Interim Results

African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining
                                15 December 2011
          African Consolidated Resources plc ('ACR' or 'the Company')
                                Interim Results

African  Consolidated  Resources  plc,  the  AIM listed resource and development
company  focused in  Zimbabwe, is  pleased to  announce its  results for the six
months to 30 September 2011.

Financial Highlights

  * Loss of $1.7m to 30 September 2011 as exploration programmes continue (2010:
    $1.8m)
  * Cash balance of $7.1m (2010: $8.8m)
  * $7.3m cash received through private placement of 78m shares (2010: nil)

Project Highlights

  * Zimbabwe:  Successful  ongoing  development  of  Pickstone  Gold  Project to
    achieve  cash  generative,  first  phase  production in mid 2012, subject to
    funding
  * 10,700 metres  of  drilling  conducted  at  Gazema  Gold  Project to upgrade
    current JORC resource of one million troy ounces - results expected Q1 2012
  * Continued  commitment to Indigenisation strategy  to play a significant role
    in ACR's 2012 activities
  * Zambia:  Acquisition of further assets with  broad exploration of the highly
    prospective region now underway
  * Acquisition  of  an  aircraft  with  high-tech radiometrics and aeromagnetic
    equipment to commence extensive aeromagnetic programmes at Zambian projects,
    primarily the Kasempa iron-oxide-copper-gold-project H1 2012

Executive Chairman's Report

Whilst  work on our  various projects continues  on a broad  front, the focus of
activity  in the short period since our final results has centred on the advance
of  our  Pickstone  gold  production  project  and  our  Gadzema  Gold  resource
development,  both  in  Zimbabwe,  and  in  addition  the  negotiation  for, and
acquisition  of, significant areas  of exploration ground  in north west Zambia,
highly prospective for copper as well as other minerals.

We  are making considerable  headway in analysing  alternate technologies whilst
fine  tuning the  feasibility of  the metallurgically  complex sulphide  dump at
Pickstone  which will provide us with some near  term cash flow.  As a result of
further  test work we are now optimistic  that we will make a significant saving
on  the projected $7.5million  residual CAPEX previously  reported.  The project
has  the  potential  to  be  highly  profitable.  Andrew Cranswick explains this
further in his report below.

From  a risk-management angle, it has been our view that the remaining financing
should  be  linked  to  our  Indigenisation  strategy  as  explained  in  Andrew
Cranswick's  report and significant  strides have been  made in this regard.  We
anticipate  substantial  news  flow  in  this  vein  over  the  coming  quarter.
 Following  a preliminary scoping  study, test-work continues  on open-pit hard-
rock  mining  at  the  same  project  and  we  are hopeful that profits from the
sulphide  dump  may  allow  self-funding  for  the  expansion  of this activity.
 Throughout  this ramp-up and production, the  Company remains committed to full
compliance with Zimbabwe's Indigenisation regulations.  Indigenous beneficiaries
of  our programme will be dominated by  the local community, our loyal staff and
many  of our long-standing indigenous partners who have helped steer the Company
through difficult years.

We  find that in practice  there is scope for  flexibility in the Indigenisation
Regulations  in  such  a  way  that  in  smaller  projects at least, they can be
compatible  with a fair return to the investor and risk-taker.  However in their
present  form it is widely recognised within  many elements of government and in
the  investment  community  that  the  regulations  do present a disincentive to
inward investment, at least on large scale projects, and in my opinion do not by
any  means  lead  to  a  path  of  true  empowerment  of  the people.  Effective
empowerment   would  best  be  served  through  the  encouragement  of  business
enterprise  and the generation of employment.  We believe that a job providing a
monthly  income is far more empowering and  provides more sense of worth than an
arbitrary possible interest in a company over which there is no real control and
no  certainty of realisation.   I remain confident  that the regulations will be
rationalised  towards a more  universally accepted commercial  regime within the
medium term.

We  continue  to  seek  contact  and  exchange  of ideas with individuals in the
different  wings of  the Zimbabwe  Government of  National Unity and with senior
civil  servants  and  have  indeed  achieved  several  important  relationships.
 Although  there  remain  many  political  hurdles,  and  not  all  elements  of
Government speak with the same voice, we believe that there are increasing signs
of green shoots in the economy and in people's thinking.

