Drilling Report

Brancote Holdings PLC
3 May 2000


Contacts:    Richard Prickett, Chairman
             Bill Humphries, Managing Director
             Brancote Holdings PLC                     020 7493 1002

             David Bick
             Holborn Public Relations                  020 7929 5599
                                          [e-mail]



                     BRANCOTE HOLDINGS PLC
                               
                  Argentine 60% Joint venture
           Progress Report on Exploration programme


Outstanding drilling results from Galadriel Sur.

Drill Hole     From            Width           Grade / Gold

GR97           59.0 metres     50.0 metres     19.0 g/t
At 951 grams / metre this hole is the largest intersection to
date on Galadriel Sur

GR96           79.0 metres     23.0 metres     13.0 g/t
GR98           84.0 metres     33.0 metres     10.4 g/t
GR99           84.0 metres     30.0 metres     10.1 g/t
GD108          84.8 metres     60.3 metres     10.4 g/t
GD109          83.8 metres     45.1 metres     11.5 g/t
GD111          91.3 metres     21.8 metres     20.2 g/t
GD114         134.5 metres     20.6 metres     13.1 g/t

The   results  above  continue  to  confirm  that  this  major
epithermal high grade vein system is increasing in width  with
depth.

The  Phase II drilling programme of 11000 metres was completed
ahead of schedule on April 26th. Encouraged by the outstanding
results,  the  J.V.  partners  have  allocated  funds  for  an
additional 3000 metres of drilling, to further test the  depth
potential of Galadriel, for completion by the end of May.
       



                    MINERA EL DESQUITE   GALADRIEL VEIN
                                                    
  Au                                GR 97    
   Sample    From     To     Interval      CODE         Grade     Wt Ave  
   No                                                   Au        Au
   26598     62.00    63.00    1.00        As qzch sw     4.00      4.00
   26599     63.00    64.00    1.00        Asa qzch vi    3.21      3.21
   26601     64.00    65.00    1.00        Asa qzch vi    3.61      3.61
   26602     65.00    66.00    1.00        Asa qzchvt     3.64      3.64
   26603     66.00    67.00    1.00        Vn qzch       22.70     22.70
   26604     67.00    68.00    1.00        Asa qzch vi    4.97      4.97
   26605     68.00    69.00    1.00        Asa qzch vi    1.68      1.68
   26606     69.00    70.00    1.00        Asa qzchvt     6.83      6.83
   26607     70.00    71.00    1.00        Vn qzch       29.30     29.30
   26608     71.00    72.00    1.00        Asa qzchvt    11.70     11.70
   26609     72.00    73.00    1.00        As qzchvt      0.62      0.62
   26610     73.00    74.00    1.00        Asa qzchvt     2.08      2.08
   26611     74.00    75.00    1.00        Asa qzchvt     6.58      6.58
   26612     75.00    76.00    1.00        As qzchvt     27.50     27.50
   26613     76.00    77.00    1.00        As qzch sw    30.50     30.50
   26614     77.00    78.00    1.00        As qzch sw    40.60     40.60
   26615     78.00    79.00    1.00        As qzchvt      4.69      4.69
   26616     79.00    80.00    1.00        As qzch vi     3.68      3.68
   26617     80.00    81.00    1.00        As qzch vi     4.24      4.24
   26618     81.00    82.00    1.00        As qzch vi     9.41      9.41
   26619     82.00    83.00    1.00        Vn qzch       35.50     35.50
   26621     83.00    84.00    1.00        Vn qzch       61.00     61.00
   26622     84.00    85.00    1.00        Vn qzch       26.30     26.30
   26623     85.00    86.00    1.00        Vn qzch       19.10     19.10
   26624     86.00    87.00    1.00        Vn qzch       11.80     11.80
   26625     87.00    88.00    1.00        Vn qzch       28.50     28.50
   26626     88.00    89.00    1.00        Vn qzch       32.20     32.20
   26627     89.00    90.00    1.00        Vn qzch       31.00     31.00
   26628     90.00    91.00    1.00        Vn qzch       18.50     18.50
   26629     91.00    92.00    1.00        Vn qzch       18.80     18.80
   26630     92.00    93.00    1.00        Vn qzch       26.10     26.10
   26631     93.00    94.00    1.00        Vn qzch       17.50     17.50
   26632     94.00    95.00    1.00        Vn qzch       21.40     21.40
   26633     95.00    96.00    1.00        As qzchvt     13.70     13.70
   26634     96.00    97.00    1.00        As qzchvt     18.50     18.50
   26635     97.00    98.00    1.00        Vn qzch       25.10     25.10
   26636     98.00    99.00    1.00        Vn qzch       15.80     15.80
   26637     99.00   100.00    1.00        Vn qzch       27.30     27.30
   26638    100.00   101.00    1.00        Vn qzch       26.40     26.40
   26639    101.00   102.00    1.00        Vn qzch        5.49      5.49
   26641    102.00   103.00    1.00        Vn qzch       11.70     11.70
   26642    103.00   104.00    1.00        Vn qzch       31.90     31.90
   26643    104.00   105.00    1.00        Vn qzch       34.10     34.10
   26644    105.00   106.00    1.00        Vn qzch       33.20     33.20
   26645    106.00   107.00    1.00        Vn qzch       23.20     23.20
   26646    107.00   108.00    1.00        Vn qzch        9.31      9.31
   26647    108.00   109.00    1.00        Vn qzch       22.60     22.60
   26648    109.00   110.00    1.00        Vn qzch       36.40     36.40
   26649    110.00   111.00    1.00        Vn qzch       28.70     28.70
   26650    111.00   112.00    1.00        Vn qzch       18.60     18.60
                     Totals   50.00                     951.24    951.24
                     
                                                    
                             Au  INTERSECTION     50.0m @ 19.0g/t Au