Final Results

African Consolidated Resources Plc ('African Consolidated' or the
                             'Company')

                            Final Results

African Consolidated is pleased to announce its final results for the
year ended 29 February 2008.

The Company's  Annual  Report  is available  for  download  from  the
Company's website  www.acrplc.com.   Copies will  be  distributed  to
shareholders shortly.

Chief Executive Officer's report

Considerable progress  has been  made with  our on-going  exploration
since the publication of our interim report in November.  I will  not
dwell on this in  any detail in  this report however  in view of  our
recent technical 'Exploration Update' which was published on 8  April
2008 and is available to download from the Investor Relations section
of our website (www.acrplc.com).

ZIMBABWE

General

Politics  continues  to  be  the  overriding  factor  affecting   the
perception of  Zimbabwe  particularly  following  the  recent  events
associated with  the Parliamentary  and Presidential  elections.   We
have no control over this  factor and it is  a reality we have  lived
with to date.   As always  I will  point out  that we  work with  the
Government of the day.

The lead-up to  the elections,  while initially  quiet, created  some
unrest and violent activity in parts of Zimbabwe although our  latest
information is that this is subsiding in most areas.  These  problems
had the effect of disrupting  some of our operations particularly  in
the  north  of  the  country  where  we  suspended  exploration   and
infrastructural work  in the  interests  of employee  and  contractor
safety as  well as  the  security of  company  assets.  We  have  now
reviewed the situation on the ground and I am pleased to say that  as
of this week we now feel secure to return to all areas.

More   specifically   the   problems   created   a   delay   in   the
road-development work taking  place at  the Snakes  Head PGE  project
which was being  prepared for the  development of a  sample-gathering
decline adit for metallurgy testing purposes.  Likewise,  considering
its proximity, sampling work at the Horseshoe nickel laterite project
was postponed.  We are now returning to site.

In Chakari, electromagnetic survey of the Perseverance Nickel project
was suspended  for  10  days  in  early  May.   It  was  possible  to
re-commence work for several weeks but work was suspended again until
very recently.   Geochemical sampling  for gold  and base  metals  in
southern Zimbabwe near Zaka was also postponed.

The hyper-inflationary  environment  presents  difficulties  and  the
company is  making  every effort  to  minimise the  negative  effects
thereof on  the company  and  its staff.   However  the bulk  of  the
Company's expenditure is  incurred by reference  to Sterling,  United
States dollars  or other  hard  currencies.  Therefore  the  on-going
inflation-driven devaluation of the Zimbabwe dollar has only a modest
effect  on  the  Sterling  budget  of  ACR  and  the  risk  is  being
satisfactorily managed by our financial department.

I commend all our staff and management for their stoically successful
effort to retain the highest possible degree of normality and  morale
in trying circumstances.

We continue to  support the  local communities  in which  we work  in
terms of infrastructural development and practical assistance.

Exploration

As noted above an 'Exploration Update' was published in April.  Since
then reverse circulation ("RC") drilling has commenced and  continues
at the  Blue  Rock  gold  prospect while  rotary  air  blast  ("RAB")
exploration drilling continues elsewhere on the Gadzema gold belt.

In-fill  electromagnetic   survey  over   the  five   already-defined
conductors at  Perseverance should  be complete  within two  to  four
weeks.  Post  interpretation,   these  results   will  enable   final
drill-target definition  for the  exploratory intersection  of  these
conductors and  we hope  to commence  diamond-core drilling  in  late
July.  Negotiations for the contracting  of a suitable drill-rig  are
under way.  Detailed, closely-spaced  airborne magnetic survey  lines
will  most  likely  be  flown  over  the  Perseverance  region  in  a
July/August timeframe.  This will provide additional data for further
target definition.

Discussions continue on the resumption  of activities in the  Marange
diamond field and I remain hopeful of an outcome that satisfies  both
national and  corporate interests.   The related  legal dispute  over
claim ownership still awaits a court hearing date.

Throughput at both in-house and independent assay / sorting labs  has
improved and  we are  processing some  5,000 samples  per month.   In
addition,  we  have  increased  our  sampling  teams  and  hence  are
constantly looking for ways to improve throughput even further.

ZAMBIA & MOZAMBIQUE

It remains the Company's philosophy  to ameliorate political risk  by
being active in other regional countries.

Progress has been made on the application for significant exploration
ground in  Zambia and  ACR  is hopeful  of  a successful  outcome  on
several  of  these   applications.   Legalities   for  formation   in
Mozambique are nearing finality and the company anticipates  imminent
discussions with the Mozambique Government at a high level.

First-pass evaluation is complete over large tracts of ground in both
countries, much of which is unallocated or due for relinquishment  in
the not too  distant future.   This is very  much a  work-in-progress
which I expect will gather momentum in the second half of the year.

