Update on Fundraising

African Consolidated Resources Plc
20 July 2007

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

                                  Fundraising

Further to its announcement dated 6 July 2007 the Board of African Consolidated
Resources plc, the AIM listed exploration company focused on Zimbabwe, is
pleased to announce that 31,034,482 new ordinary shares ('Subscription Shares')
have been conditionally subscribed for by institutional and other shareholders
at a price of 14.5p per Subscription Share raising approximately £4.5 million
before expenses (the 'Subscription').

The Subscription is conditional upon admission of the Subscription Shares to
trading on the AIM Market ('AIM') of the London Stock Exchange ('Admission').
Application has now been made to AIM for Admission of the 31,034,482 shares
which is expected to occur at 8.00am on Wednesday 25 July 2007.

African Consolidated Resources now has 189,994,098 shares in issue.

For further information please contact:

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

Ambrian Partners Limited
Richard Brown                                  [phone]

College Hill
Nick Elwes / Paddy Blewer                      [phone]




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