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Golden Prospect PLC (AMBR)

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Wednesday 21 February, 2001

Golden Prospect PLC


Golden Prospect PLC
21 February 2001


Announcement of Acquisition

Golden Prospect Plc announces that its near 40 per cent owned quoted
Australian investment company, Geographe Reources Limited ('Geographe'), has
entered into a two stage conditional agreement to acquire Spacelift Australia
Limited ('Spacelift'), a company focused on developing an integrated satellite
launching service in Australia using proven Russian space technology.

Subject first to completion of a placing of new shares and fulfillment of
certain other conditions precedent, Geographe will subscribe AU$ 1,500,000 in
cash for new shares in Spacelift to give it an approximate 17% shareholding in

Subject then to Geographe being satisfied with further due diligence on
Spacelift and the completion of regulatory and other conditions, including the
approval of Geographe shareholders, Geographe will acquire the outstanding
shares in Spacelift on or before 30 April 2001 for a consideration of AD$9
million. This will be satisfied by the issue of shares in Geographe at an
issue price of 20 cents per share.

Director of both Golden Prospect and Geographe, Mr Neil Maclachlan said the
investment in Spacelift represented an exciting opportunity for Geographe to
participate in the rapidly expanding international satellite launching service

He noted that a highly specialised team skilled in international defence and
diplomatic negotiations, international trade negotiations, specialised and
remote engineering, and corporate and financial management, is leading the
management of Spacelift.

The Chairman designate of Spacelift, Hon Ian McLachlan AO, former Minister of
Defence and Australian Cabinet Minister said Spacelift was presently
conducting detailed feasibility studies and seeking regulatory approvals for
its proposed operations at Woomera in South Australia. He said that the
project has already received Major Project Facilitation Status from the
Minister for Industry, Science and Resources, the Hon. Nick Minchin.

'We have received good early interest in the concept to launch satellites from
Woomera, but we first have to successfully complete all prerequisite approvals
including community and environmental approvals,' Mr Ian McLachlan said.

'Our Russian partners (see below) have visited Australia twice to undertake
their own assessments and are enthusiastic about the project.'

Mr Ian McLachlan said the START family of Russian launch vehicles was among
the most reliable in the world.

In addition to shareholders' approval, the key conditions precedent to
completion involve Geographe being satisfied with the following:

1.The results of further due diligence investigations into the Spacelift

2. The results of a feasibility study being undertaken by STC Complex-MIHT and
Puskovie Uslugi into Spacelift's proposed launching services at Woomera in
South Australia.

3. That the Inter-Governmental Agreement on Co-operation in Space between the
Russian Federation and the Commonwealth of Australia has been or will in due
course be executed.

4. The results of market research by an internationally-recognised market
research firm into the demand for Spacelift's satellite launching services,

5. That satisfactory progress has been made towards the execution of a formal
operations agreement between Spacelift and Puskovie Uslugi and STC

About Geographe

Geographe was a successful gold mining company which, following the closure of
the Chalice gold mine, has over the past 12 months become an investment
holding company.

About Spacelift

Spacelift Australia Limited is a wholly Australian-owned company established
for the purpose of managing integrated space launching services from Australia
using proven Russian technology.

Spacelift has an exclusive agreement with the Russian authorities to use
existing technology and infrastructure to fast track commencement of launch
services for the Small Low Earth Orbit (LEO) satellite market from Woomera in
South Australia, with a relatively small investment in infrastructure.

Spacelift believes that the low cost, accuracy, reliability, and short lead
time to commencement of operations, together with the geopolitical and
geographical position from which it intends to operate, will allow the company
to develop a sizeable niche in the LEO satellite market. This is an expanding
market because of the huge growth in telecommunications and the fact that many
telecommunications satellites are small and fit into Spacelift's launch

Spacelift will utilise the highly reliable START family of launch vehicles,
produced with the use of proven SS-25 or Topol Intercontinental Ballistic
Missile components. START Launch Vehicles ('LVs') are able to carry payloads
for peaceful purposes into orbits up to 1000 km from Earth. The LV is ideal
for the delivery of small satellites into Low Earth Orbit.

The START family of LVs are low cost, accurate and reliable. They have been
developed from a family of solid fuel LVs that have achieved a remarkable
record of over 400 launches (72 of the SS-20 launch vehicle, of similar
generic design, monitored by American observers) with reliability not less
than 98.5%, largely due to its solid propellant basis,

STC Complex-MIHT ('Moscow Institute of Heat Technology') ('STC') is the
designer, patent holder, manufacturer and licensed operator of the START
family of LVs. Puskovie Uslugi is a Russian company set up to provide
satellite launching services.

Both STC and Puskovie Uslugi are licensed by the Russian Aviation & Space
Agency to provide satellite launching services for local and international
customers from both Russian and foreign territories. However, to date these
companies have not launched outside Russia.

Under an option agreement executed on 25 June 1999 and subsequently assigned
to Spacelift, STC granted an exclusive right to Spacelift, subject to certain
terms and conditions, to develop a launch service business in the Australasian
and South Pacific region, using STC's START family system of LV's. Spacelift's
agreement with Russia is to provide turnkey launches at a set price.

For further information contact Mr Neil Maclachlan, director of Golden
Prospect Plc and Geographe Resources Limited (telephone 07967 094073).


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