Although  the Marange diamond dispute is still  before the Courts, we have again
refrained from advancing our appeal against the Rescission Judgement.  We remain
committed to doing all we can to resolve the outstanding issues by dialogue.  It
is  evident from material in the public  domain that diamond production from our
Marange  claim has  been very  large indeed,  amounting it  seems, to a material
percentage  of world supply.  We  believe that an amicable  and fair solution to
this  issue will lead to a win-win result.  Apart from the benefit to ACR, it is
likely to help international acceptability of Zimbabwean diamonds, to add to the
fiscus, and to aid Zimbabwe image as an investment destination.

Returning  to gold development,  we have continued  drilling at the Gadzema Gold
project and the JORC resource now exceeds 1 million troz.  As previously stated,
we  believe the total  project resource is  likely to be  far higher, and mining
widths  indicated appear to  be up to  450 metres along significant stretches of
strike.   It is clear  that the best  way to exploit  this will be a large-scale
open pit operation.  This looks like it will develop into a major mine.  The on-
going  resource definition will run in parallel  with research on the funding of
such a large-scale operation, given the internationally perceived political risk
to finance opportunities in Zimbabwe.

In  line with our  Zambian expansion, particularly  in the Greater Kasempa iron-
oxide-copper-gold   ('IOCG')  district  in  north  west  Zambia,  several  asset
acquisitions  have been  concluded while  several more  are under discussion.  A
broad  exploration  of  the  highly  prospective  region  is  now under way.  In
addition,  upon resolution of various licensing  issues, there exists a possible
opportunity  for a  short term  cash generation  from the brown-field sites.  We
expect to develop these opportunities in the coming year.

As  previously reported,  the Company  has acquired  an aircraft  with high-tech
radiometrics  and aeromagnetic equipment.  Delivery  of the aircraft was delayed
by  a technical  fault that  was resolved  at the  expense of the vendor and the
intended  extensive  aeromagnetic  programme  at  Kasempa  will  now  shortly be
underway.   In general the  equipment provides the  Company with rapid access to
vital  geophysics research  capacity at  short notice  and low cost for projects
throughout the region.  I expect this to play an important role on our portfolio
development.

Solid  strides have  been made  during the  period to transparently progress our
Zimbabwean gold assets, most notably the Pickstone and Gadzema projects, through
the  development cycle  towards production  status.  With  this in  mind, we are
approaching  the stage where we can begin generating cash flow from Pickstone, a
pivotal  moment for any exploration and  development company.  Our commitment to
our  Indigenisation  strategy  will  also  play  a  key  part  in  the Company's
activities moving forward, and we hope to achieve this in a way which aligns the
interests  of  our  overseas  shareholders  as  well  as  providing  support and
investment to all local stakeholders.

Over  the  coming  months,  we  hope  to  build further value in our prospective
projects  and target a limited number of further assets through which to broaden
our  already extensive mineral footprint in Zimbabwe and Zambia.  I look forward
to  providing shareholders  with regular  news flow  on our developments in this
vein.

I  would like to take this opportunity to  thank our loyal staff and partners on
the ground in Zimbabwe and Zambia, and also our shareholders for their continued
support  for  ACR  as  we  continue  to  develop  as an emerging multi-commodity
exploration and development company focussed on Southern Africa.

Roy Tucker
Executive Chairman

Chief Executive Officer's Report

It is with a sense of achievement that I reflect on the practical field progress
made  by ACR  in 2011, a  year which  proved extraordinary  in so many different
ways.   As expected, the  market turmoil has  seen gold prices well underwritten
and  our strategy  of prioritising  our gold  projects has proved correct.  With
gold  price forecasts remaining high, our focus will remain to a great extent on
these  highly prospective gold properties in the near to medium term.   Although
our  Zambian  work  and  the  concurrent  broadening  of  sovereign risk base is
progressing  with great promise,  it is in  Zimbabwe where we  have achieved the
most this year.

Cash

The  new reality of markets is that  equity investment in exploration juniors is
likely  to remain increasingly thin for an extended period.  While this presents
challenges  for the development of  future ore bodies in  all mineral classes to
maintain long-term world supply, it is the inescapable reflection of nervousness
in  financial markets; a situation that  will not evaporate overnight regardless
of  the  best  Merkozy  efforts.   What  does  that  mean for ACR and how are we
positioned for cash spend?  Being reasonably well-funded from an over-subscribed
raising in June 2011 afforded us the cash to complete the targets we set at that
time  for exploration  and Resource-drilling  on the  Gadzema Gold  project (see
below).  It also provided the financial capacity to make decisive strides on our
key North-West Zambian project.

