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Golden Prospect PLC (AMBR)

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Friday 31 January, 2003

Golden Prospect PLC

Investment by associate

Golden Prospect PLC
31 January 2003

                            GOLDEN PROSPECT PLC

Golden Prospect plc holds circa 17% of ASX quoted Central Asia Gold Limited
('CGX'), formerly Sapphire Mines Limited. CGX has recently acquired a 75%
interest in Central Asia Gold Holdings Limited ('CAGH'), a company with mining
interests in Kyrgyzstan, by a share issue which reduced Golden Prospect's
holding in CGX from 25%. CGX has an option to acquire the remaining 25% of CAGH.
An extract from the December 2002 Quarterly Report made on 24 January 2003 to
the Australian Stock Exchange by CGX, which includes information about this
acquisition and about CAGH and its projects in Kyrgyzstan is appended below.

' The Board of Central Asia Gold Limited ('CGX') announced on 19 December 2002
that following shareholder approval on 22 November 2002, the Company completed
the acquisition of a 75% interest in Central Asia Gold Holdings Limited
('CAGH'). The Company has an option to acquire the remaining 25% interest.

CAGH has three highly prospective gold projects in Kyrgyzstan. In excess of US
$8.7 million has already been spent on exploration on the projects. This work
resulted in a preliminary resource estimate for the three projects of over 5.2
million ounces of gold. The overall grade of the largest deposit, Akjilga (3.7
million ounces) was estimated at in excess of 12.85 g/t. Significant exploration
potential remains on all three projects.


CGX is pleased to announce that Mr Geoff G Jones has been appointed as Project
Manager and will lead a team of highly experienced and enthusiastic expatriate
and local staff Mr Jones has been instrumental in the acquisition and
development of several major gold projects in Africa, that include the Golden
Pride gold mine in Tanzania, the Oboton gold mine in Ghana and more recently the
Boroo gold project in Mongolia, which is due to commence production in the
fourth quarter 2003.

A fully equipped office has already been established in Osh and is currently
maintained by local administrative staff. The Company has appointed a
representative in Bishkek and will have an expatriate presence in Kyrgyzstan
from February 2003 onwards.

The Kyrgyz Joint Venture Partner is the South Kyrgyz Geological Expedition
('SKGE') based also in Osh. SKGE has vast technical resources and experience in
working in Kyrgyzstan. SKGE staff will be available to acquire and install all
of the necessary utilities and infrastructure required to carry out the proposed
work programme.


During this quarter, an experienced Australian geological and mining consulting
team visited the three Kyrgyzstan projects and confirmed the previous assessment
of the potential to develop a world class gold mining operation. Following this
review, CGX has resolved to focus its resources on the Akjilga project.

The project area is 60 kilometres south-southeast of Osh and some 90 kilometres
by road and lies in a goldfield that covers approximately136 square kilometres.
Akjilga is the largest known gold deposit in the field, where 23 others have
been identified to date. Mining for cobalt commenced at the project area in 1915
and has been the subject of extraction and assessment in some detail since 1938.
Aerial photography, geological mapping, satellite imagery, aeromagnetics,
radiometrics, rock chip, geochemical sampling and drill core have been completed
over the project area and are currently being integrated into a GIS format.

The geology of the project area is dominated by Silurian-Carboniferous age
(440-290Ma) terrigenous sediments, volcaniclastics and carbonates, intruded by
Permian age (290-250Ma) felsic-intermediate intrusives. The mineralisation is
proximal to the intrusives, associated with northeasterly trending fractures in
the form of skam and vein systems respectively. At Akjilga, these systems are
nominally 0.5-0.8km x 2km in spatial extent and are associated with large-scale
metasomatic alteration zones. The gold mineralised veins are reported to range
from 0.1-2.0m thick and 50-1500m in strike.

The Akjilga deposit is dominated by two principal zones of veining and/or lode
development that host over one hundred steeply dipping veins or lodes. Detailed
assessment by the SKGE indicated that there were 3.7 million contained ounces of
gold within the Akjilga deposit. Recent verification of this figure by
Australian consultants indicated an average grade of 12.85 g/t gold. There are
significant silver and cobalt credits that may enhance the value of the project.


A sample of material taken from an adit of one of the mineralised zones at
Akjilga is currently undergoing a preliminary metallurgical testwork programme
in Perth, and initial results are encouraging. The sample was also assayed at
the AMMTEC laboratory in Perth, and the average grade confirmed at 33.8 g/t


Negotiations have commenced with a Kalgoorlie based underground diamond drilling
contractor. CGX is planning to undertake a drilling programme which will include
in excess of 10,000 m of underground diamond drilling in its initial phase. It
is anticipated that the programme will commence in March 2003.


A Kyrgyz geological consultancy is in the final stages of converting all of the
previous exploration data base for all three projects into digital format. This
will greatly assist with ongoing planning of the drill programme and increase
the geological understanding of the project in general.

A comprehensive report into the geological interpretation of the Akjilga project
is scheduled for completion in the March quarter. '


M A Burne
Chairman, Golden Prospect PLC

31 January 2003

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

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

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