Statement re: Marange Press Reports

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

                      Statement re: Marange Press Reports

African  Consolidated Resources plc, the AIM listed resource development company
focussed  in  Zimbabwe  notes  on-going  press  reports surrounding the supposed
approval  of the sale  of diamonds from  the Marange diamond  fields in Zimbabwe
(the 'Marange Claims Area'), where ACR's title had been upheld by the High Court
in a judgement issued on 25 September 2009 (the '25 September Judgement').

As  previously announced,  the Zimbabwe  Supreme Court  issued a Judgment on 16
February  2010 ('the  16 February  Judgement')  which  ordered that all diamonds
acquired  from the  Marange Claims  Area be  surrendered to  the Reserve Bank of
Zimbabwe  ('RBZ'), and  that all  mining activities  on the  Marange Claims Area
cease  until determination of  the appeal against  the 25 September Judgement in
the Supreme Court ('the Substantive Appeal').

In  spite of the16  February Judgment, mining  has continued without halt.  Only
the  diamonds  mentioned  in  the  25 September  Judgement were lodged with RBZ,
whereas  ACR understands that  diamonds which are  continually stockpiled by the
companies  mining  upon  the  Marange  Claims  Area  ('Mbada  and Canadile') are
retained by those companies.  ACR's legal advice is that this is contrary to the
stated and implied intention of the Chief Justice in the 16 February Judgment.

Considering  the needs of the  nation's economy and not  wishing to stand in the
way  of much-needed income  to the national  treasury, in April  2010 ACR made a
formal  representations to  Government and  other interested  parties, including
Zimbabwe  Mining Development Corporation ('ZMDC')  on a without prejudice basis,
stating  that it  would not  oppose the  sale of  diamonds provided that certain
conditions were met, including:

(1)            all diamonds in  dispute be sold  to reputable interested parties
once certification had been obtained  pursuant to the Kimberley Process;

(2)            the  entire  gross  proceeds  from  the  sale be paid over to the
Government of Zimbabwe;

(3)           the Government of Zimbabwe issue a tax or royalty credit for a sum
equivalent to 50% of the sale proceeds; and

(4)           the party finally awarded ownership of the diamonds by the Supreme
Court be deemed to be the holder of the tax or royalty credit.

This  offer has been ignored  by Government and by  Mbada and Canadile. Based on
this  attitude and  on the  fact that  the Supreme  Court is  being ignored, and
further  that there appears to  be an intention to  sell the stockpiled diamonds
within  the near future,  ACR was left  with no alternative  but to seek further
relief by way of an urgent application to the High Court (the 'Application').

ACR's urgent Application in this regard specifically claimed:

a)  an interim  interdict to  stop the  sale of  any diamonds  held by Mbada and
Canadile, and;

b) an order that all diamonds mined from the Marange Claims Area and held by the
said  companies fall within the ambit of the 16 February Judgement and that they
must  therefore be  handed over  to RBZ  for safekeeping pending the Substantive
Appeal.

The  High Court dismissed the  Application on the basis  that the matter was not
urgent,  and on that basis alone, as it considered ACR would have other remedies
available  to it if the diamonds were  sold.  He specifically stated that he was
making no finding on the merits.

The  effect of this is  that the High Court  has declined to grant the Interdict
and ACR is now obliged to re-lodge the Application as a normal (i.e. non-urgent)
Application in the High Court, which ACR has now done.

It  is essential to note that the High  Court has not authorised the sale of the
diamonds  as has been widely reported.   He was not at liberty  to do so and was
not  asked by any of the parties to  approve a sale.  ACR's legal advice is that
any  sale of the disputed diamonds would be in conflict with the clear intention
and the direct order of the Chief Justice in the 16 February Judgement.

ACR  continues to lobby all offices of  Government for a rational, just and fair
settlement  of the matter which could satisfy all stakeholders and bring about a
final solution quickly.

It  is ACR's contention that the intransigence of Mbada and Canadile, their lack
of  respect for the Court and  their lack of will to  compromise for the good of
the  nation is  damaging Zimbabwe's  image at  home and  abroad and delaying the
point  when  the  diamonds  discovered  by  it  at  Marange may benefit Zimbabwe
transparently and fairly.

Enquiries:

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


 African Consolidated Resources plc   [phone]

 Andrew Cranswick



 Ambrian Partners Limited             [phone]
 Richard Greenfield


 St Brides Media & Finance Ltd        [phone]
 Hugo de Salis
 Susie Callear

 

[HUG#1412371]