However,  with stock markets punishing share prices, it is unlikely that we will
be  comfortable returning to investors for  additional equity-based funds in the
near  future.  Therefore on  the basis of  our ambitions to aggressively advance
our high-priority projects, we have been planning alternative styles of funding.
 The  most desirable will of course be  self-funding from production in order to
minimise  dilution  and  in  this  regard  we  have  made  progress (see below -
Pickstone  tailings).  Complementary  to that  goal is  project-level funding of
CAPEX  to achieve such production and  we have initiated dialogue with potential
investors  and partners  in respect  of gold  and nickel prospects.  Exploration
projects  that are too immature to achieve production in the near term have been
analysed  for the best means of finding  exploration partner funding and we have
had  success in this  regard with our  highly prospective Rare Earths/Phosphates
project  in Zambia.  Early stage discussions on other projects continue and I am
hopeful  we will during 2012 be  able to agree terms  in respect of at least two
major project areas attracting project-level exploration funding.

Risk in Zimbabwe
In  terms of risk from non-technical  and non-financial sources, the politics in
Zimbabwe  has  remained  somewhat  in  limbo  as  the  Unity Government tries to
conclude  a  constitution-drafting  process.   That  in  turn  will  lead  to  a
referendum  (on  the  constitution)  followed  thereafter by a general election.
 While  much  lip-service  is  paid  to  a supposed election date in 2012, well-
informed  advisors  indicate  that  in  practice,  it is unlikely to be feasible
before 2013.  This implies that, in the absence of some kind of watershed event,
we  will for a  while remain adrift  in this fog  of uncertainty.  Consequently,
many will conclude that political certainty (and therefore investment certainty)
will remain elusive for that period.

That  foggy vale of uncertain future needs  to be pierced somewhat by evaluating
the  reality on  the ground  right now  vis-à-vis actual  risk to  ACR and other
investors  sitting in the breach.   The fact  is that Zimbabwe is populated by a
literate,  hard-working and non-violent  people.  There is  little violent crime
and the political violence that occupies much media space has to date had almost
no  effect on our mining and  exploration activities (Marange being arguably the
exception).  Dollarization of the economy has seen it growing for several years,
inflation  is licked, and operating in Zimbabwe is now predictable.  The ability
to accurately budget and cost has been restored.  Gold sales and mining has been
extensively  deregulated.  The royalty  is a little  high (7%) but the corporate
tax  regime is reasonable (variously at 15% and 25% depending on style of mining
right), with attractive capital write-down incentives.

Indigenisation is a reality.  Analysed properly, and discussed with the Ministry
concerned,  the reality  is not  as ominous  as the  picture that  was initially
painted.  As you will see from the Chairman's report, we have agreed a structure
in  principle that will indigenise our first  producing asset yet still return a
very  respectable  investment  to  ACR.   The  prime beneficiaries are the local
community,  our loyal staff and  a number of businessmen  who have travelled the
road  with  ACR  as  stakeholders  since  our inception.  The empowerment in our
situation  is real and deserved,  making the solution an  elegant one and highly
practical.   As an extension of this  structure, a significant proportion of the
indigenised  profit is likely to be re-invested in later stage projects as fully
paid equity.

The  Indigenisation model provides ACR  with a template that  can be modified to
suit  the  circumstances  and  implemented  at  a  project level as each project
approaches  production, ensuring full compliance with  the law.  ACR has rightly
stated  that  Indigenisation  does  not  affect  an  exploration  company  until
production  revenues at a project level  have accumulated sufficiently to absorb
the  expenditure that has been written off against them.  At such a point, where
the  project/subsidiary crosses the net equity threshold, Indigenisation becomes
lawfully  required.  And indeed this is what we have worked upon and will comply
with  early next year  in our first  producing asset.  Furthermore, although not
required  to do so by  regulation, we are now  considering the possibility of an
earlier  stage,  broad-brush,  partial  indigenisation  roll-out  to lower entry
barriers while offsetting risk to ACR at earlier stages.  It would be helpful if
Indigenisation  rules regarding  the Zimbabwe  Stock Exchange  and cascading net
equity would be improved and clarified.  Work continues in these spheres.

In  light of the above,  the risk profile of  Zimbabwe and indeed ACR's Zimbabwe
projects  has surely to  be reassessed.  While  the proof of  actual cash earned
will  remove many doubts, the  time has arrived where  our technical mining risk
has   been   quantified   and  minimised;  the  primary  sovereign  risk  issues
appropriately addressed; and these risks have been judged acceptable to proceed.
 This  offers ACR  Zimbabwe the  prospect of  being self-funded  in exploration,
resource-development and in some cases subsequent production projects.

