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Golden Prospect PLC (AMBR)

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Tuesday 31 October, 2000

Golden Prospect PLC

Interim Results

Golden Prospect PLC
31 October 2000


Your board is pleased to inform you that Golden Prospect Plc has now issued
37,789,958 new ordinary shares at 19.5p to unit holders of the CIBC Eyres Reed
Australian Resources Fund in exchange for the assets of the Fund valued at
7,369,042 which mainly consist of the cash and securities  in Australian
Junior resource companies.  The issued share capital now stands at 86,984,958
ordinary 10p shares.

The strategic publicly quoted holdings of Golden Prospect now comprise:

Geographe Resources       35%
Samson Exploration        29%
Sapphire Mines            24%
Periliya Mines            15%
Esmeralda               21.5%
Equigold                   6%
Kestrel Energy            13%

The board's strategy is to pursue undervalued assets using a 'Vulture Fund'
concept in a cyclical sector showing significant signs of a revival in market

The company reports a trading loss for the 6 month period to 30 June 2000
amounting to £316,596 which reflects the recognition by the company of those
securities that were underperforming.

As a result of the share issue, the company had cash and quoted securities of 
£11,689,202 at 30 June 2000 and your board considers that the company is now
well placed to take advantage of new investment opportunities.

The Golden Prospect Mining exploration portfolio of platinum and gold assets
in West Africa remains on care and maintenance until country risk profiles
improve.  Recent events indicate that this improvement is in progress.

Some metal prices are enjoying peaks not seen for some time and management
intends to increase portfolio exposure to those buoyant sectors as
opportunities arise.

M A Burne

26 October 2000


Six  Months ended 30 June 2000
                                   Six           Eighteen 
                                 Months            Months
                                   To               To
                                 30/6/00          31/12/99
                                    £                 £

Sales                            1,096,258         1,851,968  
Cost of sales                    1,318,540         1,944,537
                               ------------       ----------
Gross loss                        (222,282)          (92,569)
Other operating income - 
dividends received                     -              31,057          
Administrative expenses            (75,920)         (215,150)
Exceptional item                   (32,208)         (748,682)
                                   ________           ______
Operating loss                    (330,410)        (1,023,344)
Interest receivable                 13,814            62,830
                                  ----------       -----------
(Loss) on ordinary activities 
before taxation                   (316,596)          (962,514)

Tax on (loss)/profit on 
ordinary activities                   -                 -
                                    _______           _______
(Loss) for the financial 
period                            (316,596)         (962,514)
                                    ======            ======

(Loss) per ordinary 
share - basic                       (6.44p)           (1.97p)              



                               30/6/00               31/12/99                 
                         £         £           £          £

Intangible assets             3,803,746              3,736,207
Investments                   2,546,495              2,682,571
                             ------------           ------------
                              6,350,241              6,418,778 
Investments          7,118,231             1,168,419
Debtors                 31,172                 8,439    
Cash at bank 
and in hand          2,024,476               809,528
                   ------------            ------------
                     9,173,879             1,986,386
Amounts falling
due within 
one year              (124,356)              (20,004)
                     ----------              --------
NET CURRENT ASSETS            9,049,523              1,966,382
                            -----------              ---------
LIABILITIES                  15,399,764              8,385,160 
                             ==========              =========

Called up share capital       8,698,496              4,919,500  
Share premium account         8,009,960              4,457,756 
Profit and loss account      (1,308,692)              (992,096) 
                              ---------              ---------
EQUITY SHAREHOLDERS' FUNDS    15,399,764             8,385,160
                              ==========             =========


Six months ended 30 June 2000

                           Six months              18 Months
                               to                     to   
                            30/6/00                31/12/99
                            £           £            £             £

Net cash (outflow)/              
from operating activities             (14,541)              (200,374)
Taxation                                   -                  (9,843)

Returns on investments and
servicing of finance              
Interest receivable          13,814                62,830
                            -------                ------
Net cash inflow from returns
on investment and 
servicing of finance                   13,814                  62,830

Capital expenditure and 
financial investment
Payments to acquire 
intangible fixed assets     (67,539)             (260,994)
Payments to acquire 
fixed asset investments     (14,040)             (851,461)
Receipts from disposal 
of fixed asset 
investments                 259,424                     -
Purchase of investments    (695,934)           (1,565,719)
Sale of investments       1,096,258            (1,851,968)
                         ----------            -----------
Net cash inflow/(outflow) 
from capital expenditure              578,169                (826,206)
                                      -------                ---------
Net cash outflow before 
financing                             577,442                (973,593)

Issue of ordinary 
share capital               637,506               188,727
(net of issue expenses)    --------              --------

Net cash inflow from 
Financing                             637,506                 188,727
                                      -------                 -------
in cash resources                   1,214,948               (784,666)
                                    =========               =========


Six months ended 30 June 2000

1  The calculation of earnings per share is based on the losses of £316,596
(Period ended 31 December 1999 loss - £962,514) and on the number of shares in
issue being the adjusted weighted average number of shares in issue during the
period of 49,195,000 (Period ended 31 December 1999 - 48,781,840)

The fully diluted earnings per share is based on 49,195,000 (Period ended 31
December 1999 - 48,781,840) ordinary shares allowing for the full exercise of
outstanding share purchase options and the earnings as stated above.  There is
no dilutive effect in the period and in the previous period in accordance with
FRS 14 paragraph 86.

No comparative figures were shown for the previous interim period since there
were no equivalent comparatives due to the change in the company's period end.

2  The interim statement for the six months ended 30 June 2000 is unaudited
and was approved by the Directors on 25 October 2000.  The financial
information set out above does not constitute statutory accounts within the
meaning of s.240 of the Companies Act 1985.  The information given as
comparative figures for the eighteen month ended 31 December 1999 was
extracted from the company's statutory accounts for that financial year which
have been reported on by the company's auditors and delivered to the Registrar
of Companies.

3  The accounting policies remain as stated in the Annual Report for the
period  ended 31 December 1999.

4  On 27 June 2000 the company took over assets valued at £7,369,042 from the
unit holders of Eyres Reed Australian Resources Fund in exchange for the issue
of 37,789,958 shares in Golden Prospect plc at 19.5p the market value at that
date.  The shares were issued on 26 October 2000 and the interim accounts
reflects this transaction since the unit holders accepted the offer on 27 June
2000 and the shares issued and valuation was based on the values at 27 June

Accordingly, the Share Capital is made up as follows:-

                                            No.                     £

Shares in issue at 30 June 2000           49,195,000              4,919,500
Shares issued on 26 October 2000
To Eyres Reed unit holders                37,789,958              3,778,996
                                          ==========              =========
                                          86,984,958              8,698,496
                                          ==========              =========

5  Copies of the Interim Report are available to the public free of charge
from the company at 1st Floor, 143-149 Great Portland Street, London W1W 6QN
during normal office hours, Saturdays, Sundays and bank holidays excepted, for
14 days from today.


a d v e r t i s e m e n t