Acquisition

Brancote Holdings PLC
29 October 2001


                              For immediate release

                              BRANCOTE HOLDINGS PLC

                         ACQUISITION OF EMERALD LIMITED

Brancote Holdings PLC ('Brancote') announces that it has completed the agreement
announced on 1 October 2001 with Consolidated Press International Ltd (CPI),
to acquire from CPI its subsidiary, Emerald Ltd, which holds a 14.0363% interest
in the share capital of Minera El Desquite S.A. (MED), the owner of the Esquel
Gold Project.  This acquisition will give Brancote an interest of 74.0363% in 
the share capital of MED.  The consideration is 15,233,020 Ordinary shares in 
Brancote, and CPI has agreed, save in certain specified circumstances, not to 
dispose of its holding for a minimum period of 12 months from completion.  This 
represents 18.73% of Brancote's enlarged issued share capital.

CPI is a subsidiary of Consolidated Press Holdings Ltd, the Australian holding 
company of Mr Kerry Packer's business interests.

Application has been made for the new ordinary shares to be admitted to trading 
on the Alternative Investment Market of the London Stock Exchange and dealings 
are expected to commence on 1 November 2001.

29 October 2001