Throughout  a  difficult  2011, our  Chairman  has  made many extended visits to
Zimbabwe.   He has met officials at  all levels and developed relationships that
give us comfort and confidence on our security of tenure.  Simultaneously he has
been  making  strides  in  agreeing  with  several  government officials that an
amicable resolution of the Marange issue is surely in the interests of all.

In  light  of  the  above  work  and  progress,  I am confident that our risk in
Zimbabwe  is  significantly  lower  than  before  and  I  am hopeful that we are
entering  a period of relations  and profitability which will  allow us to spend
less time looking over our shoulder and more time developing both our assets and
the national interest.

Zambia

As  you will no doubt  be aware, Zambia recently  held peaceful and fair general
elections.   For the fourth time power passed peacefully between the old and new
President,  from  one  party  to  another.   The  new  government  has  made  an
impassioned  pledge to remove  corruption and set  the country more  firmly on a
path  of economic growth.   Also in 2011, Zambian  copper output achieved record
all-time  historical highs.  Since coming into  office the new Minister of Mines
has declared a moratorium on license issues as irregularities and inefficiencies
in  the system are  investigated and rectified.   This has been  welcomed by the
industry at large, not least ACR which has been affected by some of the systemic
abuse  - a trend which  is now being reversed.   I have personally witnessed the
transformation  of Zambia since the late  1990's into an economic growth success
story,  a process which is still underway.  It has been truly impressive and the
new   Government  brings  a  freshness  and  energy  that  will  compliment  and
reinvigorate  this  strategy.   There  remain  many  opportunities  for  mineral
discovery  in Zambia and ACR have made exciting headway on a number of fronts in
this  regard.  Our stated,  long-standing goal of  broadening our sovereign risk
base  has been well  served by our  efforts and I  must congratulate our Zambian
office for their dedication.

Projects

I will not dwell on details of all of our projects, but rather on those where we
have  expended the  most money  and man-hours  in the  past six months and those
likely  to attract the most  attention in the next  12 months.  This by no means
implies  the projects I omit  to be at standstill  and regular technical updates
available  on our website will keep the information and status of these projects
available to the market.  Various geological and metallurgical work continues on
many  deposits prior to decisions on resource definition.  It is also noteworthy
that  we have relinquished  large parcels of  prospective ground in Zimbabwe and
Zambia where we felt that we will not have sufficient resources to do justice to
prospectivity.   This  is  in  keeping  with  the  law  and with our own tighter
strategic focus.

Pickstone Gold

I  address this project  first to elaborate  on some statements  above.  The new
reality in markets to which I referred has imparted an urgency to the derivation
of  cash from our assets  and the Pickstone sulphide  tailings dump is a project
that  is thoroughly  and exhaustively  researched.  In  the past six months, new
metallurgical  test work has been extremely helpful and has led us to a simpler,
lower-cost  design.  We have had two false  starts on this project when would-be
financial  partners withdrew  in light  of sovereign  risk issues.  What remains
difficult  (or nigh-impossible) in  Zimbabwe is local  debt-finance of any scale
for  mining.   However,  with  the  Indigenisation concluded and the feasibility
complete,  we  are  confident  of  achieving  funding for the Pickstone sulphide
tailings dump project and I hope to announce news in that regard within the next
quarter.

Subject to funding, the first phase production (i.e. the sulphide tailings) will
commence mid-2012.  Cash generated will be significant and can pay, if it was so
decided,  for subsequent investment in production phases at Pickstone and Giant,
while  simultaneously affording  a more  aggressive drill  out of  other assets,
especially Gadzema.  The conclusion of our project Indigenisation is imminent at
Pickstone  and  the  continued  strength  in  the  gold price indicates a strong
profitability will be enjoyed throughout the various phases of mining envisaged.
 The  on-going injection of cash will  re-define us as a self-funded exploration
company  where small-to-medium  projects are  funding the  development of large,
world-class resources which will eventually progress to bulk mining.

