Company Update

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

21 May 2013

African Consolidated Resources plc ('AFCR' or 'the Company')

Company Update

African Consolidated Resources plc, the AIM listed resource and development Company, announces that it has received a letter of intent from a major listed copper miner to participate in exploration and mining opportunities in Romania.  This is as a result of a preliminary assessment of opportunities in Romania carried out since October 2012 by the Company.  As a result of this activity, AFCR has also signed a memorandum of understanding with the Romanian state mining company, Remin SA ('Remin'), under which AFCR has effective exclusivity for the period to 29 October 2013, inclusive, in which it may carry out due diligence on and evaluation of Remin's entire polymetalic mineral interests which include copper and gold.

As the Company accelerates the commercialisation of its African operations the Board will continue to evaluate all options regarding future development in Romania.

AFCR's Chief Executive, Craig Hutton, commented: "This combined opportunity is consistent with the Company's previously stated strategic intention of refocussing the Company in becoming a significant multi-commodity development and mining company."

**ENDS**

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

Roy Tucker     African Consolidated Resources plc   [phone]

[phone]

Craig Hutton     African Consolidated Resources plc   [phone]

Andrew Godber   Panmure Gordon (UK) Limited     [phone]

Callum Stewart     Panmure Gordon (UK) Limited     [phone]

Adam James     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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