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Golden Prospect PLC (AMBR)

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Monday 20 October, 2003

Golden Prospect PLC

Market Update

Golden Prospect PLC
20 October 2003

                                 GOLDEN PROSPECT PLC
                                    MARKET UPDATE

Golden Prospect PLC wishes to update the market as to the performance of its
portfolio of investments in junior mining companies in the light of the
improvement in market sentiment for such companies

This has been a strong quarter for base metals with price increases recorded of
up to 20%.  While nickel has received most publicity, recognising the fact that
at US $ 10,000 per tonne it is over twice the level of two years ago, the
biggest percentage increase was shown by lead.  The single biggest influence
behind the rise in metals prices appears to be in the expansion of the Chinese/
Korean/Taiwanese economies.  Certainly in the case of nickel, the Chinese have
turned from net suppliers to net consumers, and this trend is expected to be
followed by other base metals.

The stock market has shared this enthusiasm with the leaders such as RTZ,
Xtrata, BHP Billiton and Anglo American all showing substantial improvements.

However, it has been in the second liners that the biggest increases have been
seen and it is here that Golden Prospect has most of its investments.   The
company's biggest holding is in Perilya currently standing at AUD $ 1.02 against
a low for the year of 37 cents.    Titan has shown the best improvement at 52
cents against a low of 14 cents.  Other major rises in the company's portfolio
include Equigold, Uruguay Minerals, Central Asia Gold and Reliance Mining.

It will be easy to think that the best has been seen but it is the directors'
opinion that the recovery in most base metals has not run its full course and
that during the next year further major increases will be recorded.  Gold
reached US $390 at one stage but is currently consolidated in the 370/380 level.
   Given the back-drop of an ever weakening US Dollar, our view is that the
upward trend in gold will resume by the end of the year.

While we remain optimistic about our major investments, we considered it
expedient to establish some profits, and to that end we have taken the top off
the major holdings.  The proceeds have been used to make investments in other
mining stocks which we consider the market has overlooked.

As at 30 September 2003 the unaudited value of the quoted investment portfolio
amounted to circa £30m, equal to 34p per share, excluding its unquoted joint
venture exploration interests.  Moreover, further significant rises in the
company's investment portfolio have taken place since 1 October.

The unquoted assets represented by joint venture agreements with AIM listed
companies, Mano River (gold) and Jubilee Platinum, are still being advanced
following positive feedback, and we consider that additional value would be
unlocked from these ventures.

The management is very aware that, in spite of the sharp rise in the price of
Golden Prospect shares, they still stand at a large discount to the net asset
value.  To this end the directors are considering a number of possible actions.
As profits are established on an ongoing basis the directors will consider
investigating a dividend policy starting next year, while also examining the
possibility of instigating a share repurchase programme.

The significant increase in the portfolio value in the last quarter has
vindicated management's decision to make long-term investments in well run gold
and base metal producers.  The directors remain positive about metal prices over
the next year and the company's ability to attract further institutional support
for the shares.

For further information:

M A Burne, Chairman

Tel:  020 7845 7500
Mob: 07710 411960

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

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