Gadzema Gold

As targeted in our last report, we have passed the 1 million troy ounce ('troz')
resource  milestone  at  Gadzema.   For  reference,  our  Gadzema  gold  project
comprises  a consolidation of smaller claims over a north-south strike length of
some  8kms, commencing in the north with  the brown-field Giant mine-site.  This
old  mine deposit,  which produced  over half  a million  ounces before  a mine-
collapse  closed  it  in  the  1960s, is  well  mineralised  in  the banded iron
structures  with  a  large  pit  already  modelled.   Virgin  discoveries  of  a
mineralised  diorite in the southern fringes  increased the resource.  A further
virgin  discovery of  an associated,  large-scale, mineralised  felsic, ryolitic
porphyry  deposit  at  surface  extended  the  estimated  strike  significantly.
 Approximately  a quarter of the entire structure length has now been drilled to
120 metres  depth, and in the process  we have defined a JORC-compliant resource
exceeding  a million ounces.   The mineralised structure  is consistent and will
lend  itself to a bulk mining  proposition with efficient economics, considering
for  example, that prospective mining widths delineated by drilling could exceed
450 metres  (wide) over significant stretches of  the strike.  More than 35,000
metres  have now  been drilled  in Gadzema  and while  awaiting assays  from the
latest  campaign we are planning the next  resource drill out.  It is hoped that
the  bulk  of  the  future  funding  will  come from the near-term production at
Pickstone.
The  main tailings dump at the Giant  mine has been assessed with an approximate
10,000 troz  of resource  being defined  to JORC  standard, averaging a grade of
0.8 to  0.9 g/t  gold  ('Au').   Metallurgical  tests  of  this resource are now
underway  in which I anticipate  a high percentage recovery  and it is envisaged
that the tailings treatment plant from Pickstone will be relocated here upon the
latter's  completion.  While not a significant resource on its own, this dump is
expected  to yield additional, profitable production  at a low investment level,
perpetuating ACR's self-funding exploration strategy.

Zambia - Copper/Gold/Silver

We have made several announcements addressing the development of our strategy in
the  north-west of  Zambia.  Zambian  licensing issues  and moratorium thereupon
have  delayed  full  establishment  of  tenure  in  some  instances,  but we are
confident  that the reformed system will  deliver a greater degree of certainty.
 Included  in the  most recent  rights acquisitions  is a brown-field site which
produced  high grade copper ('Cu') and  silver ('Ag') ore in the 1970s (Kalengwa
mine).   It was reported that 1.9 million tonnes of  ore with a cut off grade of
3g/t Cu  delivered  an  average  of  9.44% Cu  plus  50 g/t  Ag.   There remains
significant  known tonnage  in the  tailings dumps  (at 1.6% and  1.2% Cu each -
totalling  > 1 million tonnes) which could lead  to early cash flow but the real
target is of course significant ore bodies.

The  known ore  body has  not been  mined out  and is expected to yield economic
tonnage  at depth and along strike.  The desired targets in the greater area are
replications  of this  extremely high-grade  ore body  hosted by hydro-thermally
enriched  Katangan sediments as well as  Iron Oxide Copper Gold ('IOCG') targets
which  have been positively identified in the area, with others to be researched
and  identified.  Gold and silver showings  are consistent with the IOCG targets
with  petrology and mineralogy ratios correlating well to Olympic Dam style IOCG
mineralisation.  A structural interpretation of Kalengwa-style Katangan deposits
has  begun  and  is  leading  to  a  fine-tuned  method  of  targeting guided by
structural  controls which we  believe may yield  several deposits.  Considering
the  Kalengwa  deposit  did  not  outcrop  and  was detected only by a weak soil
anomaly, we appear to be dealing with an entirely new detection science for this
model  which  we  believe  may  well  be  endemic to the southern fringes of the
greater  Copperbelt.  Geophysics  is expected  to provide  a key cornerstone for
structural  control analyses.   Permissions are  underway to  commence an aerial
survey using ACR's recently acquired technology and aeroplane.  The commencement
of  that survey is imminent, limited only by logistics and the weather which has
set in with the prolific rainy season the region experiences.
Historical  data of the known deposit has  now been entirely recaptured and most
of  it has been digitised.  A 3 dimensional  model is being developed which will
lead  to extrapolations of  the known body  and its extensions, thereby yielding
immediate   drill  targets.   In  addition,  ACR  is  in  negotiations  with  an
exploration  firm who  was active  in the  1990s to acquire an extensive digital
data-set of work completed including drilling, geochemistry and geophysics.

We  expect to bring continuous  news flow on our  work in this region during the
next  year and aim at some  significant discoveries, likely brown-field resource
definitions and possible limited production in that time period.

