Resource Update

African Consolidated Resources Plc
07 August 2007



                       African Consolidated Resources Plc


The Board of African Consolidated Resources plc ('ACR' or the 'Company'), the
AIM listed exploration company focused on Zimbabwe, is pleased to announce a
resource update together with further information on the Marange diamond deposit
application and a grant of options.


                                Resource Update

Resource estimates have been carried out following reverse circulation ('RC')
drilling programmes at the Company's two lead gold projects in the Midlands
district of Zimbabwe, Concession Hill at the Pickstone-Peerless project and the
Giant Mine project 30km to the north.  No further drilling has been carried out
on the Peerless Mine area since the initial resource definition. Data
compilation at the One Step project has identified significant mineralised
trends for drill testing.

Current resources as estimated according to the methodology of the Company's
consultants, SRK Consulting ('SRK') stand at 14.9mt at 1.7g/t for 813,000 oz.
(SRK methodology has not been applied to the Pickstone Peerless mine dumps and
to underground ore blocks in the Pickstone mine; these were calculated by
previous operators to JORC standards and reviewed by SRK and are included in the
total estimate). This compares with 14.1mt @ 1.8 g/t for 820,500 oz as
previously reported in June 2006.


Concession Hill (Pickstone)

To date, 107 RC holes totalling over 12,500m of drilling have been completed on
Concession Hill which lies above the historical Pickstone underground mine.
Drilling is spaced at 80m along strike, and generally 30m down the dip surface
of the deposit. Drilling tested the deposit to approximately 150m below
surface.

Resources on admission to AIM in June 2006 stood at 180,000 Inferred oz from ACR
RC drilling of the crown pillar above the old workings, and a further 31,500 '
legacy' ounces within remnant underground ore blocks in levels 2 and 3 of the
old mine as estimated by previous operators in the 1990's.

All resources estimated for Peerless and Concession were classified as Inferred
except the legacy underground ore blocks which were Measured.  At a 0.5 g/t
cut-off, the resources were:


Resource at June 2006

Deposit                            Tonnes            Grade          Ounces
Peerless                           4,600,000         1.4            210,000
Concession                         3,200,000         1.8            180,000
Concession Legacy Resource         205,000           4.8            31,500
TOTAL                              8,005,000         1.6            421,500



SRK have estimated a revised resource at Concession Hill of 4.8 million tonnes
at 1.5 g/t for 240,000 oz.

As a conservative measure, and in consultation with SRK, ACR has decided not to
report the legacy resource as a separate entity, and instead assume that this
material is already included in the Concession resource estimated from the
drilling. Some of the deeper ACR drilling overlaps legacy ore blocks.

ACR intends to carry out its own study of the economic potential of the remnant
ore in the old workings, which extend to a depth of 750m below surface.
Historical production from the Pickstone Mine beneath Concession Hill was
approximately 500,000 oz.

The results of the new Concession estimate are summarised in the following
table:


Inferred Resource at July 2007

Deposit                            Tonnes            Grade          Ounces
Peerless                           4,600,000         1.4            210,000
Concession                         4,800,000         1.5            240,000
TOTAL                              9,400,000         1.5            450,000


Additional resources within the Pickstone-Peerless dumps are summarised below.


Giant Mine

A total of 13,525m of RC drilling has been completed at the Giant Mine since
June 2006.  Drilling is generally at 50m spacing along strike, and approximately
30m down the dip surface. Drilling tested the deposit to approx 100-150m below
surface, which was the maximum depth capability of the RC rigs available. A hard
mineralised diorite at the south end of the deposit requires diamond drilling to
penetrate the full depth of mineralisation, and elsewhere dip extensions below
100-150m depth will require additional drilling.  Old mine plans indicate the
orebodies were well developed down to about 210m below surface.

SRK was contracted to undertake an interim study on the drilling completed to
date.

An existing JORC Resource of 4.9 mt @ 2.1 g/t for 336,000 oz (Comprising 3.5mt @
2.1 g/t for 230,000 oz Indicated and 1.5mt @ 2.2 g/t for 106,000 oz Inferred)
was estimated in 1997 by Global Mining Services (GMS) of Perth, Western
Australia, from 107 RC drill holes completed by Cambrian Resources.  The current
drilling programme was planned to test the mineralisation along strike and to
depth.

