Update on Zambian Portfolio

African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining
                                   3 May 2011
          African Consolidated Resources plc ('ACR' or 'the Company')
           Update on Zambian Portfolio & Resource Upgrade at Gadzema

African  Consolidated Resources  Plc, the  AIM listed  southern African focussed
resource  development  company,  is  pleased  to  announce the commencement of a
comprehensive  exploration programme at  the Nkombwa Hill  Project.  The Nkombwa
project  is located in the north east of Zambia, 22km east of the major T2 paved
national  road between Lusaka  (Zambian capital) and  the Tanzanian border.  The
project  includes  the  prominent  Nkombwa  Hill  which  is a Rare Earth Element
('REE'),  niobium, phosphate enriched carbonatite  intrusion.   This exploration
programme,  which  will  be  conducted  by  ACR's joint venture partners and REE
experts  Rare Earth International ('REI'), follows a re-assaying exercise by REI
of  historic data which  has further underpinned  the prospectivity of the area,
demonstrating  Total Rare Earth Oxide ('TREO') in the region of 5-8%.   REI have
the  right to  earn up  to 50% through  expenditure which  will be  dependent on
corporate  activity currently under way between REI and Southern Crown resources
Limited, an ASX-listed company.

The  following is an  excerpt of a  report from Dr  Jock Harmer, CEO  of REI and
recognised carbonatite / REE expert:

"Following completion of the re-assaying of the historic REE intervals conducted
by  Roan Selection Trust ('Roan Selection') from two holes drilled in the 1960s
(NB-1 and NB-2), a comprehensive exploration campaign is anticipated to commence
immediately  in order to further define  the mineralisation of the project area.
 Details of this re-assaying exercise are listed in the table below:

+----+--------+-------+-------+-----+------+------+------+-----+
|    |        |       |Azimuth| Dip | from |  To  |Width |     |
|Hole|Northing|Easting+-------+-----+------+------+------+%TREO|
|    |        |       | (deg) |(deg)|metres|metres|metres|     |
+----+--------+-------+-------+-----+------+------+------+-----+
|    |        |       |       |     |69.68 | 75.9 | 6.22 |7.98 |
|    |        |       |       |     +------+------+------+-----+
|    |        |       |       |     |84.56 | 85.5 | 0.94 |7.58 |
|NB-1|8878565 |483200 |  180  | -45 +------+------+------+-----+
|    |        |       |       |     |183.49|185.6 | 2.11 |7.78 |
|    |        |       |       |     +------+------+------+-----+
|    |        |       |       |     |398.9 |402.8 | 3.9  |2.59 |
+----+--------+-------+-------+-----+------+------+------+-----+
|    |        |       |       |     |298.3 |302.4 | 4.1  |5.47 |
|NB-2|8878622 |483200 |  180  | -60 +------+------+------+-----+
|    |        |       |       |     |377.2 |380.06| 2.86 |6.37 |
+----+--------+-------+-------+-----+------+------+------+-----+

The  holes drilled  by Roan  Selection inclined  into the  northern edge  of the
complex  and did not penetrate  very far into the  complex (estimated at no more
then 250-300m from the rim) and into an area that would not be the prime target,
highlighting  the potential for further mineral  definition in the project area.
 The  re-assaying also showed that  the Roan Selection cuts  were not well taken
(it  is not clear what criterion they used)  in that all the wider zones stop or
start  in grade,  demonstrating the  potential may  be wider  and possibly  at a
higher grade than previously reported.

In  late November 2010, REI completed a geo-chem grid sampling exercise over the
hill  and  these  samples  have  been  submitted  for  assay and the results are
expected in May 2011."

It is relevant to note that phosphorus figures may be converted in to P2O5 (rock
phosphate)  by  a  applying  a  multiplication  factor  of 2.29.  That yields an
average Phosphate grade of 4.1% on these cores.

   Conversion

 %P to     %P2O5



 1.88      4.3

 1.54      3.5

 2.02      4.6

 1.23      2.8

 2.58      5.9

 1.42      3.3

 Average   4.1



Note  that historical work (which postulated a potential resource of 200 million
tonnes  of  low-grade  Rock  Phosphate)  suggest  that  the drill-holes were not
necessarily sited at the zones most prospective for phosphate.

