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Golden Prospect PLC (AMBR)

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Wednesday 07 March, 2001

Golden Prospect PLC

Exploration Licence

Golden Prospect PLC
7 March 2001


Golden Prospect Plc ('Golden Prospect') announces that it has finalised its
negotiations with the Ethiopian Government for Exploration Licences for
platinum in Welega Province, Western Ethiopia. The licences cover 205sq km at
Daleti and Tulu Dimtu along strike from the historical platinum mining site at
Yubdo.  After a three year period the licences are renewable for two further
periods of one year. A Prospecting Licence of 481 sq km at Yubdo has also been

Dr. John Bowles of Mineral Science Ltd, consulting for Golden Prospect, has
shown the licence area to be platinum-bearing. In a due diligence field survey
he found platinum and gold in 71 out of 85 pan concentrate samples. His rock
and soil samples were sent to OMAC Laboratories for assay and their assays
reach 2.1 grams per ton platinum. They show platinum in 95 out of 101 soil
samples and gold in 82 out of those samples. Mineral analyses show that
palladium and rhodium are also present. Gold was found in some samples,
reaching 4.7 grams per ton in one area.

Dr. John Bowles of Mineral Science Ltd is pre-eminent in this field and
regards the area as 'having significant potential' because the
platinum-bearing rocks are weathered and at surface so could readily mined
using inexpensive open-pit techniques.

The mining area at Yubdo produced 2700 kg of platinum over a 15 year period
ending in 1941 from simple surface workings. Dr. Bowles adds that 'there is
the possibility for large scale production from low to medium grade ore'. The
company is in negotiation with potential joint venture partners with a view to
financing a field survey and entering a programme designed to define a
reserve. A prominent Toronto based mining finance house, IBK Capital, have
expressed interest in financing the project and have been engaged to undertake
capital raising for the project.

These Ethiopian assets complement other Golden Prospect platinum and gold
exploration properties in West Africa.

For further information, contact:

Malcolm Burne        020 7518 9180

Dr. John Bowles      01494 772 740

Date: 7 March 2001


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