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Golden Prospect PLC (AMBR)

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Monday 10 May, 2004

Golden Prospect PLC

Final Results

Golden Prospect PLC
10 May 2004

                              GOLDEN PROSPECT PLC

                           REGISTERED NUMBER: 3172986


                             CHAIRMAN'S STATEMENT

Your directors take much pleasure in reporting on a further successful period
for your company.  Favourable conditions in the natural resources sector of the
market continued throughout the year impacting substantially on the valuation of
the investment portfolio.  Net assets per share represented by the quoted
securities rose to circa 43p at the year-end from circa 17p at the start of the
year, an increase of 152 per cent.

Profits before tax for the year ended 31 December 2003 amounted to £2,174,413
compared to £239,701 the previous year. Unrealised and unrecognised gains on our
quoted investments at the year-end stood at circa £23,000,000, but have recently
fallen back   reflecting a correction in the markets and adjusting the quoted
investment portfolio (excluding exploration assets) to circa 35p per share as of
30 April 2004.

The core investment positions in Perilya, Uruguay Minerals, Equigold, Jubilee
Platinum, Centamin Egypt, Central Asia Gold, Reliance Mining, Titan Resources
and Mano River - remain the anchor of the portfolio and each merit a strong
argument for retention, particularly with their commodity mix of precious and
base metals plus the geographical spread.  All are either in production or near
production which should support values during market cycles.

Notwithstanding the usual volatility factor, which has been increased by
substantial hedge fund activity, your directors remain optimistic in most
precious metals, base metals and particularly oil and gas prices over the medium
term. Although there is some apprehension in regard to some economies
overheating, expansion in China, India, Russia and Brazil, as well as the US,
should continue to fuel demand for commodities underpinning high prices.

The gold rally over the past two years has largely been an anti-dollar
phenomenon but with all the increased geopolitical tension and general financial
worries, gold is really assuming the status of an insurance policy against bad
times.  Its safe haven status has been restored and investor appetite for this
dependable alternative asset class is steadily increasing.

The recent pullback is a reaction to a typical dollar bear market squeeze which
is unlikely to be sustained.  There are still huge imbalances in the US economy
and these will need to be corrected at some point creating some degree of
financial stress.

A general review of the gold sector will be published in the forthcoming annual
report as well as reference to Golden Prospect's unquoted joint venture
partnerships in regard to African gold and platinum projects, which are
progressing extremely well and pointing to encouraging values over the medium

The next phase in the mining cycle is likely to be further rationalisation
within the sector which is already witnessing a steady increase in corporate
activity.  Mergers and acquisitions among the majors should ultimately filter
down to the mid-tier companies and then to the juniors, which have been
substantially financed during the past 18 months of favourable market
conditions.  This funding will typically produce exciting new discoveries
leading to area or acreage plays.  These traditionally fuel the speculative end
of the market and further expands momentum trading by the fund managers.

Essentially half the world's population is encountering a new wave of industrial
revolution as evidenced by the rapid growth in China and the Asian regions,
India, Russia and Brazil.  Base metals and minerals prices, while subject to
fluctuations, should climb steadily higher over the next few years underwriting
a firm market in mining and natural resources shares.  The Chinese government
recently took steps to cool overheating of the Chinese economy and while this
has produced a pullback in prices, we remain confident that the Chinese economy
on balance should continue to grow at above average rates over the next few
years.  Bull markets tend to climb a wall of worry but the long term trend looks
set fair.

Oil and Gas is another sector of the natural resources market that has been
performing exceptionally well as energy prices are threatened by shortages.
Demand is exceptionally strong in the Asian region, while in the US there is an
argument that energy stocks are positively undervalued (on an average PE ratio
of 13.9 times against over 22 for the S&P 500 as a whole).  There seems little
doubt that the last year, far from being an aberration, has kicked off a huge
bull market in oil and gas shares. Golden Prospect plc will be increasing its
asset allocation exposure to this sector in the immediate term.

Overall, management believes that mining and energy equities will outperform
other sectors of the stock market in the medium term.  We expect company
earnings to rise sharply as positive currency, volume and commodity price
factors push profits higher over the coming year.  This should show a marked
contrast with last year when profits were held back as local currencies
strengthened against the weaker US dollar - offsetting much of the rise in
commodity prices.

