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Golden Prospect PLC (AMBR)

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Tuesday 28 September, 2004

Golden Prospect PLC

Interim Results

Golden Prospect PLC
28 September 2004

                              GOLDEN PROSPECT PLC

                           REGISTERED NUMBER: 3172986


                               INTERIM STATEMENT


The directors are pleased to report continued progress.  Pre-tax profits for the
six months ended 30th June 2004 were £585,415 compared with £329,537 the
previous period, an increase of 78%.  Unrealised gains stood at circa £12m, of
which approximately £1.5m has been realised since 1 July 2004 as further

As previously outlined to shareholders the company continues to pursue a more
aggressive investment strategy.  Buoyant conditions in the precious and base
metals markets in the first period of this year provided the company with
significant profitable opportunities.  There was a lull in summer months but the
resources markets (including energy related issues) have been scoring renewed
gains and we are entering the second phase of the bull market for commodity

The robust growth in the China and Asian region, Russia and Brazil is well
documented and this continues to generate above average growth prospects.
Copper and Aluminium, for example, are at near six month highs.

As always, management's 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.  This policy has been successful as reflected in the relative
performance of Golden Prospect's share price during the market downturn.

The industry is currently witnessing a steady increase in corporate action and
the mergers and acquisitions among the majors is now filtering down to the mid
tier companies.  Next it will be the juniors, which have been substantially
financed during the past 18 months of favourable market conditions.  This
funding will typically produce significant new discoveries leading to area and
acreage plays, which in turn traditionally fuel the speculative end of the
market and further expands momentum trading by the sector and special situation
fund managers.

These are exciting times for the markets and the opportunities are available
across the board in such areas as diamonds, uranium, platinum, coal and methane
gas plus the traditional base metals and of course gold and oil.

We covered the case for gold in the recent annual report but in the immediate
term the markets will be influenced by the run up to the US election in November
after which it is expected that the dollar will decline further.   The continued
climate of financial stress will provide a strong environment for fiscal gold
and gold  shares  at a time when equities, bonds and property are all losing
their appeal.

Corporate Development

The Company continues to expand its already strong network and is increasing its
strategic alliances and joint ventures.  This unquoted portion of the investment
portfolio is expected to grow strongly over the next two years.  As recently
announced on 20th September the acquisition of Ambrian Partners Limited, the
London based mining investment banking and institutional brokerage firm is by
far the most important event in the company's recent history.  The acquisition
is a great strategic fit for Golden Prospect as Ambrian has established itself
as a leading financial adviser across the mining and metals sector and has a
strong reputation.  The combination of the two Groups provides the enlarged
entity with increasing opportunities in the natural resources sector.

This merger follows the earlier purchase of a 25% interest in
(which is also a substantial shareholder in Oil and management sees
excellent scope for cross fertilisation of ideas.  Both Ambrian and Minesite
will be expanding their human resources in the immediate term.  Golden Prospect
is on its way to becoming a fully fledged mining and resources finance house,
strongly placed to take advantage of the commodities and natural resources boom.

By way of further information, significant additional profitability has been
realised over the past quarter and the value of the quoted securities portfolio
is circa 32p per share.  The value of the company's unquoted, strategic alliance
and joint venture assets cannot be specifically quantified but management
expects them to yield substantial value in the near future.

The combined value of the company is gradually moving from an emphasis on assets
to earnings and thus an earnings model will now become more appropriate for the
purposes of market or investment evaluation.

New Directors

On 20th September 2004 following the acquisition of Ambrian Partners Ltd Tom
Gaffney (aged 46) and Lawrence Banks (aged 66) were appointed to the Board of
Golden Prospect Plc.  Details of their other directorships are set out at the
end of this statement.

Mr Gaffney is interested in 4,420,083 Golden Prospect 10p Ordinary Shares
representing 4.6 per cent of the Company's share capital and has been granted
options to acquire 2,839,950 ordinary shares at a price of 30p per share
exercisable until 19th September 2011.

Mr Banks is interested in 419,115 Golden Prospect 10p Ordinary Shares
representing 0.4 per cent. of the Company's share capital and has been granted
options to acquire 225,000 Ordinary Shares at a price of 30p per share,
exercisable until 19 September 2011.

In addition, the Company has granted additional options to acquire 3,155,000
Golden Prospect Ordinary Shares at a price of 30p per share, exercisable until
19th September 2011, to employees of Ambrian and related parties.

Finally the Company has been advised on 23rd September 2004 that City of London
Investment Management Company Limited now holds 12,144,544 shares in Golden
Prospect Plc representing 12.6% of the total shares in issue.