From the drilling done by ACR, and the 1997 database compiled by Cambrian
Resources N.L., SRK carried out an interim resource estimate for the Giant Mine.
At a 1 g/t cut-off (the same cut-off used for the 1997 model), SRK estimated an
Inferred Resource of 4.4 Mt @ 2.2 g/t for 300,000 oz. The decrease in ounces
compared to the previous estimate occurred because:


 1. ACR has interpreted a structurally-controlled model for mineralization
    (rather than the lithologically-controlled model used by GMS). Although the
    volume of the mineralized domain has decreased, the improved understanding
    of the orebody orientation and mineralisation controls will be of great
    benefit in future exploration.
 2. ACR and SRK have been more conservative than GMS in extrapolating
    mineralization away from the limits of the drilling. The mineralized
    envelope used by SRK is generally projected no more than 30m from the
    outermost drill holes (30m is the typical east-west spacing between drill
    holes). GMS extrapolated their Resource model up to 70m away from the extent
    of the drilling.


The original GMS model was classified as 70/30 Indicated/Inferred, but SRK
considers that the entire resource should be classified as Inferred, based on
geostatistical parameters, uncertainties about the position and extent of old
underground workings throughout the orebody, and the limited set of samples
available for estimating density.

SRK has advised ACR on a drilling programme of 3500m to test possible extensions
to the orebody to a target depth of 150-200m below surface. The additional
drilling will also aim to infill gaps and increase confidence in the resource
estimate. Much of this will be diamond drilling, which will provide valuable
additional data on structure, specific gravity and rock strength factors. This
programme will commence as soon as a suitable rig becomes available.



Total resources at Pickstone - Peerless and Giant Mine projects now stand at:


ACR JORC Resources July 2007
                                            Oz       Grade      Tonnes  Cutoff     JORC Category
Peerless ACR drilling                    210,000       1.4    4,600,000 0.5g/t   Inferred
Concession ACR drilling                  240,000       1.5    4,800,000 0.5g/t   Inferred
Dumps Pickstone-Peerless
                              Big Red     15,900       1.3      380,000 1.0g/t   Measured
                       Football Field     18,800       1.0      586,000 1.0g/t   Measured
                          Concentrate     28,300       4.4      200,000 1.0g/t   Measured
Total Pickstone-Peerless Resource        513,000       1.5   10,566,000

                                         300,000       2.2    4,400,000          Inferred (deeper drilling
                                                                                 required)
Giant Resource (SKR interim estimate)
1,2

TOTAL ALL                                813,000       1.7   14,966,000          Inferred, Measured


1 Excludes Giant Dump Resource which is yet to be calculated

2 Replaces Cambrian 1997 Resource of 4.9mt @ 2.1g/t for 336,000 Oz (3.5mt @ 2.1 g/t =230,000 Oz indicated;
1.5mt @2.2 g/t =  106,000 Oz inferred)



One Step Gold Project

Historic data compilation on the One Step project 35 km SW of Kadoma has been
completed.  Diamond drilling by Rio Tinto plc in the mid-1990's returned a best
intercept of 24m @ 2.6 g/t in the centre of lease, with over 400m of strike
un-drilled to the north.  ACR has acquired 24 new claims at One Step and the
consolidated holdings now extend discontinuously over 4km of mineralised trend.

The historical diamond drillhole intercepts on ACR's claims have been compiled
and re-calculated using the weighted-average method and are listed below.


Significant results include:


Hole ID                 Easting            Northing     From (m)      Width (m)   Wt. Av. Grade Au ppm
OSD1                    789,420           7,940,608        21.10           24.1                    2.6
OSD22                   789,510           7,941,012        17.00           30.0                    1.7
OSD3                    789,387           7,940,632        45.13           15.4                    1.8
OSD6                    789,644           7,940,916         2.30           20.5                    1.1


The intercepts lie beneath extensive shallow open pit workings with broad zones
of carbonate-silica alteration in basalts and andesites. ACR intends to infill
the mineralised trend over about 600m of strike with Reverse Circulation
drilling as soon as a rig is available.  Sampling of two tailings dumps is also
underway.


Dumps

In addition, results from sampling of tailings dumps at the Giant Mine and the
One Step project near Kadoma have incurred logistically related assay delays and
so will only become available later in August.


                             Marange Diamond Title

Further to the announcement on 6 July 2007, the Company still awaits a date in
the Zimbabwe High Court for a hearing to obtain an order confirming that its
claim over the Marange diamond deposit is valid.  The Company expects that the
case will be heard prior to the end of 2007 although it has no certain date or
even reliable estimate as to when the matter will be heard.

The Company's legal advice that its claim to title should be successful remains
unchanged.

