Corporate and Operational Update

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

30 January 2013

African Consolidated Resources plc ('ACR' or 'the Company')
Corporate and Operational Update

Commencement of trial mining at Pickstone-Peerless
African Consolidated Resources plc, the AIM listed resource development company, is pleased to announce the commencement of trial mining activities at the Company's 100% owned Pickstone-Peerless Gold Project in the Zimbabwean Midlands, which has a current JORC Compliant Resource of 3.2 million ounces at an average grade of over 2.7g/t of gold ('Au').

Following the successful preliminary economic study announced on 4 December 2012 as the first phase of its bankable feasibility study, the Company is now progressing phase two of this study with the commissioning of a small trial mining exercise to support the recommendations of its appointed consultants, PDNA Minxcon.  Careful siting of the trial mining pit will likely ensure that the mining and processing will not be a financial burden and may generate a marginal profit. Importantly, the information gathered from this exercise will have immeasurable benefits for the technical team and the quality of the feasibility study.

Craig Hutton, the Company's recently appointed CEO, commented:
"The Pickstone-Peerless Mine in Kadoma province, Zimbabwe, offers one of the most exciting gold opportunities in Southern Africa.  The initiation of the trial mining is a confirmation of the Company's commitment to value from its world class assets as it repositions and shifts to becoming a mining and project development company.

"The Company is at the same time exploring a number of highly prospective options to broaden the ACR portfolio and geographic focus to create a truly international resource development company."

Clarification of Zimbabwe newspaper report
The Company notes the recent reports in the Zimbabwe media that property belonging to the Company has been attached by the Deputy Sheriff (the "Reports").  These Reports misrepresent the position and are misleading.  The attachments to which the Reports refer relate solely to property of the Company's former CEO, Andrew Cranswick, in connection with a documented action for defamation which has been taken against him and which he disputes (the "Action").

As reported on 18 January 2013, Andrew Cranswick has resigned from the Board of the Company and as CEO.  The Board would like to clarify that the Action has no legal nexus with ACR and there is no legal process being brought against the Company at all in Zimbabwe.

Investment
ACR also informs the market that of the new share issue announced on 21 January 2013, 45,000,000 shares were subscribed by the interests of the Ras Al Khaimah sovereign wealth fund through the entity Brimfell Investment Holdings Limited.

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.

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]
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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