Interim Results

African Consolidated Resources Plc
29 November 2006

African Consolidated Resources

Interim results for the six months ended 31 August 2006

African Consolidated Resources, the AIM listed gold and minerals exploration
company operating in Zimbabwe today announces its maiden interim results for the
half year ended 31 August 2006.

Highlights

•   Admission to AIM, raising GBP 4m at a price of 12p per share

•   Inferred resource of 820,500 JORC ounces of gold as reported in the
    Admission Document. Revised Resource calculation to include new drilling is 
    in progress

•   Good progress made in first phase drilling at Pickstone Peerless and
    Giant mines - including discovery of southern extension to the Giant Mine 
    and confirmation of gold lodes on Duchess Hill at Pickstone. Comprehensive 
    soil geochemistry has been completed on the Renco target in the Lowveld

•   Acquisition of the eastern block of Snakes Head platinum project
    agreed. Geological mapping completed on the west block. Mapping has 
    identified the only known gabbro cap on the Great Dyke which appears to be 
    fully intact - encouraging sulphide mineralisation observed in 
    reconnaissance rockchips

•   Three primary nickel targets acquired, with work programmes either
    planned or commenced. State of the art Mobile Metal Ion geochemistry 
    programme planned for extensive holding in Chakari

•   Diamond find - some teething issues - bulk sampling programme planned

•   Peter Vanderspuy has agreed to join the Board as Chairman

Financial

•   Loss of £1.09m to 31 August 2006 as exploration programmes progressed
    to plan

•   Cash balance of £3.35m as of 31 August 2006

Outlook

•   Work progressing on our portfolio of existing and new projects

•   Continuing buoyancy in metals and commodities markets fuelled by
    consumption and development of China and India



Andrew Cranswick, Chief Executive of ACR commented:

'This has been a very successful year for ACR. Not only have we listed on AIM,
raising valuable development capital, but we have progressed from a gold play to
developing a multi mineral, multi property portfolio.

Whilst gold remains the core of our portfolio, the international commodities
market provides considerable optimism for our future. With exposure to gold,
copper, platinum, nickel and diamonds, ACR is well placed to take advantage of
the predicted continued growth in metals and mineral prices as we look to
further develop our portfolio both in strategic scope and operational depth.'

                                                                29 November 2006
Enquiries:

African Consolidated Resources
Andrew Cranswick            Chief Executive                    + 44 79 2018 9010
Roy Tucker                  Finance Director                   + 44 1622 816 918
Ian Fisher                  Executive Director                 + 44 79 2018 9011

Evolution
Simon Edwards                                                  + 44 20 7071 4330

College Hill
Nick Elwes / Paddy Blewer                                      + 44 20 7457 2020



Chief Executive's statement

The year is drawing to a close and I take great pleasure in updating you on
developments and progress in the prospects and projects of African Consolidated
Resources.

2006 was indeed an important year for us and saw the company successfully
listing on the AIM Market of the London Stock Exchange amidst severe market
angst and turbulence. While an achievement that remains a credit to the quality
of our assets, management and strategy, the listing was not an end in itself but
rather the laying of an important foundation stone in a major exploration play
upon an under-explored terrain.

I am happy to announce that Peter Vanderspuy has agreed to join the Board of ACR
in the capacity of Chairman (non-executive). Confirmation is pending regulatory
proceedings. Peter has a wealth of knowledge and trail of success stories in
exploration behind him, including the founding of Delta Gold and Zimplats. We
believe the guidance and input he will offer will provide an invaluable
contribution to the success of ACR.

Since July we have continued and almost completed the first phase drilling of
our most advanced gold projects, the Pickstone Peerless and Giant mines. The
definition envelope of mineralised ground has been expanded in several
directions and some exciting intercepts encountered. Limitations of the assay
labs have yet to be fully overcome and we continue to work with our partners
toward an improvement in that processing capacity. Local bureaucracy makes
export of samples difficult but that has now been largely overcome.

Exploration Highlights are as follows:

Gold:

A total of 32,100 metres of RC drilling and 10,600m of RAB drilling has been
completed at the Pickstone-Peerless project (including the Concession, Duchess,
Blue Streak and St Kilda prospects) since the drilling that was taken into
account for the Resource statement in the Admission Document. The majority of
holes have returned results from the assay labs and the remainder are expected
over the coming six weeks. Further drilling of 1500 metres is required to
complete first phase on the project and obtain assays for same. Thereafter,
detailed cross-sections will be produced and the Company will calculate a
revised resource and undertake ore body modelling. It is the intention of the
management to seek preliminary mine costing and economic grade analyses for a
pit design or series of pit designs within this project area. This will assist
in the planning of a second phase drilling campaign to advance resources to a
pre-feasibility stage.

