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Golden Prospect PLC (AMBR)

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Thursday 20 February, 2003

Golden Prospect PLC

Drilling Report

Golden Prospect PLC
20 February 2003

                             GOLDEN PROSPECT plc

                                 News Release

                               20 February 2003

                          WITHIN 7KM STRUCTURAL TREND

•            3km long by 0,3km wide gold anomaly discovered, with peak value of

•            High grade gold-bearing stockwork vein system beneath anomaly, with
trench intersect of 7.3m @ 7.4g/t

•            Potential bulk tonnage gold deposit identified for drill testing

•            Highly encouraging gold grades from grab samples confirm historical
work, which included a previous grab sample of 77oz/t

Golden Prospect, the AIM listed resources investment company, is pleased to
advise that Mano River Resources Inc., its 50% partner in the Sonfon Gold Joint
Venture in Sierra Leone, has reported highly encouraging results from the gold
exploration programme currently underway on the combined Sonfon Exclusive
Prospecting Licences. The Sonfon gold district contains Sierra Leone's richest
and most prolific historic gold fields, across the country's pre-eminent Sula
Mountain greenstone gold belt.

Sonfon Joint Venture

A Heads of Agreement to jointly explore the two contiguous Exclusive Prospecting
Licences covering 256sq km in the Sonfon District was signed by Golden Prospect
plc. and Mano River Resources Inc. in May 2002. Mano River Resources Inc. is the
operator of the Joint Venture. The Yisangba Prospect is located in the Exclusive
Prospecting Licence held by Golden Prospect

Previous work by the partners on their respective licences includes regional
geochemistry, which has identified gold occurrences related to major shear
structures in areas with extensive artisanal gold workings. The presence of gold
in the Sonfon area has historical reference, with the name of the local river '
Sende', translating to 'gold bearing water'. Active artisanal alluvial and
laterite gold workings are found extensively across the Sonfon district. The
Joint Venture area has reportedly been described in 1997 by a major
international gold producer as Sierra Leone's 'most outstanding gold prospect'
and by independent consultants IMC as hosting the 'potential for the discovery
of gold deposits of significant size'.

The following is an extract from the announcement released by Mano River
Resources Inc on 17 February 2003:

'Phase-1 Geochemical Survey Results

A 3 kilometre (km) long northwest trending gold-in-soil anomaly identified by a
25ppb contour, has been defined by a geochemical soil sampling programme and
termed the Yanfarina-Dalakuru-Sende (YDS) gold zone. The programme included 879
samples, covering an area of approximately 50km2, which were assayed by SGS
Laboratories in Ghana. The YDS zone is coincident with an area of extensive
alluvial and laterite artisanal gold workings and is within a prominent
tectonically defined structure, approximately 9km long by 5km wide. Trenching
within the anomalous zone has identified a series of high grade gold-bearing
narrow veins (stockwork) that could represent a highly significant bulk tonnage
gold target.

On the subject of the phase-one results Mano's CEO, Dr Tom Elder comments: 'Mano
is very pleased to report these highly encouraging results. Mano's benchmark for
gold exploration is high grade deposits grading above 4g/t with greater than one
million ounces and open pit mining potential. Such deposits typically require
large structures in which to form, carry significant surface geochemical
signatures and are proximal to extensive primary or secondary artisanal gold
workings. The results from the phase-1 programme indicate that the YDS gold zone
target passes all these key criteria. Mano has therefore identified a very
significant drill target as well as a regional gold system with excellent
further exploration potential'.

Results from a previous regional soil geochemical programme conducted by Mano
identified certain gold anomalies assaying up to 3,227ppb (3.2 g/t) coincident
with and up to 5km north and 4km south of the YDS zone. While more detailed
interpretation is underway, further assay results representing the remaining two
thirds of the regional survey are anticipated in March 2003. A grab sample taken
from a previous reconnaissance survey from a sulphide rich shear zone in the
newly defined YDS zone returned a highly encouraging 2,388 g/t (77 oz/t) gold
including, 2.2% Pb, 0.43% Zn, 0.04% Ag, 0.11% Ni, 0.05% As.

The results from this phase-1 survey have confirmed the presence of gold in
association with a major linear structural trend of axial planar shearing
associated with folding, which has been identified from satellite image
interpretation. Significant base metal values associated with metavolcanincs and
elevated copper values in the Yanfarina area have been reported and together
with sulphide mineralisation reported previously, the potential for economic
volcanic-associated base metal mineralization in the area is also highlighted.

Positive Trench Sampling Results from YDS Zone, Sonfon

A series of recent trenches taken as part of the phase-1 programme, targeting
primary vein gold mineralization on the side of the Yanfarina River north of
Dalakuru, returned the following highly encouraging results:

                    Phase-1 YDS Zone Trench Samples
        Trench               Length (m)              Grade (g/t)
DT-1                             3.5                     3.6
DT-2                             0.9                     1.6
DT-3*                            1.9                     24.9
DT-4                             6.0                     0.5
DT-5                             2.0                     0.2
DT-6                             7.3                     7.4
DT-7                             5.9                     3.6
*including                      0.45                     108

Field geologists report that the mineralised quartz tourmaline veins trend north
westerly and range between 0.1 metres (m) and 1m wide. The vein stockwork has
been traced continuously over a distance of at least 75m with artisans having
masked its continuation through their mining activities. It is considered likely
that the veins exposed in Trench DT-4 along strike are part of the same system
suggesting a minimum length of 150m.

Positive Grab Sample Results from Yisangba Prospect, Sonfon

Grab samples from a 3m wide highly silicified outcrop 5km northeast of the YDS
gold zone, range from 1 to 12.6 g/t for an average of 6.3 g/t. A previous
channel sample taken by IMC Mackay & Schnellman (IMC) assayed [email protected] g/t. IMC
reported the area to be 'highly prospective for primary gold targets'.

             Phase-1 Yisangba Grab Samples
         Sample No.                   Gold g/t
            50901                        5.6
            50902                        2.9
            50903                        1.0
            50904                        12.6
            50905                        9.1

The Yisangba target is located within the 'Bongone block', where previous
drilling of a geochemical anomaly in the 1960's reportedly intersected an 85m
wide zone of sulphide mineralisation (2-3% sulphides). Two geophysical anomalies
(zone A and B) were also reportedly identified at that time, with zone A
coincident with the geochemical anomaly at a depth of between 45m to 60m
continuing for over 2,000m to the north.

Two further prospects have previously been identified at Kumantakuyie and
Kantenki, with trench samples returning grades of up to 17 g/t gold. The targets
lie 2km apart, along a shear zone where gold is mined artisanally from laterites
considered to be in-situ above primary mineralization.'

M. A. Burne

Tel:     020 7409 3500    (Office)
         07710 411960     (Mobile)

Web site:        E-mail: [email protected]

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

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