For further information contact:

Malcolm A. Burne, Chairman

Tel: 0207 845 7500

28th September 2004

                              GOLDEN PROSPECT PLC

                         Six  Months ended 30 June 2004

                                                                                      Six              Six
                                                                                   Months           Months
                                                                                       To               To
                                                                                  30/6/04          30/6/03
                                                                                        £                £

Sales                                                                           2,471,796          562,235

Cost of sales                                                                 (1,683,094)        (153,601)

Gross profit                                                                      788,702          408,634

Other operating income - dividends received                                        42,583           54,441

Administrative expenses                                                         (260,131)        (142,477)

Operating profit - continuing operations                                          571,154          320,598

Interest receivable                                                                14,261            8,939

Profit on ordinary activities before taxation                                     585,415          329,537

Tax on profit on ordinary activities                                              126,817           99,000

Profit for the financial period                                                   458,598          230,537

Profit per ordinary share - basic                                                   0.51p            0.26p

                              GOLDEN PROSPECT PLC


                                                    30/6/04                           30/6/03
                                             £                   £           £                 £

Tangible fixed assets                                        3,129                         2,272
Intangible assets                                        2,234,986                     3,014,386
Investments                                              3,839,660                     4,368,540
                                                         6,077,775                     7,385,198

Investments                           11,512,999                          7,823,765
Debtors                                   87,051                             25,916
Cash at bank and in hand                 649,642                            418,289
                                      12,249,692                          8,267,970
CREDITORS: Amounts falling due
within one year                        1,218,609                            390,943

NET CURRENT ASSETS                                      11,031,083                     7,877,027

CURRENT LIABILITIES                                     17,108,858                    15,262,225

Called up share capital                                  9,038,493                     8,938,496
Share premium account                                    8,365,450                     8,115,458
Profit and loss account                                  (295,085)                   (1,791,729)

EQUITY SHAREHOLDERS' FUNDS                              17,108,858                    15,262,225

                              GOLDEN PROSPECT PLC

                         Six months ended 30 June 2004

1          The calculation of earnings per share is based on the profit after
tax of £458,598 (Period ended 30 June  2003 - £230,537) and on the number of
shares in issue being the adjusted weighted average number of shares in issue
during the period of 90,045,211 (Period ended 30 June 2003 - 89,384,958)

2          The interim statement for the six months ended 30 June 2004 is
unaudited and was approved by the Directors on 28 September   2004.  The
financial information set out above does not constitute statutory accounts
within the meaning of s.240 of the Companies Act 1985.

3          The accounting policies remain as stated in the Annual Report for the
year ended 31 December 2003.

4          On 17 September 2004 the group acquired 100% of Ambrian
Partners Limited, for a consideration of £2,168,135 satisfied by £300,250 and
the issue of 6,226,282 ordinary shares at 30p per share.

5          Copies of the Interim Report are available to the public
free of charge from the company at Manfield House, 2nd Floor, 1 Southampton
Street, London WC2R 0LR during normal office hours, Saturdays, Sundays and bank
holidays excepted, for 14 days from today .

6          Information on new directors

Neither of the new directors will be remunerated by Golden Prospect PLC

Thomas Benedict Gaffney, aged 46, who will continue to be remunerated by Ambrian
Partners Limited on his current basis  under his service contract with that
company, is or has been a director of the following companies during the
previous five years

Current directorships                         Past directorships
Ambrian Partners Limited                      Robert Fleming International Limited

William Lawrence Banks, aged 66, who will continue to be remunerated on his
current basis by Ambrian Partners Limited is or has been a director of the
following companies during the previous five years

Current directorships                         Past directorships
Ambrian Partners Limited                      The Chelsea Physic Garden Company
Blavod Extreme Spirits plc                    Christ Church Spitalfields Restoration Trust
La Compagnie des Armagnacs Limited            The Fleming Mercantile Investment Trust
The Dendrology Charitable Company             The Health Foundation
Flaremore Services Limited                    Imperial College Innovations Limited
The Hereford Cathedral Perpetual Trust        National Blood Authority
Herefordshire Community Foundation            The PPP Foundation
The Hereford Mappa Mundi Trustee              Symmetry Medical Inc. (USA)
 Company Limited
The Kingston Connected Community              William Cook Holdings Limited
 Company Limited
The Lister Institute of Preventative Medicine The Wye  And Usk Foundation
Roper Industries Inc. (USA)
Tritex Corporation (USA)
Wester Elchies Limited

No other matters require disclosure in accordance with Paragraph (f) of Schedule
Two of the AIM Rules

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

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