Joint Venture Giant Extension Project - Earn in...

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

      Joint Venture Giant Extension Project - Earn in Completed

                           Issue of Equity

Highlights:

*          Exploration expenditure requirement satisfied to earn a
  75% interest in joint venture project adjacent to the Giant Mine
  and Blue Rock project.

*          Put option exercised by joint venture partner to give ACR
  a 100% interest in the project for a consideration of US$150,000.


ACR, the Zimbabwe focused mineral exploration company announces  that
it has completed  US$400,000 of exploration  expenditure on its  gold
exploration joint  venture  with  Flenshord  Investments  (Pvt)  Ltd.
('Flenshord') on exploration ground  in the Gadzema greenstone  belt.
This ground is adjacent to the Company's Giant Mine and also adjacent
to the  Company's Blue  Rock project.   As a  result of  meeting  the
exploration expenditure  requirement set  out  in its  joint  venture
agreement with Flenshord, ACR  acquired a 75%  interest in the  joint
venture.

Under the joint venture agreement, Flenshord had a put option and ACR
a call option over Flenshord's 25%  share in the joint venture,  each
of which could be exercised for  a payment of US$150,000 at any  time
within  the  six  month  period  after  the  US$400,000   exploration
expenditure requirement had been satisfied.

Flenshord has duly exercised its put option and accordingly, ACR  now
has a  100% title  to the  exploration ground  covered by  the  joint
venture.

The Company has today  issued 595,239 ordinary shares  of 1p each  in
the Company ('Shares') at  an issue price of  14p per Share for  cash
consideration of £83,333.

Application has  been made  to the  AIM Market  of the  London  Stock
Exchange ('AIM')  for  595,239  Shares  to  be  admitted  to  trading
('Admission'). Admission  is  expected to  occur  at 8.00  am  on  24
October 2008.

Following this issue of Shares, the  total number of Shares in  issue
at the  date of  this announcement  is 224,003,129,  with each  Share
carrying the right to one vote.


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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