Interim Results

Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration

7 March 2011
Goldplat plc ('Goldplat' or 'the Company')
Interim Results

Goldplat  plc, the AIM listed gold producer,  is pleased to announce its interim
results for the six months ended 31 December 2010.

Overview

  * Progressed porfolio of gold production and advanced exploration assets in
    Africa
  * Defined maiden resource at Nyieme gold exploration project in Burkina Faso
    of 685,000 tonnes at 2.61 g/t Au for 57,000 oz Au - 2011 exploration
    programme underway to expand resource
  * Signed MOA to acquire Banka Gold Project located in premier gold district in
    Ghana - historic data highlights gold prospectivity
  * Granted permission in February 2011 to commence operations at Kilimpaesa
    Gold mine, Kenya
  * Increased production at South African and Ghanaian gold recovery plants to
    13,910oz (2009: 8,309oz )
  * Investigating establishing gold recovery bases in Tanzania, Burkina Faso and
    Mali to collect by-products to process at South African and Ghanaian gold
    recovery plants
  * Exploring opportunties to acquire new projects and expand asset base to
    become a mid-tier mining company in Africa


Financials

  * Operating profits increased 17.13% to £1.44 million (2009: £1.22 million)
  * Profit before tax of £1.36 million (2009: £1.15 million)
  * £5.5  million fundraising completed (£5.2 million after expenses) to develop
    Nyieme and Banka Gold Project
  * Healthy cash position - over £6.4 million


Goldplat  CEO Demetri Manolis said, "Goldplat  CEO Demetri Manolis said, "Whilst
our  two gold recovery operations in South  Africa and Ghana continue to perform
solidly  and generate  increasing revenues,  exploration remains  central to our
growth  strategy as we  look to become  a mid tier  gold producer.  In line with
this,  an exploration programme  at the Nyieme  gold project in  Burkina Faso is
yielding  highly encouraging  results and  we were  pleased to announce a maiden
JORC compliant resource of 685,000 tonnes at 2.61 g/t gold for 57,501 oz gold at
a  cut-off grade of  1.0 g/t gold for  all categories.  The  maiden resource has
been  calculated over an initial 2 km of a potential 8 km strike, and we believe
there  is significant  scope for  expanding this  resource from  further targets
within  the project area.  We are also excited about our newly signed Banka Gold
Project,  located in  the premier  gold Ashanti  region of  Ghana, which  we are
looking  to develop to delinete  a maiden JORC resource  once the acquistion has
been completed.

"Meanwhile,  developments  at  our  Kilimapesa  gold  mine  in  Kenya are highly
encouraging.   We  have  been  granted  permission  by  the Kenyan government to
commence  operations and we remain confident that the mining licence allowing us
to  make commercial gold  sales is close  to finalisation.  With  a healthy cash
position  of £6.4 million, Goldplat  is in a strong  position to explore further
opportunties and acquire new gold projects to expand its asset base.  With these
developments  in  mind,  I  believe  2011 will  be  a  period  of growth for the
Company."

For further information visit www.goldplat.com or contact:

 Demetri  Manolis   Goldplat plc                    Tel: [phone]
 Brian Moritz       Goldplat plc                    Tel: [phone]

 James Joyce        WH Ireland Limited              Tel: [phone]

 Felicity Edwards   St Brides Media & Finance Ltd   Tel: [phone]

 Hugo de Salis      St Brides Media & Finance Ltd   Tel: [phone]


Chairman's Statement

This has been an exciting period for Goldplat, during which we have advanced our
portfolio  of  gold  exploration  assets  towards  production and increased gold
production  from our mature gold recovery  operations in South Africa and Ghana.
 We also strengthened our cash position, completing a £5.5 million placing (£5.2
million  after expenses)  at the  end of  December 2010, which  will be  used to
advance  our exploration assets and acquire  new projects to build Goldplat into
mid-tier gold mining company in Africa.

Our  gold  recovery  operations  continue  to  perform  strongly having produced
13,910 ounces  ('oz') of gold ('Au') during the period, however, we believe that
we  can  add  most  value  to  shareholders  by  advancing  projects through the
development  cycle and into production.  In this vein, we have advanced the 246
sq  km  Nyieme  gold  project  in  Burkina  Faso  ('Nyieme') and were pleased to
announce  a maiden JORC-compliant  resource in December  2010.  We also signed a
Memorandum  of  Agreement  ('MOA')  with  Gulf  Coast  Resources Inc ('Gulf') to
acquire  a 90% interest in the  29 sq km Banka Gold  Mining Lease located in the
prospective  Ashanti gold region in Ghana.; the development of this project will
be a major focus for the Company throughout 2011.

