Increased Interest in Project

Brancote Holdings PLC
1 October 2001


Date           1 October 2001


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


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




                              BRANCOTE HOLDINGS PLC

           Brancote increases its interest in Esquel Gold Project to 74%

Brancote Holdings PLC announces that it has signed a Heads of Agreement with
Kerry Packer's 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.  When finalised, this acquisition will give Brancote an interest of
74.0363% in the share capital of MED.  The consideration is expected to be
15,233,020 Ordinary shares in Brancote, and CPI has agreed not to dispose of
its holding for a minimum period of 12 months from completion.  It is
anticipated that formal agreement will be entered into shortly, when a further
announcement will be made.


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


Commenting, Brancote's Chairman Richard Prickett said

'We are delighted with the endorsement and support that Consolidated Press and
Kerry Packer have given the Esquel Gold Project.  Brancote will now own 74% of
the project and Mr Kerry Packer's interests will become Brancote's largest
shareholder with a 19% stake.'



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