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Golden Prospect PLC (AMBR)

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Friday 30 June, 2000

Golden Prospect PLC

Preliminary Results

Golden Prospect PLC
30 June 2000


PRELIMINARY ANNOUNCEMENT 

FOR 

THE EIGHTEEN MONTHS ENDED 31 DECEMBER 1999


GOLDEN PROSPECT PLC


CHAIRMAN'S STATEMENT

Although the period under review has been difficult it has also been
challenging.  The board has been focused on improving shareholder value via an
asset exchange with CIBC Eyres Reed Australian Resources Fund.

Regrettably the legal and regulatory body issues involved in successfully
concluding the transaction have been extraordinarily protrac
ted and has occupied management corporate time to the exclusion of other major
opportunities.  Some of the larger institutions own shares of both Golden
Prospect and the fund.  For this reason among others, the agreement was
subject to the approvals from Regulatory Authorities.

Happily the efforts of both CIBC and your directors have been rewarded by
virtue of an eventual closing of the deal on 30 June 2000.

The assets being added to your company's balance sheet are a considerable
circa A$21 million equivalent to £8.1 million and represent a quality
portfolio of junior resource companies in Australia which your board believes
will prove to be undervalued.  It is proposed to rationalise the various
strategic equity positions in these companies and to continue on a pro-active
basis to their future development.  While the majority of the period under
review has been used absorbing this project, management has nevertheless been
mindful of the various other significant opportunities that have been
presented.

The company's investment strategy is to take full advantage of undervalued
assets in the minerals markets - historically a cyclical sector.  Research
reveals that some companies still offer exceptional value and management will
continue to strive to raise additional equity capital in order to expand its
portfolio.


Investments and Trading

Your company's long term strategic investments in Samson Exploration N.L.,
Sapphire Mines N.L. and Geographe Resources Limited are all progressing.

Samson in which your company has a 22.4 per cent stake now has the major part
of its assets invested in Kestrel Energy, a USA oil and gas company currently
engaged in a drilling programme.

Sapphire Mines where we hold a 22.75 per cent holding is preparing for
substantial diversification and as a result has attracted a wider shareholder
base and a major new investor on the share register.

Geographe Resources is now 35.76 per cent owned by Golden Prospect and has
backed a technology investment company with the acquisition  of a strategic
stake in B2B group Resource Trading Systems Pty. Ltd.

The short term trading portfolio has proved volatile but management remains
optimistic that the junior end of the mining and natural resources market will
increasingly attract investor attention in the coming year.

Accordingly the directors of Golden Prospect announce that the company has
recorded an operating loss of £213,832 reflecting poor market conditions in
the gold sector of the mining markets.  The exceptional loss of £748,682
relates to the provision against the company's investment portfolio.


Platinum Exploration

Dr John Bowles of Mineral Science and our consulting platinum geologist has
negotiated on your company's behalf some platinum exploration licenses
covering 200 square kilometers in the southern region of Ethiopia, a
prospecting licence of 481 square kilometers and other properties covering
historical platinum mining areas.

Rock and  soil samples sent to Omac for assaying show platinum in 95 out of
101 samples of soil and weathered bedrock with assays reaching 0.8 to 2.1
grams per tonne platinum.  Gold was also present in 82 of these samples
reaching 0.6 to 4.7 grams per tonne in one area.  Dr Bowles, preminent in his
field, regards the area 'as having significant potential' because the platinum
bearing rocks are weathered and at surface and could be readily mined using
inexpensive open-pit techniques.  He adds that there 'is the possibility of
large volume production from low to medium grade ore.'

The company proposes to source joint venture partners with a view to financing
a field survey and drilling programme to define a reserve.

With regard to the company's assets in Sierra Leone, the continued political
difficulties have prevented management from unlocking the platinum values at
York,  a peninsular which reveals rock as being present up to 0.69 g/t, double
the value of that reported earlier with rich layers extending along strike.

In another sample rich area, the Lake Sonfon gold exploration activity has
been put on a care and maintenance basis until the politics improve while in
Guinea the  company is reviewing its options over concession 41 within the
gold bearing Siguri prefecture.