ACR has mineral rights to a larger carbonatite complex in south-eastern Zimbabwe
('Chishanya')  where they expect to define  a higher grade phosphate resource in
the future, and where REE prospectivity has yet to be researched.

Chairman  of ACR, Mr Roy Tucker commented: "These are indeed encouraging results
on  the REE front  and bode well  for our developing  strategy in Zambia and the
region."


Resource Upgrade on Gadzema Gold Project

The Company also announces a resource upgrade on its Gadzema Gold Project in the
greenstone  belt in the northern midlands  of Zimbabwe ('Gadzema').  The greater
project  area which  is now  referred to  by ACR  as the  "Gadzema Gold Project"
incorporates  the Giant Mine Project and extensions, the Blue Rock Gold Project,
additional   mineral   rights  claims  held  by  ACR  subsidiaries  and  several
acquisition options over the strike zone.  The now consolidated project includes
strikes  of two  parallel and  related mineralised,  geological structures. This
latest  JORC resource upgrade at Gadzema of 174,000 Inferred troy ounces of gold
at  an average of 1.5 g/t Au  using a cut-off of 0.5g/t is  a part result of the
drilling programme undertaken since ACR's last fund-raising.  The section of the
project  pertaining  to  this  upgrade  has  been  the subject of an approximate
average  drill density of  50 x 25 metres, testing  mineralisation to an average
depth  of 150 metres.   Assays were  completed on  samples at  1 metre intervals
using  gold fire assay method.   Drilling method comprised predominantly reverse
circulation drilling with diamond core drilling employed for deeper holes.   The
upgrade  brings  the  total  JORC  compliant  resource  at Gadzema to a total of
746,000 troy  ounces of gold  ('tr oz Au')  and ACR's total  JORC compliant gold
resource inventory, which includes a 513,000 tr oz Au resource from the proximal
Pickstone Project, to over 1.2 million tr oz Au.


ACR  Technical  Director  Michael  Kellow  said,  "This  latest resource upgrade
further  underpins the prospectivity  of our Gadzema  Gold Project and we remain
confident  of further  resource upgrades  from this,  a significant new emerging
gold project."

The  technical elements of this report have  been reviewed by Mr. Michael Kellow
(the  Company's Technical  Director). Michael  Kellow (BSc)  is a  member of the
Australian  Institute of Geoscientists (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 'Australian Code for Reporting of Exploration
Results,  Mineral Resource  and Ore  Reserves' (JORC  Code) and  as a "qualified
person"  as defined in the  AIM Note for Mining,  Oil and Gas Companies. Michael
Kellow consents to the publication of this report.

                                    **ENDS**

For further information visit www.acrplc.com or please contact:
Roy  Tucker                 African  Consolidated Resources [phone]
                            plc                             [phone]

Michael Kellow              African  Consolidated Resources [phone]
                            plc

Andrew Godber               Panmure Gordon (UK) Limited     [phone]

Callum Stewart              Panmure Gordon (UK) Limited     [phone]

Abhishek Majumdar           Panmure Gordon (UK) Limited     [phone]

Susie Geliher               St Brides Media & Finance Ltd   [phone]

Dr R. E. (Jock) Harmer      REI  (ref REEs Zambia)          [phone]





GLOSSARY OF TECHNICAL TERMS

Term/ Acronym                         Explanation


aeromagnetics                         magnetic  survey carried out with a sensor
                                      in an aircraft;


archaean                              rocks greater than 2,600 Ma in age;


argillaceous                          a  sedimentary rock dominated  by clay and
                                      silt-sized particles;


Au                                    chemical symbol for gold;


carbonatite                           intrusive   or   extrusive  igneous  rocks
                                      defined    by    mineralogic   composition
                                      consisting   of  greater  than  50 percent
                                      carbonate   minerals,   generally  calcium
                                      carbonate.  They usually occur as pipelike
                                      intrusions;


concentrate                           normally  of  metallic  minerals  such  as
                                      pyrite  and arsenopyrite  after removal of
                                      gangue;


