Bilateral Loan Agreement

Golden Prospect Precious Metals Ltd
23 March 2007



                              COMPANY ANNOUNCEMENT

For Immediate Release                                            23rd March 2007

                    Golden Prospect Precious Metals Limited
                                (The 'Company')

                            Bilateral Loan Agreement


On 20th March 2007 the Company entered into a £3,000,000 Bilateral Loan
Agreement with Allied Irish Banks PLC for the purpose of pursuing its strategic
objective of investing in securities and other instruments in the precious
metals and uranium sectors. The Company believes that the positive investment
fundamentals it perceives for each of its key sectors, make this an ideal time
to introduce such borrowing.

The Company has initially drawn down £2,400,000 of the facility. This is in
keeping with its stated intention of borrowing no more than 20 per cent of Net
Asset Value.


Enquiries:

Northern Trust                  Andrew Maiden
                                Phone: [phone]




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