GENERAL

The Company's cash resources remain  adequate at current spend  rates
especially  since  our  exploration  expenditure  is  discretionary.
However, should the political situation allow and the Board elects to
commence further  drilling programmes,  we would  expect to  need  to
raise further funds before the end of 2008.

We hope  for a  sustainable  and equitable  solution to  the  current
political impasse in Zimbabwe.


Andrew N. Cranswick
CEO

Consolidated income statement
for the year ended 29 February 2008


                                              2008           2007
                                             Group          Group
                                               £              £


                                    Notes
Revenue                                              -              -
Administrative expenses                    (1,152,861)    (1,809,334)
Operating loss                             (1,152,861)    (1,809,334)
Finance income                                 160,813        102,077
Loss before and after taxation               (992,048)    (1,707,257)
Loss attributable to the equity              (992,048)    (1,707,257)
holders of the parent company
Loss per share - basic and diluted    2   (0.48) pence   (0.96) pence



All amounts above relate to continuing operations.

Group Statement of Changes in Equity
for the year ended 29 February 2008



              Share     Share     Share  Available  Retained
             capital   premium   option  for sale   earnings/     Total
Group        account   account   reserve  reserve   (losses)
                   £         £      £        £           £           £
At 28       1,456,270  2,442,790  53,000         -   (340,719)   3,611,341
February
2006
Available           -          -       -  (10,866)           -    (10,866)
for sale
investments
 -
valuation
losses
Net income          -          -       -  (10,866)           -    (10,866)
recognised
directly in
equity
Loss for            -          -       -         - (1,707,257) (1,707,257)
the year
Total               -          -       -  (10,866) (1,707,257) (1,718,123)
recognised
income and
expense for
the year
Share               -          - 434,194         -           -     434,194
options
Issue of
share
capital       443,671  3,991,863       -         -           -   4,435,534
(net of
issue costs
of
£336,831)
At 28       1,899,941  6,434,653 487,194  (10,866) (2,047,976)   6,762,946
February
2007
Available           -          -       -    16,157           -      16,157
for sale
investments
 -
valuation
gain
Net income          -          -       -    16,157           -      16,157
recognised
directly in
equity
Loss for            -          -       -         -   (992,048)   (992,048)
the year
Total                                       16,157   (992,048)   (975,891)
recognised
income and
expense for
the
year
Share               -          - 244,458         -           -     244,458
options
Issue of
share
capital       310,345  4,054,655       -         -           -   4,365,000
(net of
issue costs
of
£135,000)
At 29       2,210,286 10,489,308 731,652     5,291 (3,040,024)  10,396,513
February
2008





Group balance sheet
As at 29 February 2008

                                    29 February 2008 28 February 2007
                               Note      Group            Group
                                           £                £
Assets
Non-current assets
Intangible assets               3          5,841,604        4,962,150
Property, plant and equipment                403,419          372,749
Available for sale investments                34,655            6,606
Investment in subsidiaries                         -                -
                                           6,279,678        5,341,505
Current assets
Inventory                                     25,499           32,608
Receivables                                  162,945           84,632
Available for sale investments                37,038           20,891
Cash and cash equivalents                  4,142,105        1,514,548
Total current assets                       4,367,587        1,652,679
Total Assets                              10,647,265        6,994,184

Equity and Liabilities
Capital and reserves
attributable to equity holders
of the company
Called-up share capital         4          2,210,286        1,899,941
Share premium account           4         10,489,308        6,434,653
Available for sale reserve                     5,291         (10,866)
Share option reserve                         731,652          487,194
Retained earnings                        (3,040,024)      (2,047,976)

Total equity                              10,396,513        6,762,946
Current liabilities
Trade and other payables                     250,752          231,238
Total current liabilities                    250,752          231,238
Total Equity and Liabilities             10,647,265         6,994,184


Group cash flow statement
for the year ended 29 February 2008

                                           2008            2007
                                      Group           Group
                                             £               £
CASH FLOW FROM OPERATING ACTIVITES
Loss for the year                           (992,048)     (1,707,257)
Adjustments for:
  Depreciation                                116,861          59,910
  Write-off        of        deferred          31,984               -
  expenditure/intangible assets
  Finance income                            (160,813)       (102,077)
  Profit on  sale  of  available  for           2,186        (38,607)
  sale investments
  Profit on sale  of property,  plant           (353)               -
  and equipment
  Share option charges                        244,458         409,461
                                              234,323         328,687
Changes in working capital:
  Increase in receivables                    (78,313)        (30,647)
  Decrease in inventories                       7,109          18,167
  Increase/(Decrease) in payables              19,514       (752,207)
                                             (51,690)       (764,687)
Cash generated from operations              (809,415)     (2,143,257)
Investing activities:
  Payments  to   acquire   intangible       (911,438)     (2,632,939)
  assets
  Payments to acquire property, plant       (152,248)       (305,279)
  and equipment
  Payments to  acquire available  for        (59,432)       (120,000)
  sale investments
  Payments to  acquire investment  in               -               -
  subsidiaries
  Proceeds on  disposal of  property,           5,070          14,996
  plant and equipment
  Proceeds on disposal of available            29,207         163,517
  for sale investments
  Interest received                           160,813         102,077
                                            (928,028)     (2,777,628)
Financing Activities:
  Proceeds from the issue of ordinary       4,365,000       4,460,267
  shares, net of issue costs
(Decrease)/Increase in cash and cash        2,627,557       (460,618)
equivalents
Cash and cash equivalents at                1,514,548       1,975,166
beginning of year
Cash and cash  equivalents at end  of       4,142,105       1,514,548
year


