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Golden Prospect PLC (AMBR)

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Friday 19 April, 2002

Golden Prospect PLC

Issue of Equity

Golden Prospect PLC
19 April 2002



                   GOLDEN PROSPECT PLC ('the Company')

   APPLICATION FOR ADMISSION OF 2.4 MILLION NEW ORDINARY SHARES OF 10p

ACQUISITION OF ONE-THIRD INTEREST IN   RESOURCE  DEVELOPMENT CORPORATION LTD
                ('RDC'), A PLATINUM EXPLORATION COMPANY



The Company announces that application has been made for 2,400,000 new ordinary
shares to be admitted to trading on AiM. Admission is expected to take place on
30 April 2002.



The shares have been issued by the Company at a price of 15 pence per share as
part consideration of £360,000 for the acquisition of its interest in RDC,
together with a cash payment of £36,000. The new shares will be subject to a
12-month lock-in agreement.



In addition, the Company has agreed  to contribute to the exploration costs for
an 18 month period up to a maximum of £180,000 by way of a unsecured convertible
note to RDC, which can be converted upon a public listing or repaid at the
election of the Company.



RDC has exploration rights for platinum group metals in three areas, Canada,
South Africa and Madagascar.  The projects in these areas complement the
Company's existing platinum exploration assets in Ethiopia and Sierra Leone.



The Exploration Areas  (Acquired Interest In)



The Canadian portfolio comprises three properties totalling 623 claim units
(9,968 hectares or nearly 100 square kilometres) namely Havoc Lake, Norwood and
Pillar in the Thunder Bay district of north-western Ontario.



On the Havoc Lake property, ground and airborne geophysical surveys, and
geological mapping identified several strong anomaly targets, complementing
geochemical anomaly findings (Government survey) in local lake sediments. These
geophysical signatures, complemented by the geochemical results, support the
presence of disseminated sulphides in a mafic intrusive  - a view also supported
by an independent consultant's report.



The world class Lac des Iles mine, lies some 50 kilometres to the south west of
Havoc Lake.



A stratigraphic drilling programme is in progress and the results of this
drilling will help prioritise targets for further focussed drilling programmes.




The South African portfolio comprises seven properties totalling 2,698 hectares
in the south-eastern limb of the Bushveld Complex, which hosts the largest known
platinum reserves in the world.



The properties are believed to be continuous with the main ore bodies; a view
also suggested by Government geophysics that the properties may well form a
southern continuation of the ore bodies.



The directors believe that the potential for the discovery of PGM-bearing reefs
on the properties is good.



The Madagascar interest comprises four areas (195 blocks) totalling 121,875
hectares; all located in the Province of Mahajanga.



In the 1960s, the French Geological Survey organisation BRGM, during its
prospecting program for alluvial gold, collected heavy mineral concentrates and
noted alluvial PGMs in numerous samples. More importantly, BRGM discovered
primary magmatic Ni-Cu-PGM mineralisation in pyroxenite from a layered Archaean
intrusion, an area referred to as the Andriamena synclinorium.  The area is
within the region in which the properties are held.



RDC has invited Dr. John Bowles of Mineral Science Limited, Golden Prospect's
Consultant Geologist to assist with the development of the properties mentioned
above.





For further information contact


Malcolm Burne
Golden Prospect plc
Tel:  020 7409 3500

Colin Bird
Resource Development Corporation Limited
Tel:  020 7590 8800





                      This information is provided by RNS
            The company news service from the London Stock Exchange
                                                                                                    

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