Post  period end, we were  delighted to announce that  we received permission to
commence  mining  operations  from  the  Government  of Kenya at our Kenyan gold
mining   operation,   Kilimapesa   mine  ('Kilimapesa  Gold'),  located  in  the
potentially  gold-rich Migori Archaean Greenstone Belt.   It is our intention to
develop Kilimapesa Gold into a small profitable gold mine with an initial target
of  producing  approximately  5,000 oz  Au  per  annum within 12 months of being
granted our mining licence, which in this favourable gold price environment will
positively impact Goldplat's bottom line.

In  terms of financial results,  the operating profit at  £ 1.44 million was the
highest  achieved by the Group for any six month period, and the tax free status
currently  enjoyed  in  Ghana  helped  post  tax  profits to increase to £ 1.14
million.

Burkina Faso - Nyieme

Our exploration and development programme at Nyieme has been progressing well as
we  seek  to  prove  up  its  economic  viability  and production potential.  In
September  2010 we concluded an  11 hole diamond drilling  programme over a high
gold  grade area previously identified by a reverse circulation ('RC') programme
completed  by the previous  owners Sanu Exploration  ('BVI') Limited ('Sanu') in
2008.  Results  received were highly encouraging,  five holes return gold grades
in  excess of 4 g/t,  the highest value  being 19.1 g/t over  a width of 116cm.
 Following  this, in December 2010 we announced a maiden JORC compliant resource
from  Nyieme's first target totaling 685,000 tonnes at 2.61 g/t Au for 57,501 oz
Au  at a cut-off  grade of 1.0 g/t  Au for all  categories.  The total estimated
resource includes an Indicated mineral resource of 225,000 tonnes at 2.98 g/t Au
for  21,557 oz Au and an additional  460,000 tonnes at 2.43 g/t Au for 35,937 oz
Au within the Inferred category.

The resource has been calculated over an initial 2 km of a potential 8 km strike
and  it is the Company's  intention to continue exploration  work to delineate a
significant  resource  upgrade  in  2011.  Based  on  the results from the 2010
drilling  campaign, we have developed a  geological model which aims to identify
similar  deposits as  that delineated  in the  maiden resource.   To this end, a
further  11 areas  of  interest  at  Nyieme  were  identified and an exploration
campaign to test them commenced in January 2011.  These target areas are located
over areas containing soil anomalies and geophysical anomalies identified during
Sanu's  initial exploration programme.  In  addition, several areas of artisanal
activity  have  been  found  on  the  property  which  will be evaluated to test
prospectivity and gold resource potential.  The current exploration programme is
on  track to be completed  by the end of  April 2011 and includes soil sampling,
trenching,  and a 2,500 metre RC drilling programme.  Follow-up diamond drilling
will  be conducted  over areas  of potential  that may  be identified during the
current exploration programme.

Ghana - Banka Gold Project
In  November we signed a MOA with Gulf,  a Canadian mining company, to acquire a
90% interest  in the Banka Mining  Lease, a ten year  renewable mining lease for
gold  and associated minerals covering an area of 29 sq km located in the highly
prospective  Amansie East and Asante Akim  South Districts of the Ashanti Region
of the Republic of Ghana ('Banka Gold Project').

Goldplat  has paid  Gulf US$50,000  and is  currently completing a due diligence
review  of the Banka Gold  Project.  Subject to due  diligence and completion of
the  acquisition, Goldplat will pay US$1,500,000 to  Gulf to receive a 1.5 % Net
Smelter  Return on all gold production from the Banka Gold Project.  The Company
will  pay US$1,000,000 on the completion of  due diligence and the renewed Banka
Mining Lease, and a final US$500,000 on the first anniversary.

We  believe the Banka Gold Project represents a substantial gold prospect in the
Ashanti  Region of  Ghana, a  prime district  for gold project development.  The
lease is underlain by Tarkwaian sediments dipping approximately 60° to the east.
 Several  bands  of  conglomerate,  separated  by  greywackes  and arenites, are
present  on the property and exhibit impressive strike continuity.  The detailed
geology  shows  that  the  conglomerates  outcrop  on  surface and can be traced
continually over 4 km.

Early  work indicates the prospectivity of the Banka Gold Project.  4,400 metres
of  RC  drilling  and  5,325 metres  of  diamond  drilling  plus  325 metres  of
underground  chip  sampling  have  been  completed by previous owners.  Previous
drill results include intersections of 12 metres at 29.42 g/t Au and 9 metres at
57.7 g/t  Au.  A non-JORC  compliant mineral resource  statement calculated from
previous  exploration programmes  calculated to  100 metres below surface totals
2,189,400 tonnes   at  2.95 g/t  Au  for  207,341 oz  Au.   We  have  a  defined
development  plan in  place aimed  at proving  up the  economic viability of the
project  and  publishing  a  JORC  compliant  resource which will begin once all
conditions for the acquisition have been met.