The company continues to pursue potential joint venture partners for all of
its resource properties and hopes to securitise these assets at the earliest
opportunity.  Management takes the view that retaining these assets will
return rewards in the longer term when Country politics in Africa settle down
and mining activities return to normal.


Summary

Your company is at the advanced stage of  discussions with an investment
banking company in North America with regard to funding the exploration
division of the Golden Prospect group and we would hope to be able to report
soon that progress has been made in this respect.

Although the gold price remains under pressure from Central Bank selling and
industry derivative activity such as hedging, the prospects of a rise in the
medium term will increase with the advent of a renewed upturn in the inflation
cycle.

Some base metal and platinum group metal prices are enjoying peaks not seen
for some time and management intends increasing the company's exposure to the
buoyant sectors as opportunities arise.

Following the completion of the asset exchange with CIBC Eyres Reed Australian
Resources Fund, the board welcomes the proposed appointment of  Mr Peter
Gunzburg, as a director.

The company's shares are now traded on the AIM market and are quoted daily in
the Financial Times and Evening Standard.

May I take this opportunity of thanking all the company's professional
partners and the employees in both UK and Australia not forgetting the loyalty
of shareholders during the period.

Whilst it is always difficult to forecast forward events, Golden Prospect is
well placed to take advantage of the increased interest in the mining markets
by both professional and private investors.

I sincerely hope I will be reporting on an optimistic note in next year's
report.


M A Burne
Chairman


Dated 30 June 2000.


GOLDEN PROSPECT PLC 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Eighteen months ended 31 December 1999
  
                                                                              
      
                                  Eighteen months to     Year to
                                       31/12/99          30/06/98             
                                         
                                         £                   £

Sales                                 1,851,968          2,424,023
Cost of sales                        (1,944,537)         2,424,390            
                                    ------------       ----------
Gross loss                              (92,569)              (367)
Other operating income 
- dividends received                     31,057               5,681
Administrative expenses                (215,150)           (98,362)
                                       ---------          ---------
Operating loss                         (276,662)           (93,048)
Interest receivable                      62,830            207,182
                                      ----------        -----------
(Loss)/profit on ordinary activities 
before exceptional items and taxation  (213,832)           114,134

Exceptional Item:
Provision for diminution in value of
fixed asset investments                (748,682)             -   
                                       ---------          ---------
Net (loss)/profit for the period after
exceptional items before taxation      (962,514)           114,134
Tax on (loss)/profit
on ordinary activities                     -               (10,000)           
                                      ----------          ---------
(Loss)/profit
for the financial period               (962,514)            104,134  
                                      ==========          ==========

(Loss)/profit per ordinary share 
- basic                                 (1.97p)              0.27p  
- fully diluted                         (1.93p)              0.25p 



GOLDEN PROSPECT  PLC

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 1999


                                                                              
                                        31/12/99                    30/6/98
                                                                              
                                      
                            £              £             £              £

Fixed assets       
Intangible assets                       3,736,207                   3,475,213
Investments                             2,682,571                   2,581,110
                                     ------------                ------------
                                        6,418,778                   6,056,323
Current assets
Investments              1,168,419                     1,547,151
Debtors                      8,439                        14,798
Cash at bank and in hand   809,528                     1,594,394
                       -----------                  ------------
                         1,986,386                     3,156,343
Creditors: 
Amounts falling
due within one year        (20,004)                      (53,719)
                        -----------                   -----------
Net current assets                      1,966,382                   3,102,624
                                     ------------                ------------
Total assets less current
liabilities                             8,385,160                   9,158,947
                                        =========                  ==========

Capital and reserves
Called up share capital                 4,919,500                   4,812,000
Share premium account                   4,457,756                   4,376,529
Profit and loss account                  (992,096)                    (29,582)
                                      ------------               ------------
Equity shareholder's funds               8,385,160                  9,158,947
                                      ============               ============





                                                                                
                                                                                
                                   

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