Galileo Resources plc ('Galileo'), which is financing ACR's farm-in partner, has confirmed that it has finalised its legal Due Diligence on Nkombwa Hills.  Galileo will finance ACR's farm-in partner which is committed to spend US$1.35 million in order to define an Indicated Rare Earth Element ('REE') Resource.

ACR Chairman, Roy Tucker, said, "We are delighted with this news from the Ministry in Zambia which removes any uncertainty as to the validity of our Nkombwa licence.  With Galileo's formal confirmation that it has finalised its legal Due Diligence on the Nkombwa Hills Rare Earth Project, we are now well placed to advance this valuable asset up the development curve.  Underpinning this, Galileo has reiterated its commitment to developing the project, which has to date reported enriched outcrop samples of up to 23.6% total REE oxide over a strike length of at least 350m, stating that it intends to advance the project to resource definition stage in as short timeframe as practicable."

This announcement has been reviewed by Mike Kellow BSc, a member of the Australian Institute of Geologists and Technical Director of ACR.  Mr Kellow meets the definition of a "qualified person" as defined in the AIM Note for Mining, Oil and Gas Companies.

For further information visit www.acrplc.com or please contact:

Roy Tucker	African Consolidated Resources plc	[phone] [phone]
Andrew Godber	Panmure Gordon (UK) Limited	[phone]
Callum Stewart	Panmure Gordon (UK) Limited	[phone]
Susie Geliher	St Brides Media & Finance Ltd	[phone]

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Source: African Consolidated Resources Plc via Thomson Reuters ONE

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