Zambia - Rare Earths and Phosphates
Nkombwa  Hills in north-eastern  Zambia is a  large topographical feature of the
area  on the edge of the northern  Luangwa rift valley, standing some 1,000 feet
above  the surrounding  plains.  Results  from sampling  have yielded Total Rare
Earth  Oxides ('TREO') commonly  above 10% and up  to 22%.  Historically drilled
cores  have been re-assayed  and equally impressive  results shown.  A pre-rainy
season  drilling  programme  was  delayed  by  a  tenure  irregularity  that was
announced  to the market.  Extensive discussions  with the Minister of Mines and
his  Deputy have assured us that the matter is being rectified but the delay has
given  way  to  the  rainy  season  which hampers drilling mobilisation.  In the
meantime,  trenching continues and is expected to further define various aspects
of  the  carbonatite's  mineralised  facies.   In addition, higher than expected
phosphate  values have been detected  and ACR had agreed  in principle to extend
the agreement with Southern Crown Resources (our partners and technical experts)
to  incorporate phosphates  into the  joint venture  mineral suite subject to an
agreed  increase in  exploration spend.   This project  does not  require ACR to
contribute  funding for at  least another 12 months,  by which time our partners
are  obligated to  have defined  a JORC-compliant  mineral resource.   Technical
updates  will be available on ACR's website from time to time detailing progress
on this project.  The funding and technical partnership with ASX-listed Southern
Crown Resources is an example of a successful project-level funding model.

Conclusion

Our  focus has tightened in tandem with the markets.  We have gold production in
our  sights and a  commitment to self-funding  thereafter.  Under-valuation is a
common  theme around stock  exchanges at the  moment, and proper valuations will
return fastest to those who can best weather the cash drought.  Our strategy has
been  moulded to match and we must  progress steadily to profitable cash stream.
 Our  staff, management and Board have contributed diligently and constructively
at  all levels and I thank them for their continued commitment while wishing all
a joyous holiday and festive season.  Next year will unlikely be any easier than
2011 so  we  need  to  ensure  the  skills  and resilience we have developed are
sensibly  deployed  to  ensure  not  only  our  survival  but  to succeed beyond
expectation.

Andrew Cranswick
Chief Executive Officer


This  report and the report of the Executive Chairman have 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 [phone]
                             plc                            [phone]

Andrew Cranswick             African Consolidated Resources [phone]
                             plc

Andrew Godber                Panmure Gordon (UK) Limited    [phone]

Callum Stewart               Panmure Gordon (UK) Limited    [phone]

Susie Geliher                St Brides Media & Finance Ltd  [phone]


Group statement of comprehensive income
for the six months ended 30 September 2011

                                   For the six    For the year       For the six
                              months ended 30            ended  months ended 30
                                September 2011   31 March 2011    September 2010
                                         Group           Group             Group
                                         $'000                             $'000
                        Note                             $'000

Revenue                                      -               -                 -

Share options (expense)                    300           (232)             (101)
writeback

Other    administrative                (2,069)         (3,612)           (1,761)
expenses
                            ----------------------------------------------------
Administrative expenses                (1,769)         (3,844)           (1,862)
                            ----------------------------------------------------
Operating loss                         (1,769)         (3,844)           (1,862)

Finance income                              13              35                23
                            ----------------------------------------------------
Loss before and after                  (1,756)         (3,809)           (1,839)
taxation attributable
to the equity holders
of the parent company
                            ----------------------------------------------------


Other comprehensive
income

Gain on available for                        2               6                 8
sale financial assets
                            ----------------------------------------------------


Total comprehensive                    (1,754)         (3,803)           (1,831)
loss attributable to
the equity holders of
the parent company
                            ----------------------------------------------------
Loss  per share - basic  3        (0.46) cents    (1.09) cents      (0.51) cents
and diluted
                            ----------------------------------------------------

Group statement of changes in equity
for the six months ended 30 September 2011

                Share   Share   Share     Foreign Available     EBT  Retained   Total
              capital premium  option    currency  for sale reserve earnings/
              account account reserve translation   reserve          (losses)
                                          reserve

                                $'000       $'000     $'000   $'000     $'000   $'000
                $'000   $'000

At 31 March     6,460  41,722   2,239     (1,855)      (13) (2,468)  (14,059)  32,026
2011

Total               -       -       -           -         2       -   (1,756) (1,754)
comprehensive
loss for the
period

Credit in           -       -      85           -         -       -         -      85
respect of
share option
charges

Share options       -       - (2,045)           -         -       -     2,045       -
lapsed

Share options       -       -   (165)           -         -       -       165       -
exercised

Allotment of        -       -       -           -         - (1,454)         - (1,454)
shares to EBT

Shares
issued:

- for cash      1,264   6,320       -           -         -       -         -   7,584
consideration

- in respect      126     439       -           -         -       -         -     565
of share
options

- for              28     131       -           -         -       -         -     159
purchase of
assets

- in respect       19     160       -           -         -       -         -     179
of fees