   Hole ID      Easting     Northing           Prospect              From        Thickness     AV Grade
                                                                       m             m            g/t
   BSRC014       22600        9594            BLUE STREAK             47             9           15.9
   BSRC011       22440        9681            BLUE STREAK             74            13            5.8
   BSRC013       22520        9603            BLUE STREAK             47            16            1.4
   BSRC007       23560        9319            BLUE STREAK             55             4            2.9

   CHRC101       21275        9589            CONCESSION              139            9            3.4
   CHRC052       20880        9652            CONCESSION              145            4            6.8
   CHRC051       20960        9671            CONCESSION              61             4            6.7
   CHRC088       20960        9819            CONCESSION              112            7            3.6
   CHRC047       21760        9706            CONCESSION              72             3            7.2
   CHRC058       21838        9590            CONCESSION              71             5            3.1
   CHRC053       20960        9779            CONCESSION              97             7            2.1
   CHRC039       21041        9752            CONCESSION              46             3            3.6
   CHRC101       21275        9589            CONCESSION              131            5            2.0

   DHRC019       22840        9262              DUCHESS               44            18            3.8
   DHRC053       22520        9290              DUCHESS               85            11            3.4
   DHRC023       22832        9233              DUCHESS               78            14            2.6
   DHRC051       22760        9356              DUCHESS               66            11            2.0
   DHRC015       22280        9311              DUCHESS               102            5            3.8
   DHRC038       22279        9288              DUCHESS               124           10            1.7
   DHRC049       22521        9448              DUCHESS               65            11            1.5
   DHRC020       23000        9266              DUCHESS               88             5            2.9
   DHRC015       22280        9311              DUCHESS               85             7            2.0
   DHRC023       22832        9233              DUCHESS               100            6            2.2

   PFRC029       22840       10146         PEERLESS FAR EAST          138           12            1.5

   SKRC002       19040        9981             ST KILDA                7             8            3.3
   SKRC013       19160       10090             ST KILDA               91             9            2.9
   SKRC008       19160       10032             ST KILDA                7            17            0.9
   SKRC013       19160       10090             ST KILDA               82             5            2.3

At the Giant Mine, drilling intersected a broadening (east and west) and
southern extension of the diorite body which forms part of the mineralised
envelope in the historical resource definition. While significant sulphide
alteration was witnessed throughout the diorite, the gold-mineralised portion
appears to be localised on the margins, and the centre is low-grade or barren.
The drilling has extended the known mineralisation about 150m to the south.
Similarly to the north, mineralised banded ironstone was regularly intersected
over several hundred metres of strike beyond the existing Resource, but the
complete assay database is yet to be collated. Final definition of the ore grade
envelope will be completed in the coming months. ACR has drilled a total of
10,164 metres to date and anticipates a further 2000 metres before finalisation
of a revised resource. It is the intention of the management to seek preliminary
mine costing and economic grade/tonnage analyses for a pit design within this
project area.

Significant Intercepts since the previous Resource upgrade in June include:-

   Hole ID      Easting     Northing       Prospect          From        Thickness     AV Grade
                                                               m             m            g/t
   GNRC082      198217      8004561          GIANT            84             7           17.9
   GNRC013      198089      8004150          GIANT            40            31            1.7
   GNRC065      198120      8004125          GIANT            100            8            2.1
   GNRC096      198379      8005200          GIANT             1             3            3.6
   GNRC016      198119      8004147          GIANT            70            10            1.1

RAB drilling continues at the Blue Rock prospect (south of Giant in the same
Greenstone system) and over which ACR has an option. Results are awaited.

Extensive soil analysis has been completed at a wide variety of gold targets
including along the Renco trend in the Lowveld of geophysical and structural
targets defined for acquisition and pegged over the latter half of 2006. Some
2500 soil samples were taken in the region and we are awaiting results.

Geochemistry will be applied on a large scale to gold prospects in Chakari North
and Chakari West. This is a relatively unexplored greenstone belt with many of
the right indicators from historical data. While extensive agricultural use of
land has in the past inhibited exploration, much of the farming land is now idle
and hence open for prospecting.

Platinum Group:

The Snakes Head project, a PGE project on the northern part of the Great Dyke,
has been consolidated and the Company has carried out detailed geological
mapping on the west block. The exercise was headed by a recognised expert on the
Great Dyke which hosts the world's second largest reserves of PGE metals.

The geological mapping has identified the presence of what appears to be the
only known occurrence of the original, intact gabbro cap that is believed to
have once overlain the entire length of the Great Dyke. This discovery is of
significant interest as it is believed that the magnetite-rich upper levels of
the gabbro could contain sulphide zones of PGE's, nickel, gold or copper. Such
mineralisation would be in addition to known PGE-bearing reefs below. The
Company intends to complete a reconnaissance geochemical programme to cover this
newly identified target which has similarities to the Skaergaard intrusion in
Greenland and Stella intrusion in South Africa style of mineralisation.

