Acquisition of Aircraft For Aeromagnetic Surveys
African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining
23 September 2011
African Consolidated Resources plc ('ACR' or the 'Company')
Acquisition of aircraft and equipment for aeromagnetic surveys
Issue of shares to Director
Total voting rights
ACR, the AIM listed Southern African focused resource development company, is
pleased to announce that it has acquired the entire share capital of Aeromag.com
Limited, a private company whose principal assets are a Jabiru J430 aircraft and
high tech equipment for radiometrics and aeromagnetics (the 'Aeromag Facility').
 This acquisition will enable the Company to conduct an extensive aeromagnetic
programme across its large-scale exploration licences in Kasempa, north-west
Zambia, which are highly prospective for iron ore-copper-gold ('IOCG')
mineralisation, at a very low cost per line kilometre. Â The Company has
previously had the benefit of the use of the Aeromag Facility when required, on
an arm's length contractual basis, since March 2010.
As announced on 19 September 2011, the Company has consolidated numerous
licences over an area of approximately 1,600km2 which exhibit numerous copper
occurrences, associated with gold, uranium and hematite-magnetite iron deposits.
 Due to the vast area that hosts these occurrences, the first stage of the
Company's exploration programme to identify the resource potential of the area
will be high definition aeromagnetic surveys, in order to generate priority
targets for additional ground work.
The consideration for the purchase is £93,500 satisfied by the issue of
1,700,000 ordinary shares of 1p each in the Company plus $61,500 cash.
Michael Kellow, a director of the Company (and ACR's Technical Director), has an
interest in Aeromag.com Limited and has received 836,585 ordinary shares in the
Company as the consideration due to him.
The resultant holding of Mr. Kellow following the above transaction is
2,036,585 ordinary shares in the Company, being 0.44% of the Company's issued
share capital. Â This holding does not include his interest over shares held
through contracts with the Company's Employee Benefit Trust.
Application has been made to the AIM division of the London Stock Exchange for
1,700,000 ordinary shares to be admitted to trading ('Admission'). Â Admission is
expected to occur at 8:00 am on 30 September 2011. Following Admission, the
total number of voting rights in the Company will be 458,286,451.
The  above  figure  may  be  used  by  shareholders  as  the denominator for the
calculations  by which they will determine if  they are required to notify their
interest in, or a change to their interest in ACR under the FSA's Disclosure and
Transparency Rules.
**ENDS**
For further information visitwww.acrplc.com or please contact:
Roy Tucker African Consolidated Resources plc +44 (0) 1622 816918
+44 (0) 7920 189012
Andrew Godber Panmure Gordon (UK) Limited +44 (0) 207 459 3600
Callum Stewart Panmure Gordon (UK) Limited +44 (0) 207 459 3600
Abhishek Majumdar Panmure Gordon (UK) Limited +44 (0) 207 459 3600
Susie Geliher St Brides Media & Finance Ltd +44 (0) 20 7236 1177
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: African Consolidated Resources Plc via Thomson Reuters ONE
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