Cu                                    chemical symbol for copper;


DDH                                   diamond drill hole


diamond drilling                      drilling    method    using   a   diamond-
                                      impregnated  cutting bit to  obtain a core
                                      sample of rock;


dolomites / dolomitic                 dolomite  is  the  name  of a  sedimentary
                                      carbonate  rock   and   a   mineral,  both
                                      composed  of  calcium  magnesium carbonate
                                      CaMg(CO3)2;


electromagnetic survey                geophysical   technique  using  electrical
                                      currents  to   detect  conductive   bodies
                                      below     surface.     Conductive   bodies
                                      include     massive-sulphides   that   may
                                      contain base metals;


EM survey                             see electromagnetic survey;


fault                                 a  fracture  or  break   within a body  of
                                      rock  across   which  some   movement  has
                                      occurred;


felsic intrusive                      an     igneous  rock      of      granitic
                                      composition   that   is  intruded     into
                                      surrounding strata;


fold                                  geological  term  for  a  curve or bend of
                                      planar surfaces in rocks;


geophysics                            mineral  prospecting  systems  designed to
                                       detect    mineralisation     using    the
                                      physical properties of rocks;


igneous rock                          originally  molten  can   be  volcanic  or
                                      intrusive;


IP survey                             "Induced  Potential"   -   a   geophysical
                                      technique     to     detect   disseminated
                                      sulphide mineralization;


JORC                                  Joint  Ore   Reserves  Committee   of  the
                                      Australasian  Institute   of  Mining   and
                                      Metallurgy;


lodes                                 a  discrete,  rich  portion  of an orebody
                                      that    has     a     distinct     spatial
                                      orientation,  often  controlled  by faults
                                      and folds;


magnetic survey                       measurements of  the  perturbation  in the
                                      earth's   magnetic    field   caused    by
                                      magnetic minerals in rocks;


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


mineralised zones                      hydrothermally     altered     structural
                                      features      containing       potentially
                                      valuable minerals;


orebody                               economically   viable     portion   of   a
                                      mineralised zone;


phoscorite                            calcium  phosphate  mineral  occurring  in
                                      carbonatite lavas;


pyroxenite                            an  ultrabasic rock rich  in pyroxene  - a
                                      silicate mineral;


Quartz                                silicon  oxide  mineral   very  common  in
                                      hydrothermal deposits;


radiometrics                          the   measurement   by   spectrometer   of
                                      radiation    energy    given    off     by
                                      radioactive     rock-forming     minerals,
                                      usually Uranium, Thorium, Potassium;
REE
                                      Rare Earth Element


Resource                              mineral  resource   as   defined   by  the
                                      JORC Code 2004;


reverse circulation (RC) drilling     rotary  percussion drilling whereby the RC
                                      sample  is   returned  from   the  cutting
                                      head  inside  the  rod  string to  surface
                                      thereby   avoiding  contamination from the
                                      walls of the hole;


rotary air blast (RAB) drilling       Open-hole   drilling   whereby   drill RAB
                                      cuttings  are   returned  to   surface  by
                                      compressed  air   in  an   un-lined  hole;
                                      contamination   is   possible   from   the
                                      walls of the hole;


schist                                metamorphic  rock   with  well   developed
                                      foliation;


shear zone                            zone     of    multiple    fractures    or
                                      discontinuities in rock, either ductile or
                                      brittle;


siltstone                             fine    grained    usually   quartz   rich
                                      sedimentary    rock;    where   calcareous
                                      contains calcium or magnesium carbonate;


stockworks                            zone  of multiple  quartz filled fractures
                                      with  individual  veins  often  of  random
                                      orientation;


strike                                the  horizontal  orientation  of  a planar
                                      geological feature;


sulphide                              sulphur bearing metallic mineral;


thrust                                shallow dipping fault where the upper body
                                      of rock overrides the lower portion;

TREO                                  Total Rare Earth Oxide









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Source: African Consolidated Resources Plc via Thomson Reuters ONE

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