As in previous years, management investment strategy will focus on situations
that are near production, in production or maturely developed - a policy
designed to cushion values in periods of severe market corrections while
providing liquidity.

In line with the company's plans to develop corporate alliances, your company
has acquired a 25% interest in Interactive Resources Limited, which owns 100% of and a 30% carried interest in Oil  As a result a
strategic alliance has been formed between the two companies, which will now
share and develop various business strategies that will be of mutual benefit in
a rapidly expanding sector.  Minesite is now acknowledged as the main site for
London's mining and exploration community and has achieved recognition worldwide
with around 1.5 million visits a month from 86 countries.  Minesite runs
investment conferences and has circa 150 mining companies as corporate clients.

Finally, your company continues to be recognised as representing a unique
opportunity in the London market to gain diversified exposure to the natural
resources sectors, and have recently attracted a number of new institutions to
the share register.  Information about the company is available on

A full Chairman's statement will be published with the annual report and
accounts to be despatched to shareholders in the near future.

                              GOLDEN PROSPECT PLC

                          Year ended 31 December 2003

                                                                                     2003             2002

                                                                                        £                £

Turnover                                                                        6,008,857        4,520,416

Cost of sales                                                                 (2,716,967)      (4,134,271)

Gross profit                                                                    3,291,890          386,145

Other operating income - dividends receivable                                     119,396          130,266

Administrative expenses                                                         (419,475)        (297,177)

Provision for impairment of exploration assets                                  (842,763)                -

Operating profit - continuing operations                                        2,149,048          219,234

Interest receivable                                                                25,365           20,467

Profit on ordinary activities before taxation                                   2,174,413          239,701

Tax on profit on ordinary activities                                            (905,830)         (75,000)

Profit for the financial period                                                 1,268,583          164,701

Profit per ordinary share - basic                                                   1.42p            0.19p
                          - diluted                                                 1.42p            0.18p

                              GOLDEN PROSPECT PLC


                                                 2003                               2002

                                             £                     £             £                    £

FIXED ASSETS                                               2,200,000                          2,971,982
Tangible fixed assets                                          3,578                              2,597
Investments                                                3,385,823                          4,323,605
                                                           5,589,401                          7,298,184

Debtors: Amounts falling due
within one year                         26,775                              30,477

Investments                         10,821,729                           7,108,453
Cash at bank and in hand               967,402                             752,330
                                    11,815,906                           7,891,260
CREDITORS: Amounts falling due
within one year                    (1,105,036)                           (157,756)

NET CURRENT ASSETS                                        10,710,870                          7,733,504

CURRENT LIABILITIES                                       16,300,271                         15,031,688

Called up share capital                                    8,938,496                          8,938,496
Share premium account                                      8,115,458                          8,115,458
Profit and loss account                                    (753,683)                        (2,022,266)

EQUITY SHAREHOLDERS'                                      16,300,271                         15,031,688

                              GOLDEN PROSPECT PLC

                          Year ended  31 December 2003

                                                 2003                               2002

                                              £                     £              £                   £

Net cash inflow/outflow
from operating activities                                     420,390                          (571,277)

Return on investments and
servicing of finance
Interest receivable                      25,365                               20,467

Net cash inflow from returns 
on investment and                                              25,365                             20,467
servicing of finance

Taxation                                                     (66,665)                           (30,000)

Capital expenditure and
financial investment
Payments to acquire intangible         (70,781)                            (220,271)
fixed assets
Payments to acquire tangible            (2,174)                              (1,324)
fixed assets
Payments to acquire fixed asset       (229,595)                            (607,335)
Sale of fixed asset investments          11,862                                    -

Net cash inflow (outflow) from capital                      (290,688)                          (828,930)
expenditure and financial investment
Net cash inflow/(outflow) before 
financing                                                     88,402                        (1,409,740)

Issue of ordinary share capital               -                              360,000
Net cash inflow from financing                                      -                            360,000
Increase/(Decrease) in cash                                    88,402                        (1,049,740)

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

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