- share issue       -   (307)       -           -         -       -         -   (307)
costs
             ------------------------------------------------------------------------
At 30           7,897  48,465     114     (1,855)      (11) (3,922)  (13,605)  37,083
September
2011
             ------------------------------------------------------------------------

At 31 March 2010        6,279 40,293 2,267 (1,855) (19) (1,734) (10,299)  34,932

Total comprehensive         -      -     -       -    6       -  (3,809) (3,803)
loss for the year

Credit in respect of        -      -    21       -    -       -        -      21
share option charges

Share options lapsed        -      -  (49)       -    -       -       49       -

Shares issued:

 - for purchase of         84    616     -       -    -       -        -     700
assets

 - to the EBT              79    655     -       -    -   (734)        -       -

 - in respect of fees      18    158     -       -    -       -        -     176
                       ---------------------------------------------------------
At 31 March 2011        6,460 41,722 2,239 (1,855) (13) (2,468) (14,059)  32,026
                       ---------------------------------------------------------


At 31 March 2010        6,279 40,293 2,267 (1,855) (19) (1,734) (10,299)  34,932

Total comprehensive         -      -     -       -    8       -  (1,839) (1,831)
loss for the period

Credit in respect of        -      -     -       -    -       -        -       -
share option charges

Shares issued:

 - for cash                84    616     -       -    -       -        -     700
consideration
                       ---------------------------------------------------------
At 30 September 2010    6,363 40,909 2,267 (1,855) (11) (1,734) (12,138)  33,801
                       ---------------------------------------------------------
Group statements of financial position
As at 30 September 2011

                                    30 September 2011 31 March 30 September 2010
                               Note             Group     2011             Group
                                                $'000    Group             $'000
                                                         $'000

Assets

Non-current assets

Intangible assets               4              27,742   24,800            22,094

Property, plant and equipment                   3,222    2,975             2,933

Available for sale investments                     34       32                34
                                   ---------------------------------------------
                                               30,998   27,807            25,061
                                   ---------------------------------------------
Current assets

Inventory                                          29       60                 5

Receivables                                       853      403               754

Available for sale investments                     15       15                15

Cash and cash equivalents                       7,149    4,929             8,796
                                   ---------------------------------------------
Total current assets                            8,046    5,407             9,570
                                   ---------------------------------------------
Total Assets                                   39,044   33,214            34,631
                                   ---------------------------------------------


Equity and Liabilities

Capital and reserves
attributable to equity holders
of the Company

Called-up share capital                         7,897    6,460             6,363

Share premium account                          48,465   41,722            40,909

Available for sale reserve                       (11)     (13)              (11)

Share option reserve                              114    2,239             2,267

Foreign  currency  translation                (1,855)  (1,855)           (1,855)
reserve

EBT reserve                                   (3,922)  (2,468)           (1,734)

Retained earnings                            (13,605) (14,059)          (12,138)
                                   ---------------------------------------------
Total equity                                   37,083   32,026            33,801
                                   ---------------------------------------------
Current liabilities

Trade and other payables                        1,961    1,188               830
                                   ---------------------------------------------
Total current liabilities                       1,961    1,188               830
                                   ---------------------------------------------
Total Equity and Liabilities                   39,044   33,214            34,631
                                   ---------------------------------------------

Group statements of cash flow
for the six months ended 30 September 2011
                                    For the six    For the year      For the six
                               months ended 30            ended months ended 30
                                 September 2011   31 March 2011   September 2010
                                          Group           Group            Group
                                          $'000                            $'000
                                                          $'000

CASH FLOW FROM OPERATING
ACTIVITES

Loss for the year                       (1,756)         (3,809)          (1,839)

Adjustments for:

  Depreciation                               29              78               45

  Unrealised         exchange                75            (39)             (44)
  gain/(loss)   on  cash  and
  cash equivalents

  Finance income                           (13)            (35)             (23)

  Profit on sale of property,                 -            (33)                -
  plant and equipment

  Services settled in shares                179             176                -

  Share     option     (write             (300)             232              101
  back)/expense
                             ---------------------------------------------------
                                           (30)             379               79
                             ---------------------------------------------------
Changes in working capital:

  (Increase)/Decrease      in             (450)             106            (245)
  receivables

  Decrease/(Increase)      in                31            (40)               15
  inventories

  Decrease in payables                    (297)           (193)            (441)
                             ---------------------------------------------------
                                          (716)           (127)            (671)
                             ---------------------------------------------------
Cash used in operations                 (2,502)         (3,557)          (2,431)

Investing activities:

