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Golden Prospect PLC (AMBR)

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Friday 23 January, 2004

Golden Prospect PLC

Update on investments

Golden Prospect PLC
23 January 2004

                              MARKET UPDATE

Golden Prospect plc announces that at December 31st, 2003 the unaudited value of
its quoted investment portfolio and cash resources amounted to circa. £38.5m,
equivalent to 43 pence per share, excluding its unquoted mineral exploration

The unquoted assets are represented by joint venture agreements with AIM listed,
Mano River Resources Inc (in partnership with TSE listed Golden Star Resources
Limited) and Jubilee Platinum plc, a company in which Golden Prospect plc has a
20% shareholding. The Board considers that significant additional value should
be unlocked from these ventures.

In addition, the company has also acquired significant shareholdings in the
following companies:-

1.   Wedgetail Exploration NL

          Golden Prospect Plc has acquired 44.5 million shares, representing 5%
          of the issued share capital in Wedgetail Exploration NL, listed on the 
          ASX. Wedgetail Exploration NL is a minerals exploration and 
          development company focussed on establishing a gold operation at its 
          Nullagine Project, in the central Pilbara region of Western Australia.  
          It has tenement holdings of 570 km2 , representing a major portion of 
          the Nullagine Goldfield, and which cover the prospective Middle Creek 
          shear zone over 45 kilometres of strike.  Wedgetail has current 
          resources of approximately 500,000 ounces and have identified numerous 
          targets generated from a recent Aeromagnetic survey.  $3,700,000 has
          been allocated for exploration, to define extensions of known 
          mineralisation, and to test new structural and geophysical targets.

2.      Yilgarn Gold Limited

          Golden Prospect Plc has acquired 13m shares representing 13.52% of the 
          issued share capital of Yilgarn Gold Ltd, listed on the ASX.  Yilgarn 
          Gold is a highly focussed emerging gold producer which is in the final 
          stages of defining an indicated resource at its 100% owned Goodenough 
          project.  The results from its current infill programme should be 
          received by mid-February.  The Goodenough project is the most advances 
          of Yilgarn Gold's properties, which include the New Bulong project and 
          the Great Southern project.  All the projects are highly prospective 
          and are positioned in areas which have a long history of gold 

3.      Eurasia Mining Plc

          Golden Prospect Plc has completed the acquisition of 4.8m shares, 
          representing 6.2% of the issued share capital of Eurasia Mining Plc, 
          an AIM quoted company. Eurasia Mining Plc have recently been awarded a 
          prospecting permit on the Kliprivier area in South Africa's Bushveld.  
          The permit area lies adjacent to two of the Bushveld's promising 
          platinum group metals (PGM) projects - Anglo Platinum's Der Brochen 
          project to the north and Aquarius Platinum's Everest South project 
          immediately to the north-east.  Eurasia plans an early drilling
          programme, commencing next month.  The programme will test an 
          extension of the UG2 Reef, which is commercially productive in other 
          parts of the Bushveld. Kliprivier may also include local occurrences 
          of the Merensky Reef, also commercially productive elsewhere.  Most 
          importantly, a large basinal structure determined by geophysics and 
          geology will be tested as it is a target for a possible multi-million 
          ounce PGM resource.  Eurasia Mining Plc is also targeting projects in 
          Russia, where discoveries have been made but where size and potential 
          have not been estimated.

The Directors remain positive about metal prices over the next year and the
company's ability to attract further Institutional support for the shares, which
are currently trading at a significant discount to net asset value per share.


M A Burne

Tel:  020 7845 7500

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

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