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Golden Prospect PLC (AMBR)

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Friday 20 December, 2002

Golden Prospect PLC

Merger of associate company

Golden Prospect PLC
20 December 2002

                             GOLDEN PROSPECT PLC


Golden Prospect announces that its circa 40 pc controlled associate, Geographe
Resources Limited quoted on the ASX is merging with Reliance Mining Limited.



Reliance Mining is the product of a recent 5 executives management spin out from
WMC Resources Limited (WMC), one of Australia's leading resources groups.
Reliance has an excellent portfolio of projects in Australia and overseas as
well as strategic alliances with WMC through which Reliance has an ongoing
pipeline of mineral projects.



It has targeted prospects with potential to host major gold and bare metal
discoveries.



Malcolm Burne, Golden Prospect Chairman stated 'I consider this is the most
exciting and potentially rewarding of deals among our strategic portfolio of
investee quoted mining companies.'



The formal Announcement made to the Australia Stock Exchange by Geographe which
details the terms of the merger is set out below:



'ACQUISITION OF RELIANCE MINING LIMITED



Geographe Resources Limited announces that it has entered into a Heads of
Agreement with Reliance Mining Limited pursuant to which it will make an offer
to acquire all of the shares in Reliance. Under the Heads of Agreement, Reliance
has agreed to recommend to all Reliance shareholders the acceptance of
Geographe's offer.



About Reliance



Reliance is an unlisted public company recently established by former senior
executives of WMC Resources Limited to pursue world class gold and base metal
projects.  Reliance has  a portfolio of projects in Australia and in Peru.  It
has signed a strategic alliance with WMC which provides Reliance with a source
of future mineral exploration projects.



The Reliance management team combines over 100 years of experience in major
mining companies with skills in geoscience, mining and finance.  The team, all
of whom are shareholders in Reliance, until recently held the following senior
positions in WMC:



•         Dr. Stephen Twyerould, former Head, Geology & Exploration - Gold
          Division,

•         Paul Chapman, former Commercial Manager - Nickel & Gold,

•         Brian Kennedy, former General Manager, Mt Keith and Kambalda,

•         Tim Craske, former Principal Project Generation Geologist -
          Exploration Division,

•         Craig Reddell, former Exploration Manager - Nickel & Gold,


They are joined in Reliance by directors Robert Pett and Denis Rakich who have
had extensive experience in the resource sector.



Reliance has already obtained exploration projects in Peru through its strategic
alliance with WMC and is currently negotiating further projects within Australia
from WMC.



The Acquisition



Geographe intends to make a takeover bid for all the issued capital of Reliance
on the basis of one Geographe ordinary share for each Reliance ordinary share
and one Geographe preference share for each Reliance preference share.



The Heads of Agreement signed today sets out details of the bid  and of the
agreement which has been reached with Reliance's board of directors to recommend
the bid to its shareholders. Geographe's obligation to make the offer is subject
to it being satisfied with the results of a due diligence review of Reliance and
its assets and liabilities within the next 14 business days.



The offer will be subject to a number of conditions, including a minimum
acceptance condition, the consolidation of Geographe's share capital on a 1 for
2.8 basis, and a condition that no material adverse change occurs in Reliance's
financial position during the currency of the offer. A Bidder's Statement
containing the takeover bid will be issued to Reliance shareholders following
successful completion of the due diligence.



After completion of the due diligence, a notice convening a  general meeting of
Geographe shareholders will be issued to seek shareholders' approval for the
consolidation of the company's share capital, the change of its name to Reliance
Mining Limited, changes to Geographe's constitution necessary to enable the bid
to proceed and the appointment of new directors. The meeting will consider
appointment as directors of Geographe, five persons nominated by Reliance. Two
of the three present Geographe directors (Michael Hunt and Neil Maclachlan) will
retire. Malcolm Burne will remain on the board as representative of Golden
Prospect plc, Geographe's biggest shareholder.



Effect of the Transaction on Geographe



The effect of the transaction on Geographe's capital structure and a statement
of Geographe's pro forma financial position after the acquisition of Reliance is
shown in the statements attached.



Conclusion



The acquisition of Reliance represents a significant opportunity within the
resource sector for Geographe and its shareholders to capitalise on the
experience and skills of the Reliance management team and the potential of that
company's portfolio of gold and base metal projects.



Geographe directors are of the view that the acquisition of Reliance will
provide the opportunity to enhance shareholder value which they have been
actively seeking for some years.



Further Information



Further details will be provided to shareholders in the information included in
the Notice convening the shareholders' meeting.'





Enquiries:

M A Burne
Chairman, Golden Prospect PLC
20 December 2002


Tel:     (Office)          020 7409 3500

         (Mobile)          07710 411960


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

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