Kenya - Kilimapesa Gold Ltd

In line with strengthening our gold production capabilities, we remain committed
to  developing Kilimapesa Gold into a small profitable producing gold mine, with
an  initial target of  producing approximately 5,000 oz  Au per annum within 12
months  of being granted its mining licence.  Post period end in February 2011,
we  were therefore delighted to  announce that that the  Government of Kenya had
granted  permission for  Goldplat to  commence operations  at the mine.  We have
registered a Mining Location over the current mining area with the Department of
Mines  and Geology  to allow  operations to  continue for  a period  of one year
renewable.  The Mining Location has been submitted to ensure operations continue
whilst  the Company waits the pending approval  of a full Mining Lease.  We have
received   communication  from  the  Commissioner  of  Mines  and  Geology  that
Kilimapesa  Gold  has  complied  with  all  requirements  for the issuing of the
licence,  and arrangements  for subdivision  for the  title deeds and submitting
plans  to  the  director  of  survey,  the  last outstanding matter, are nearing
completion.

We  are now  implementing plans  to increase  the mine's  production capability,
including extending the on-reef underground strike development at the Kilimapesa
Hill  target to create  sufficient ore reserves  to sustain increased production
and  developing  a  new  adit,  60 metres  vertically  below  the existing adit.
 Additionally,  an  exploration  programme  over  known targets in the immediate
vicinity  of the current mining activities is  due to commence this month (March
2011).  These  targets  have  been  defined  by  surface  geological mapping and
geophysical  surveys and  display some  working by  colonial miners in the early
part  of the  1900s.  With this  in mind,  the Company  continues to utilise its
close  relationship with the artisanal miners who can act as pathfinders to high
grade near-surface deposits in the area.

We have also ordered the fabrication of an elution and electro-winning plant and
carbon  regeneration  kiln,  which  will  allow  Kilimapesa Gold to produce gold
bullion and reuse the carbon, rather than being limited to the expensive process
of  exporting  concentrates  to  South  Africa.   Furthermore  the  mine  is now
connected to grid power, which significantly reduces the dependence on expensive
diesel  generators  and  will  reduce  the  operating  costs  of  the  mine.  We
anticipate that these actions will have a postive impact on the mine's operating
costs.


South Africa and Ghana - Gold Recovery Businesses

Our  two gold recovery plants  in South Africa and  Ghana are generating healthy
revenues  for the Company.  For the  six months to 31 December 2010 our recovery
operation  in South Africa,  Goldplat Recovery (Pty)  Ltd ('Goldplat Recovery'),
produced  9,712 oz Au  (2009: 6,369 oz  Au).  Our  Ghanaian gold recovery plant,
Gold  Recovery  Ghana  Limited  ('GRG'),  produced  4,045 oz Au which again is a
significant  increase to  the level  of gold  produced at  the plant  during the
previous comparible period (2009: 1,940 oz Au). Both plants continue to generate
significant cash flow.

Whilst  we are the market leaders in Africa for precious metal recovery from by-
products,  we  continue  to  implement  initiatives  to  optimise  both our gold
recovery plants' production capabilities.

At  our South African gold recovery  investigations are underway to increase the
milling  capacity,  which  in  turn  would  increase the plant's gold production
capabilities.   Additionally, further progress has been  made to secure new gold
bearing raw materials from surrounding gold mining companies to ensure the long-
term  supply of  gold bearing  feedstock for  processing.  Negotiations are well
advanced  with Simmer and  Jack to secure  another substantial stockpile of gold
bearing  material from its  Buffelfontein operation in  South Africa and further
stockpiles  have been identified at the  Anglogold Ashanti West Wits operations,
which  Goldplat  hopes  to  acquire  in  H1  2011.  Goldplat  Recovery's current
stockpiles total 32,850 oz of contained gold.

Goldplat  Recovery is  investigating the  possibility of  establishing a base in
Tanzania  to collect  gold bearing  by products  from the  Tanzanian gold mining
industry  for processing in  South Africa.  Tanzania  is the fourth largest gold
producer in Africa and we believe that by establishing a base within the country
we  would  increase  the  Goldplat  Recovery's  stockpiles  of  raw materials to
process,  while  enabling  the  Company  to  decide  whether  it  is economic to
establish a gold recovery operation in that country.  Goldplat Recovery has also
initiated  studies  into  potentially  processing  precious  metal  contained in
electronic scrap in conjunction with its strategic partner Rand Refinery.

