Confirmation of Pickstone Peerless Resource Est...

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

30 September 2013

African Consolidated Resources plc ('AFCR' or 'the Company')
Confirmation of Pickstone Peerless Resource Estimate by SRK Consulting (South Africa)

African Consolidated Resources plc, the AIM listed resource and development company is pleased to announce the receipt of a report from SRK Consulting (South Africa) (SRK) on the Pickstone Peerless mineral Resource.

Dr Ferdi Camisani, a former chairman of SAMREC, was retained to carry out an independent audit and review of the ExplorMine Consultants (EMC) Resource estimation (the EMC Estimation), as announced on 15 July 2013.  SRK has now completed its review of the EMC Estimation and held discussions with Dr Camisani on the results of his audit and review of the EMC Estimation.

SRK considers that the mineral Resources are reported in compliance with the guidelines of the JORC code and are a reasonable representation of the available exploration data set.  The geological interpretation and estimation methods applied are considered to be appropriate.

Dr Camisani's review states that "the Pickstone and Peerless mineral Resource estimates meet the requirements of "reasonable prospects for eventual economic extraction" and can be taken as fully representative of the gold mineralisation potential in the area estimated.  In his opinion the EMC Estimation report conforms to the JORC code and, broadly, the family of the CRIRSCO Template codes including SAMREC"

AFCR'S Chief Executive, Craig Hutton, commented: "We are very pleased to receive confirmation from SRK of ExplorMine Consulting's Resource estimation.  We are progressing with our work on the Pre-Feasibility Study for the larger open pit at Pickstone Peerless including the higher grade sulphide ore outlined in our Preliminary Economic Assessment in December 2012 and are targeting a mineral Reserve of 1,000,000 oz of gold."

This announcement has been reviewed by Mike Kellow BSc, a member of the Australian Institute of Geologists and Technical Director of ACR.  Mr Kellow meets the definition of a "qualified person" as defined in the AIM Note for Mining, Oil and Gas Companies.

**ENDS**

For further information visit www.afcrplc.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]

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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