As announced on 2nd July 2007 the Company continues its dialogue with relevant
parties with a view to possibly agreeing a joint venture over the deposit prior
to the High Court hearing.

The Company would like to re-iterate that at this point there can be no
certainty as to the timing or outcome of the civil action or any agreement on
the ownership and operations of the Marange deposit prior to that action.
Further statements will be made to update the market in due course.


                                Grant of Options

The Company has granted 4,000,000 options over new Ordinary Shares of 1p each in
the Company exercisable at 14.5p per share from 30 June 2008 to 29 June 2011.
These options have been granted to an employee trust for a broad range of staff
and independent consultants working for the Company mainly in Zimbabwe.  The
trust is a discretionary one and the trustee is a wholly owned subsidiary of the
Company, which through its Remuneration Committee, will advise on allocation of
options.  Options may be allocated to specific beneficiaries (excluding
directors of the Company) as reward for performance or for value added.


Enquiries:

African Consolidated Resources plc
Andrew Cranswick                                     [phone]
Roy Tucker                                           [phone] / [phone]

Ambrian Partners Limited
Richard Brown                                        [phone]

College Hill
Nick Elwes / Paddy Blewer                            [phone]





Competent Persons

The information in this release that relates to Exploration Results and Mineral
Resources was compiled by Mr Michael Kellow (Technical Director, ACR) and Mr
Robin Simpson (Senior Consultant, SRK Consulting).

Robin Simpson prepared the geostatistical Mineral Resource estimates for the
Pickstone-Peerless, Concession Hill, and Giant deposits.  These estimates were
based on sampling data and a geological model provided by ACR's team of
geologists led by Michael Kellow.

Michael Kellow also takes responsibility for the Pickstone-Peerless dumps
Mineral Resources estimates and the One Step Gold Project Exploration Results.

Michael Kellow (BSc) is a Member of AIG and a full-time employee of African
Consolidated Resources Plc.  Mr Kellow has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a Competent Person as
defined in the 2004 Edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resource and Ore Reserves' (JORC Code).  Michael
Kellow consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.

Robin Simpson (MSc) is a Member of the Australian Institute of Geoscientists and
a full-time employee of SRK Consulting (Australasia) Pty Ltd.  Mr Simpson has
sufficient experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the '
Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore
Reserves' (JORC Code).  Robin Simpson consents to the inclusion in the report of
the matters based on his information in the form and context in which it
appears.





Glossary of technical terms:


JORC                              The Australasian Code for Reporting of Exploration Results, Mineral
                                  Resources and Ore Reserves, as published by the Joint Ore Reserves
                                  Committee of The Australasian Institute of Mining and Metallurgy,
                                  Australian Institute of Geoscientists and Minerals Council of Australia


andesite                          volcanic rock with intermediate silica, iron and magnesium content

basalt                            finegrained volcanic rock with high iron and magnesium content

crown pillar                      unmined rock from top of underground mine workings to surface; left
                                  intact for rock stability purposes


diorite                           medium grained rock often occurring as dykes of andesitic composition


dip                               the orientation of a planar geological feature relative to  horizontal


Global Mining Services            Australian company - estimated the Giant Resources


Kriging                           geostatistical method of estimating Resource


lodes                             gold bearing portion of mineralised zones


mafic                             igneous rock


mineralisation                    metallic minerals such as gold, pyrite and arsenopyrite incorporated in
                                  rocks


mineralised zones                 hydrothermally altered structural features containing potentially
                                  valuable minerals


Orebody                           economically viable portion of a mineralised zone


Resource                          mineral resource as defined by the JORC Code 2004


Reverse Circulation Drilling      rotary percussion drilling whereby the sample is returned from the
                                  cutting head inside the rod string to surface thereby avoiding
                                  contamination from the walls of the hole
strike                            the horizontal orientation of a planar geological feature


sulphide                          sulphur bearing metallic mineral




UNITS

cm           centimetre

cm.g/t       centimetre grams per tonne - metal content expressed as grade times 
             thickness

g            gramme

g/t          grammes per metric tonne - metal concentration

ha           hectare

kg           kilogramme, a thousand grammes

km           kilometre

koz          thousand ounces

kt           thousand metric tonnes

kV           thousand volt

kVA          thousand volt amperes

m            metre

mm           millimetre

mm           micron, or millionth of a metre

Mt           million metric tonnes

Moz          million ounces

oz           fine troy ounce equalling 31.1048 grammes - normal unit used in 
             selling gold

t            metric tonne.

t/m3         density measured as metric tonnes per cubic metre.

degrees      degrees.





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