Notes to preliminary report


+-------------------------------------------------------------------+
| 1 | Basis of preparation                                          |
|---+---------------------------------------------------------------|
|   | The financial information for the year ended 29 February 2008 |
|   | and for the  year ended  28 February 2007  contained in  this |
|   | statement do  not constitute  statutory accounts  within  the |
|   | meaning of  section 240  of the  Companies Act  1985. It  is, |
|   | however, derived from the statutory accounts for those years. |
|   | The auditors' report for both 2007 and 2008 was  unqualified, |
|   | but draws attention by way of emphasis without qualifying  to |
|   | the political and economic  instability in Zimbabwe, and  did |
|   | not contain statements under section 235 or sections 237  (2) |
|   | or (3) of the Companies Act 1985. Statutory accounts for  the |
|   | year ended 28 February 2007 have been approved by members  in |
|   | General Meeting and delivered to the Registrar of Companies.  |
+-------------------------------------------------------------------+



2 Loss per share                                 2008        2007
                                                 Group       Group
  Loss per Ordinary Share has been calculated
  using the weighted average number of
  Ordinary Shares in issue during the
  relevant financial period.

  The weighted average number of Ordinary     208,614,788 177,289,260
  Shares in issue for the year is.

  Losses for the Group for the year are        (992,048)  (1,707,257)
                            (£)

  Loss per share basic and diluted                (0.48p)     (0.96p)
  The effect of all potentially dilutive
  share options is anti-dilutive.




3 Intangible     Deferred exploration   Mining    Licence     Total
  assets                costs          options  acquisition
  Group                                            costs
                                     £        £           £         £
  Cost  at   28              2,882,595   47,661   2,031,894 4,962,150
  February 2007
  Additions                    891,041        -      20,397   911,438
  during    the
  year
  Disposals                    (1,873) (30,111)           -  (31,984)
  during    the
  year
  Cost  at   29              3,771,763   17,550   2,052,291 5,841,604
  February 2008


  Group

  Cost  at   28                554,689   14,178   1,760,344 2,329,211
  February 2006
  Additions                  2,327,906   33,483     271,550 2,632,939
  during    the
  year
  Cost  at   28              2,882,595   47,661   2,031,894 4,962,150
  February 2007




4 Share capital                     Number of    Nominal     Share
                                     shares       value     premium
                                                    £          £
  Authorised
  Ordinary shares of £0.01 each   1,000,000,000 10,000,000          -
  Issued
  Called up, allotted and fully
  paid
  As     at     28     February     145,626,980  1,456,270  2,442,790
  2006
  Issued during the year             44,367,118    443,671  3,991,863

  As at 28 February 2007            189,994,098  1,899,941  6,434,653

  Issued during the year             31,034,482    310,345  4,054,655

  As at 29 February 2008            221,028,580  2,210,286 10,489,308





5 Contingent liabilities and capital commitments
  There is  a  contingent liability,  which  in the  opinion  of  the
  directors is not likely to exceed £63,650, in respect of the  Giant
  acquisition made  in the  period to  28 February  2006 relating  to
  resource ounces still in the process of being quantified.



6 Litigation
  Amongst intangible assets for the Group is included £256,314  (2007
  :  £95,307)  representing  costs   of  title  acquisition  and   of
  exploration over a  diamond deposit near  Marange. On 28  September
  2006, the Group received notification from the Zimbabwe Minister of
  Mines that he intended  to challenge the  group's legal title  with
  respect to Marange.   The Group  has initiated  proceedings in  the
  Zimbabwe High Court in  order to confirm  this title.  Counsel  has
  advised that in his opinion the Group's title is good and therefore
  no provision against loss of this asset has been made.

  There is no other litigation involving any group company.



Enquiries:


+-------------------------------------------------------------------+
| African Consolidated Resources plc |                              |
| Andrew Cranswick                   | [phone]              |
| Roy Tucker                         | [phone]  / +44  7920 |
|                                    | 189012                       |
|------------------------------------+------------------------------|
| Ambrian Partners Limited           |                              |
| Richard Brown                      | [phone]             |
| Richard Greenfield                 |                              |
|                                    |                              |
+-------------------------------------------------------------------+

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