Board Changes and Director Dealings

African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining

18 January 2013

African Consolidated Resources plc ('ACR' or 'the Company')
Board Changes and Director Dealings

African Consolidated Resources plc, the AIM listed resource and development company focused in Southern Africa, is pleased to announce the board appointment of Mr. Craig Hutton as Chief Executive Officer with immediate effect.  Mr. Hutton replaces Mr. Andrew Cranswick as Chief Executive Officer of the Company, who is stepping down from his position in order to concentrate on his other business interests. Mr. Julian Emery, Non-executive Director, has also resigned from the Board of ACR in order to pursue other business interests, effective immediately.

Craig Hutton, who holds an MBA from Henley Business School (UK) and a Bachelor of Commerce and Higher Diploma in Economic Geology, has over 25 years' experience in the mining sector having worked for major production companies such as Anglo American PLC, Placer Dome Inc. and Harmony Gold Mining Company.  During his career Mr. Hutton has developed skills sets in geology, resource management and evaluation, financial valuation, project assessment, financial management, project fund sourcing and management.  

Mr. Hutton began his mining career with Anglo American PLC in 1988 and was posted to the Free State Geduld Gold Mine in South Africa.  During the course of his career he has held numerous senior positions in geology, finance and mineral economics.  Key highlights include his appointment as a sectional geologist at Harmony Gold Mine in 1994, progressing to become project finance manager in 1997 and ore resource manager in 1999, before joining Anglo American PLC as a mineral economist in 2006.  Mr. Hutton became an independent consultant in 2008 and subsequently advised Anglo American PLC, TransAfrika Resources and Pan African Resources plc, playing a key role in the divestment of Pan African Resources plc's Manica asset, which was successfully listed on the Australian stock exchange in 2012.

Mr. Hutton worked as a consultant for ACR in 2012 and was instrumental in the declaration of the major resource upgrade to 3.2 million ounces of gold at the Pickstone-Peerless Gold Project in Zimbabwe.  He was responsible for identifying the open pit target which consists of 1.5 million open-pittable ounces at 2.0g/t Au in addition to the underground potential of in excess of 1.7 million ounces at 4.0g/t Au.  Mr. Hutton was also closely involved with the development of the Preliminary Economic Assessment that was announced on 4 December 2012.

ACR Chairman, Roy Tucker, said, "I would like to take this opportunity to thank Andrew for his enormous input into the development of ACR since its inception and listing in 2006.  Andrew has been hugely influential in the growth of ACR's portfolio, and the identification of highly valuable assets such as the Pickstone-Peerless Gold Project, the Gadzema Gold Project and the Kasempa Copper Project.  On behalf of the Board, I would like to wish Andrew well in his future endeavours, and look forward to continuing a close relationship as we move ACR into its next phase of growth. I would also like to thank Julian for his contribution to the Company.

I welcome Craig to Board of ACR and look forward to his valuable contributions to the Company.

Director Dealings

Pursuant to Mr. Hutton's appointment as Chief Executive Officer, the Company has awarded, on 18 January 2013, the following options and conditional options over ordinary shares of 1p each in the capital of the Company ("Options") to Mr. Hutton:

• 2,000,000 Options, exercisable at any time until 31 December 2015; 

• 3,000,000 Options, exercisable at any time after 31 December 2013 until 31 December 2015, conditional upon his continued employment as a Director of the Company to 31 December 2013; and 

• 3,000,000 Options, exercisable at any time following the commencement of pouring gold from either the Pickstone or Peerless site and conditional upon his continued employment as a Director of the Company at that time.   

The above Options all have an exercise price of 5p each and no Option shall in any event be exercisable on or after 31 December 2015 under any circumstances whatsoever.

Regulatory Information

Craig Michael Hutton, aged 44, currently holds the following directorships and membership:

Brenthurst Capital Resources BG2
Smart Business Strategies Pty Ltd
High Rise Living CC

Craig Hutton was found negligent in relation to payment of child maintenance costs in 2009 by the South African criminal court and ordered to pay cost of ZAR35,000 pursuant to Section 31(1) of the Maintenance Act 99 of 1998. The matter is currently subject to an appeal matter to the High Court in Cape Town, South Africa.  Craig Hutton has been advised by his advocate that the magistrate has erred in law in making her decision and there is every prospect of success on appeal.

Craig Hutton currently holds 1,900,000 ordinary shares in African Consolidated Resources plc.

There are no other matters which are required to be announced as required under paragraph (g) of Schedule 2 of the AIM Rules.

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

Roy Tucker	African Consolidated Resources plc	[phone] [phone]
Andrew Godber	Panmure Gordon (UK) Limited	[phone]
Callum Stewart	Panmure Gordon (UK) Limited	[phone]
Susie Geliher	St Brides Media & Finance Ltd	[phone]

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Source: African Consolidated Resources Plc via Thomson Reuters ONE

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