Marange Update

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

21 May 2013

African Consolidated Resources plc ('AFCR' or 'the Company')

Marange Update

African Consolidated Resources PLC, the AIM listed resource and development Company, announces that it has now had sight of a judgement handed down on 10 May 2013 in which it was determined that the indictment against the Company (the "Indictment") relating to alleged offences in connection with diamonds from Marange (the "Alleged Offences") could not be quashed on the basis that the charges do not disclose an offence.

As disclosed in the Company's announcement of 8 November 2010 (the "Previous Announcement") the Company had been charged with the Alleged Offences following the High Court judgement of Hungwe J of September 2010 (the "Rescission Judgement") which rescinded the judge's own judgement of September 2009 which had determined that the Company's title to its diamond claims at Marange were valid.  The Company has appealed against the Rescission Judgement (the "Appeal") but the Company has not pressed prosecution of the Appeal in its effort to reach an amicable settlement with the Zimbabwean Government.

In relation to the Indictment, the Company had argued that the Indictment should be quashed as any hearing in relation to it would be fundamentally affected by the results of the Appeal.  Although the judge decided that the indictment could not be quashed, he indicated that it may be appropriate for the Company to apply for a stay of proceedings until the Appeal was determined.  The Company now intends to apply to the Attorney General for such a stay.

As stated in the Previous Announcement, the Company has been legally advised that the charges contained in the Indictment are groundless.  AFCR has at all times acted both honestly and transparently in all matters both concerning its acquisition of the Marange claims and its defending of title thereto.  AFCR continues to repeat its desire to work with Government to resolve the Marange Issue in a way which is fair both to AFCR and to the people of Zimbabwe.

AFCR's Chairman, Roy Tucker, commented: "This judgement is just one small step in a series of consequences set in motion by the Company's discovery of the Marange diamond deposits, now some seven years ago. We believe it arises from the normal functioning of the Courts and does not represent any new initiative by the Zimbabwe Government. The whole story has been largely overtaken by events and the Company's focus in Zimbabwe is investing significant funds into the Pickstone gold mine which is planned to be in production by the end of the first half of next year."

**ENDS**

For further information visit www.acrplc.com or please contact:

Roy Tucker     African Consolidated Resources plc   [phone]

[phone]

Craig Hutton     African Consolidated Resources plc   [phone]

Andrew Godber   Panmure Gordon (UK) Limited     [phone]

Callum Stewart     Panmure Gordon (UK) Limited     [phone]

Adam James     Panmure Gordon (UK) Limited     [phone]

Susie Geliher     St Brides Media & Finance Ltd     [phone]

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Source: African Consolidated Resources Plc via Thomson Reuters ONE

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