Meanwhile the primary, known PGE bearing zones of the Great Dyke remain a target
for resource definition in the future. While the grades anticipated in the known
reefs of the northern chamber are most likely sub-economic at current PGE
prices, the longer term strategy under consideration by the Board would allow
for definition and accumulation of contained ounces, effectively constituting a
low-cost option on higher metal prices.

Nickel:

ACR has three primary nickel targets; one a very large, layered ultramafic
intrusive, the second is an Archaean ultramafic intrusive into the Chakari
greenstone belt, while the third is a laterite prospect. The former and largest
of the three is the Chewore inlier where a geochemistry programme has been
prepared as a first-pass targeting of this greenfield prospect.

The second ultramafic is the Chakari West serpentinite, incorporating the
brownfield target of the old Perseverance mine. The mine itself operated for a
limited period in the 1970's and produced some 4,000 tonnes of nickel at 1% ore
grade with 0.4% copper credits until it was closed due to low metal prices and
exhaustion of known Reserves in 1980. ACR has secured the entire original site
as well as all known and interpreted extensions defined by mapping and / or
aeromagnetic surveys. ACR has commenced a state-of-the-art Mobile Metal Ion
(MMI) soil geochemistry programme under the guidance of an independent
consultant from Perth. This technology has a history of significant discovery
success in such terrain. With extensive ground under claim in the area, the
directors and technical staff consider this a promising project. Sample analysis
will be completed in Canada.

Satellite data and historical research has led us to some very interesting
nickel laterite targets. Soil sampling shows very encouraging nickel enrichment
and a more extensive acquisition and sampling programme is envisaged.

Diamonds:

The discovery of an occurrence of diamonds was announced by ACR to the market on
24 September 2006. The occurrence which is in the south east of Zimbabwe
comprises alluvial diamonds found in an unusual setting of Precambrian
conglomerates containing diamonds. The project has gradually taken shape amid
some teething problems.  An influx of artisanal miners disrupted proceedings for
some time. They have now been largely cleared from the area by the police and
should shortly be stopped entirely by fencing. In addition there has been
disagreement between the Company and the Mining Commissioner's office regarding
the validity of ACR's claims and this remains an ongoing issue. The Company has
taken legal advice in this regard and has cause for hope that the deposit
(Marange deposit) will be worked commercially in the short to medium term to the
benefit of the Company. A bulk sampling programme is being planned and is
expected to establish an indication of the extent and potential economic
significance of mineralisation.

Copper:

The Company has begun discussions with the owner of Umkondo copper prospect in
the south east of Zimbabwe. Preliminary studies suggest a low-cost, large
open-pit operation could be viable. Zimbabwe has excess copper smelting
capacity. The area is considered prospective for sediment-hosted copper deposits
and there is potential for iron oxide copper-gold style deposits in the greater
region.

Outlook:

The metals and commodity markets have been steadily holding their own in most
part. The recent decline in precious metal prices were, I believe, a healthy
correction and I look to a long-term rising market which I believe we have yet
to fully enjoy. PGE's continue to test all time highs. Base metals have been
somewhat jittery in parts but nickel's performance remains stellar. Given the
anticipated strength of our nickel projects, we are indeed excited by these
trends. I believe that the continued strength and growth rates of the demand
which is fuelled largely by consumption and development of China and India is
set to continue and thereby support prices in the medium to long term.

Notwithstanding Zimbabwe's struggling economy the country's skill base continues
to be excellent and provides a good working environment. Politically, the
country approaches Presidential elections in 2008 while talks of succession are
given little official acknowledgement.

In the case of all target mineral projects we have had discussions with several
international mining and exploration companies with a view to possible joint
ventures where a synergy of skills or availability of specific capital could
enhance shareholder value. We continue to engage in such discussions and any
firm agreements would be announced in due course.

Finance:

The Company raised £4 million (£3.2m net of expenses) of new money through a
successful placement simultaneous with a listing on AIM on 29 June 2006.

The results for the period 1 March through 31 August 2006 show a loss of
£1,086,714 as exploration programmes progress to plan.

At 31 August 2006 the Group had a cash balance of £3,352,343.

No dividend has been proposed for the period.

Conclusion:

Your Board continues to look to the future with optimism for the fortunes and
projects of the Company. We expect results to keep flowing from our exploration
efforts and shall issue new releases whenever possible or necessary.

I wish to congratulate the employees, Board and management of ACR for an
efficient and diligent effort in all facets of the Company's operations. I would
also extend my sincerest gratitude and appreciation to the shareholders and
investors. We have had solid, loyal support for our strategy and game plan which
we continue to follow towards our stated goal of becoming an established mining
house in Africa. It pleases me immensely that few have lost sight of the long
term vision while maintaining the belief and patience required to achieve that
vision.

