Subsidiary Results

Goldplat plc
24 October 2006


     Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration

24 October 2006

                   Goldplat plc ('Goldplat' or 'the Company')

                               Subsidiary Results


Goldplat plc, the AIM-traded producer of gold and platinum group metals ('PGM')
recovered from by-products of the mining process, is pleased to announce the
full year results for its wholly owned subsidiary, Goldplat Recovery (Pty)
Limited ('Goldplat Recovery') for the year ended 30 June 2006. The Company
(whose year end is also 30 June 2006) acquired the whole of the issued share
capital of Goldplat Recovery on 26th July 2006 upon admission to trading on AIM.
As such the results for Goldplat Recovery will not be included in the
consolidated final results of the Company for the period ending 30 June 2006.
The results of the Company for the year ended 30 June 2006 are expected to be
published by the end of November 2006.

Since the publication of the nine month audited accounts for Goldplat Recovery
where a loss after tax of ZAR306,868, (£27,229), was recorded, the Directors are
pleased to report a significant turnaround in profitability during the last
quarter which has resulted in a profit after tax of ZAR1,327,674 (£116,463),
(2005: ZAR4,717,627 or £409,084) for the year as a whole. As reported in the
Company's Admission document, the results of Goldplat Recovery for the first
nine months of the financial year were impacted by a number of technical
problems which impacted on the full year results.

Most of the problems were due to one specific source of material not lending
itself to the processes that were in place at that time. During the year
management successfully installed two gravity concentrators and a flotation
circuit. This has enabled the plant to process the more problematic raw
materials at higher recovery rates. Also, during the year two additional mills
were acquired to provide extra capacity at the low grade milling circuit and
flotation circuit and two sets of spirals were purchased to be used in
conjunction with the fluidized bed furnace.

The Directors believe that the strong improvement in the last quarter's
profitability demonstrates they have resolved the previous processing problems
with the new source of material. The unaudited management accounts indicate that
the strong final quarter performance has continued into the first quarter of the
2006/07 financial year.

In the year to 30 June 2006, Goldplat Recovery processed 55,128 tons of gold
bearing ore (2005: 44,052), selling 9,088 ounces (2005: 10,900) and processed
4,115 tons of platinum bearing ore (2005: 6,476), selling 2,956 ounces (2005:
3,851).

In the three months to 30 September 2006, Goldplat Recovery has processed 16,212
tons of gold bearing ore, selling 3,088 ounces.

The Directors believe that the steps taken throughout 2006 have had a positive
effect on overall performance and that the benefits from these improvements will
continue in years to come. The company has continued with its procurement
programme and is in a strong position as far as reserves are concerned going
forward.

CEO Demetri Manolis said: 'Whilst the overall profitability of Goldplat Recovery
was down compared to 2005 we believe we have dealt with the specific processing
problems encountered during the period and are now in a stronger position than
12 months ago and able to process a wider range of materials at differing grades
in a cost effective manner. The last quarter of the financial year ended 30 June
2006 was extremely positive and this strong trading has continued in this
financial year. Coupled to this, work on our Ghana plant is underway and, once
operational, should see a good contribution to the Company's total sales.'

Profit and Loss Statement for Goldplat Recovery (Pty) Limited

For the year ended 30 June 2006

                   Year ended    9 month period ended 31 March      Year ended
                  30 June 2006               2006                  30 June 2005

                       ZAR                    ZAR                       ZAR

Revenue            43,736,123                      29,663,626       44,306,912
Cost of Sales     -37,472,081                     -27,191,810      -34,467,402
                   ----------                    ------------       ----------
Gross profit        6,264,042                       2,471,816        9,839,510

Administrative
expenses           -4,065,919                      -2,980,162       -2,799,282
                   ----------                    ------------       ----------
Operating
profit (loss)
before finance
costs               2,198,123                        -508,346        7,040,228

Finance income         68,127                         185,255          395,990
Finance expense      -273,534                         -92,772         -130,468
                   ----------                    ------------       ----------
Net financing
(costs) income       -205,407                          92,483          265,522
                   ----------                    ------------       ----------
                   ----------                    ------------       ----------
Profit (loss)
before tax          1,992,716                        -415,863        7,305,750
Income tax
expense              -665,042                         108,995       -2,588,123
                   ----------                    ------------       ----------
Profit (loss)
for the period      1,327,674                        -306,868         4 ,717,627
                   ==========                    ============       ==========



Average exchange rates used to convert the profit and loss statement figures:


Year/Period End                     Exchange Rate (ZAR/GBP)

30 June 2005                        11.5322 : 1
31 March 2006                       11.2698 : 1
30 June 2006                        11.3999 : 1


The full report and accounts for Goldplat Recovery will be available on the
Company's website, www.goldplat.com, in due course.


                                  * * ENDS * *


For further information please visit www.goldplat.com or contact:

Brian Moritz           Goldplat plc                   Tel: [phone]
Demetri Manolis        Goldplat plc                   Tel: [phone]
                                                      Mob: [phone]

Hugo de Salis          St Brides Media & Finance Ltd  Tel: [phone]
Felicity Edwards       St Brides Media & Finance Ltd  Tel: [phone]

Edward Hutton          HB Corporate                   Tel: [phone]


Notes:

Goldplat, which listed on AIM on 26 July 2006, is a market leader in the
recovery of gold and platinum group metals from metallurgically-challenging
materials consisting primarily of by-products from gold and platinum mines in
South Africa.

Significant stockpiles of gold bearing materials exist on mine sites, which have
been enriched rather than depleted during mining, but which cannot be profitably
processed by individual mines. Mines need an economic method to dispose of such
material while adhering to environmental obligations. By providing a channel for
mines to generate revenue from waste material and save on disposal cost means
that a recovery operation is profitable given the Company's economies of scale.

The management team has vast experience in mining and the extraction of precious
metals, and has established strong relationships with many of the major mining
companies, including Anglogold Ashanti, Goldfields, Harmony and Bema for gold
and Impala Platinum, Lonmin and Angloplats on the PGM side.

Goldplat is now replicating the South African recovery business model in Ghana.
With the revenues generated from both plants, the Company aims to identify and
acquire further gold mining assets and to become a leading gold exploration and
production vehicle in Africa.




                      This information is provided by RNS
            The company news service from the London Stock Exchange