Statement re. Suspension

CASPIAN MINERALS PLC

                      SUSPENSION PENDING MAJOR ACQUISITIONS
                            AND RE-ADMISSION TO PLUS


Caspian Minerals Plc ("Caspian" or "the Company) has requested the suspension of
trading in the Company's GDRs with immediate effect.

The  Company  has  completed, following all necessary consents having  now  been
received,  the acquisition of substantial interests in onshore Russian  oil  and
gas  companies. The consideration for these transactions is materially in excess
of the Company's current capitalisation and will be treated by PLUS as a reverse
takeover.

The Company will as soon as possible send an explanatory circular to the holders
of  the  GDRs  containing all information reasonably required to  carry  out  an
informed  assessment of the financial position and prospects of the  Company  as
enlarged by the acquisitions and proposed fundraising.  All holders of the GDRs,
representing  100%  of  the  issued share capital, have  irrevocably  agreed  to
support such acquisitions.

The enlarged Company intends to make an application for re-admission to PLUS.

The  Directors  of  the Company accept responsibility for the contents  of  this
announcement.

CONTACT

Alessandro Manghi                  + 7 727 244 6888
                                   [e-mail]

David Sinclair                     + 44 208 455 0011
Axiom Capital Limited              [e-mail]