Operational Update

Falkland Gold and Minerals Ltd
11 April 2005

                       FALKLAND GOLD AND MINERALS LIMITED



         OPERATIONAL UPDATE - DRILLING UNDERWAY IN THE FALKLAND ISLANDS



11 April 2005



Falkland Gold and Minerals Limited (AIM: FGML), the exploration company with
exclusive rights to explore for gold and minerals in the Falkland Islands,
announces today the following operational update.



Drilling Summary



The Company's first drill rig 'Falklands 1' has been commissioned and drilling
commenced on 4th March.  By the end of March, over 600 metres of HQ sized (67 mm
diameter) core had been produced with this drilling conducted on Target 5.  This
core will be logged and samples prepared for analysis with the first results
expected to be compiled by June.



The second drill rig 'Falklands 2' arrived in the Falklands on 14th March and is
being commissioned.



Goose Green Facilities



Refitting of an existing building as the Core Shed and Sample Handling Facility
continued in March.  A concrete floor has been laid within the main facility to
establish safe and level working surfaces, the first stage of the core storage
rack has been constructed, and the core saw has been commissioned.  The
electrical installation, including 3-phase wiring and installing lights, will be
carried out in April.



Surveys



Preparations for a ground magnetic survey programme were completed and the
Company has contracted Geo Explo Ltd of Santiago, Chile to conduct the survey.
The surveying team has arrived in the Falklands and will be embarking on the
planned 1,500 line-kilometre programme over the next 2-3 months.



All geological work is being supervised by Derek Reeves, FGML's Operations
Manager, who is a qualified geologist and based in the Falkland Islands.



In summary, the drilling programme is on schedule and management is pleased with
operational progress.








Enquiries



FGML                                                        [phone]
Richard Linnell, Executive Chairman



Press & Investor Relations
Bell Pottinger Corporate & Financial                        [phone]
Nick Lambert



W.H. Ireland Limited                                        [phone]
Philip Haydn-Slater



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