Andrew Cranswick
Chief Executive Officer
29 November 2006


Consolidated profit and loss account
six months ended 31 August 2006


                                                                          Notes           Group Unaudited
                                                                                                     £000

Turnover                                                                                                -

Administrative expenses                                                                           (1,132)

Operating loss                                                                                    (1,132)

Interest receivable                                                                                   46

Loss on ordinary activities before and after taxation                                             (1,086)

Loss per share - basic                                                        3              (0.66) pence



Consolidated balance sheet
Six months ended 31 August 2006
                                                                           Note                     Group
                                                                                                     £000

Fixed assets

Intangible assets                                                             2                    4,011

Tangible assets                                                               2                      209

Fixed asset investments                                                       2                       20

                                                                                                   4,240



Current assets

Inventory                                                                                             87

Receivables                                                                                           60

Cash at bank                                                                                       3,352

                                                                                                   3,499

Creditors - amounts falling due within one year                                                      545

Net current assets                                                                                 2,954

Total assets less current liabilities                                                              7,194




Capital and reserves

Called-up share capital                                                                            1,900

Share premium account                                                                              6,622

Profit and loss account                                                                           (1,427)

Share option reserve                                                                                  99

Equity shareholder's funds                                                    4                    7,194




Consolidated cash flow statement
Six months ended 31 August 2006
                                                                                               Group
                                                                                                £000
CASH FLOW FROM OPERATING ACTIVITIES

Loss after tax                                                                               (1,086)

Adjustments for:

Share option charge                                                                              46

Depreciation                                                                                     22

Finance income                                                                                  (46)

                                                                                             (1,064)
Changes in working capital:

Increase in receivables                                                                          (6)

Increase in stock                                                                               (36)

Decrease in payables                                                                           (438)

                                                                                               (480)

Cash outflow from operations                                                                 (1,544)

Investing activities:

Payments to acquire intangible assets                                                        (1,682)

Payments to acquire property, plant and equipment                                               (89)

Reduction in fixed asset investments                                                             23

Interest received                                                                                46

                                                                                             (1,702)

                                                                                             (3,246)
Financing Activities:
Issue of share capital                                                                        4,772

Less pro rata share issue expenses written off share premium                                   (149)

                                                                                              4,623

Increase in cash and cash equivalents                                                         1,377
Cash and cash equivalents at beginning of period                                              1,975

Cash and cash equivalents at end of period                                                    3,352



Interim Report notes

1. Interim Report

The information relates to the period from 1 March 2006 to 31 August 2006. No
comparatives are included as there was no corresponding period in the preceding
financial year.

The interim report was approved by the Directors on 29 November 2006.

The interim report is unaudited.

2. Basis of Accounting

a. The report has been prepared using accounting policies that the Group
   and its subsidiaries adopted and used for its first accounting period to
   28 February 2006. The information does not constitute statutory accounts
   within the meaning of section 240 of the Companies Act 1985.

b. These interim financial statements consolidate the financial statements of 
   the Company and all its subsidiaries.

c. Intangible Fixed Assets

   •   Expenditure on the acquisition, exploration, development and
       evaluation of interests in projects including related overheads are 
       capitalised. Such costs are carried forward in the balance sheet under 
       intangible fixed assets.

   •   The Group adopts a 'project area' method of accounting whereby
       all exploration and development costs relating to a project area are 
       capitalised and carried forward until abandoned. In the event that a 
       project area is abandoned, or if the Directors consider the expenditure 
       to be of no value, accumulated exploration costs are written off in the 
       financial year in which the decision is made.

    •  Recoupment of capitalised exploration and development costs is
       dependent upon successful development and commercial exploitation of each
       project area and are amortised over the expected commercial life of each 
       project area once production commences.

d. Tangible fixed assets are stated at cost less depreciation.

e. The Company and Group will report again for the full year to 28 February 
   2007.

3. Loss per share
                                                                                         Six months ended
                                                                                           31 August 2006
                                                                                                Unaudited
                                                                                                     £000

Loss per share has been calculated on loss of:                                                    (1,086)

The weighted average number of shares used was                                               164,791,364

Basic loss per share                                                                         (0.66) pence


4. Reconciliation of movements in shareholders' funds

                                                                                         Six months ended
                                                                                           31 August 2006
                                                                                                Unaudited
                                                                                                     £000

Opening shareholders funds                                                                         3,611

Losses for the period                                                                             (1,086)

Proceeds of share issues                                                                           4,772

Less pro rata share issue expenses written off share premium                                        (149)

Increase in share option reserve                                                                      46

Closing shareholders funds                                                                         7,194








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