  Payments     to     acquire           (2,815)         (5,507)          (2,938)
  intangible assets

  Payments     to     acquire             (243)         (1,513)          (2,001)
  property,     plant     and
  equipment

  Proceeds   on  disposal  of                 -              33                -
  property,     plant     and
  equipment

  Interest received                          13              35               23
                             ---------------------------------------------------
                                        (3,045)         (6,952)          (4,916)
                             ---------------------------------------------------
Financing Activities:

  Proceeds  from the issue of             7,842               -              700
  ordinary   shares,  net  of
  issue costs

Increase /(Decrease) in cash              2,295        (10,509)          (6,647)
and cash equivalents

Cash and cash equivalents at              4,929          15,399           15,399
beginning of year

   Exchange   (loss)/gain  on              (75)              39               44
   cash and cash equivalents
                             ---------------------------------------------------
Cash  and cash equivalents at             7,149           4,929            8,796
end of year
                             ---------------------------------------------------

Interim report notes

1   Interim Report

The information relates to the period from 1 April 2011 to 30 September 2011.

The interim report was approved by the Directors on 14 December 2011.

The  interim  report,  which  is  unaudited,  does  not  include all information
required  for full financial  statements and should  be read in conjunction with
the  Group's consolidated annual  financial statements for  the period ended 31
March 2011.

2   Basis of preparation

 a. The  unaudited  condensed  interim  financial  statements for the six months
    ended  30 September 2011 do not constitute  statutory accounts and have been
    drawn  up using accounting policies and  presentation expected to be adopted
    in  the Group's full financial statements for the year ended 31 March 2012,
    which  are not expected  to be significantly  different to those  set out in
    note  1 to the Group's  audited financial statements  for the year ended 31
    March 2011
 b. These  interim financial statements consolidate  the financial statements of
    the Company and all its subsidiaries.
 c. After  review of  the Group's  operations, the  directors have  a reasonable
    expectation that the Group has adequate resources to continue in operational
    existence for the foreseeable future. Accordingly, the directors continue to
    adopt  the going concern basis in  preparing the unaudited condensed interim
    financial statements.


3   Loss per share

                      For the six months For the year  ended  For the six months
                                   ended            31 March               ended
                            30 September                2011        30 September
                                    2011               Group                2010
                                   Group                                   Group

Loss   per  Ordinary
Share    has    been
calculated using the
weighted     average
number  of  Ordinary         377,327,065         349,675,876         346,813,958
Shares    in   issue
during  the relevant
financial year.
The weighted average
number  of  Ordinary
Shares  in issue for
the period is:


Losses for the Group             (1,756)             (3,809)             (1,839)
for the year are:

($'000)



Loss per share basic         (0.47cents)         (1.09cents)         (0.53cents)
and diluted

The effect of all
potentially dilutive
share options is
anti-dilutive.

4        Intangible assets


Group                         Deferred Mining options Licence acquisition  Total
                        exploration costs                              costs

                                 $'000          $'000               $'000  $'000

Cost  at  31 March              19,849             10               4,941 24,800
   2011

Additions   during               2,892             50                   -  2,942
   the year

Disposals   during                   -              -                   -      -
   the year
                  --------------------------------------------------------------
Cost     at    30               22,741             60               4,941 27,742
   September 2011
                  --------------------------------------------------------------

Cost  at  31 March              14,173              -               4,845 19,018
   2010

Additions   during               5,728             10                  96  5,834
   the year

Disposals   during                (52)              -                   -   (52)
   the year
                  --------------------------------------------------------------
Cost  at  31 March              19,849             10               4,941 24,800
   2011
                  --------------------------------------------------------------

Cost  at  31 March              14,173              -               4,845 19,018
   2010

Additions   during               2,983              -                  93  3,076
   the year

Disposals   during                   -              -                   -      -
   the year
                  --------------------------------------------------------------
Cost     at    30               17,156              -               4,938 22,094
   September 2010
                  --------------------------------------------------------------
5        Financial information

The  financial information for  the year ended  31 March 2011 has been extracted
from  the statutory accounts for that period. While the auditors' report for the
year  ended 31 March 2011 was unqualified, it did include an emphasis of matters
concerning  the  political  and  economic  stability  in  Zimbabwe, to which the
auditors drew attention by way of emphasis without qualifying their report. Full
details  of these comments is contained in the report of the Auditors on Page 8
of  the Final Results for the year  to 31 March 2011, released elsewhere on this
website on 20 July 2011.







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Source: African Consolidated Resources Plc via Thomson Reuters ONE

[HUG#1571490]