In  Ghana, GRG's  toll treatment  agreement with  Golden Star's Wassa operation,
announced  in  September  2010, is  operating  successfully  and  is expected to
produce  an additional 3,000 oz Au in  FY 2011.  Transportation of the materials
built  up  over  the  period  since  the  agreement  was  signed and as trucking
facilities became available was transported to GRG, and as a result, the bulk of
this  production from  the toll  treatment will  fall in  the second half of the
financial year.  Following this success, negotiations are advanced with a second
independent  mining  company  in  Ghana  to  undertake  another  toll  treatment
contract,  which if secured could double the potential profits for GRG from toll
treatments.

GRG  is also investigating the possibility of establishing bases in Burkina Faso
and  Mali  to  collect  gold  bearing  by-products  from  gold  mining companies
countries for export to GRG and processing at the Tema plant in Ghana.

GRG  will continue to enjoy the benefits of tax free status until 2016, and will
only be liable for tax at 10% after that date.

Fundraising

In  December 2010 we undertook  a placing and  raised £5.5 million (£5.2 million
after  expenses) in order to accelerate  the development our exploration assets,
Nyieme  and,  subject  to  completion  of  the  acquisition, Banka Gold Project,
towards  establishing  JORC  standard  resources  and  funding  their subsequent
feasibility  studies.  Additionally, we are  actively looking to acquire further
gold  mining assets with the view of expanding our asset base from which to grow
the Company.  Our  cash position at the period end was £6.4 million.

Financials

The  financial results show another strong trading period.  The operating profit
increased by 17.13% from the same period last year to £1.44 million (2009: £1.23
million)  and is the highest six month operating profit achieved by the Group to
date.   This  was  achieved  despite  the  strength  of  the  Rand, the currency
applicable  to the majority of costs.  Profit  before tax ('PBT') for the period
under  review totalled £1.36 million, which again is a significant increase from
PBT  for the comparable period (2009: £1.15 million).  After tax the increase in
profits  to £1.14 million  is even more  significant (2009: £0.76 million).  The
increase  is  largely  due  to  profits  being  earned in Ghana, where the Group
currently enjoys a tax free status.

Future Prospects

I  believe FY2011 will continue to be a fruitful year for the Company.  With our
gold  recovery  operations  performing  strongly,  boosted  by  the  Wassa  toll
treatment  agreement, we  can now  focus on  the exploration  and development of
Nyieme,  Banka and Kilimapesa  Gold, which are  central to our mid-term strategy
aimed at increasing our gold production profile.  I believe that with this solid
asset  base, healthy cash position  and revenues from gold  recovery we have the
foundations in place from which to grow the Company both organically and through
acquisition, which will in turn further strengthen our already strong investment
case.

I look forward to regularly updating shareholders on our progress and thank them
for their continued support.

Brian Moritz
Chairman

GROUP STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 31 December 2010



                              Six months ended   Six months ended    Year ended

                               December 2010      December 2009     30 June 2010

                                (unaudited)        (unaudited)       (audited)

                                   £'000              £'000            £'000



Revenue from precious metals             9,652              5,436         10,663

Cost of Sales                          (7,726)            (3,769)        (7,147)
                             ------------------ ------------------ -------------
Gross profit                             1,926              1,667          3,516

Administrative expenses                  (491)              (442)        (1,457)
                             ------------------ ------------------ -------------
Operating profit before                  1,435              1,225          2,059
finance costs

Finance income                              65                113            212

Finance expense                          (142)              (184)          (328)
                             ------------------ ------------------ -------------
Profit before tax                        1,358              1,154          1,943

Income tax expense                       (215)              (391)          (713)
                             ------------------ ------------------ -------------
Profit for the period                    1,143                763          1,230

Exchange translation                       375                350            496
                             ------------------ ------------------ -------------
Total comprehensive income               1,518              1,113          1,726



Attributable to:

Shareholder of Goldplat plc              1,400                991          1,534

Non-controlling interests                  118                122            192



Earnings per share

Basic                                    1.02p              0.68p          1.10p

Diluted                                  0.90p              0.60p          0.96p




GROUP BALANCE SHEETS

As at 31 December 2010

                                   As at              As at            As at
                              31 December 2010   31 December 2009   30 June 2010

                                (unaudited)        (unaudited)       (audited)

                                   £'000              £'000            £'000



Assets

Non-current assets

Property, plant and equipment            3,927              3,196          3,589

Pre production expenditure               1,856              1,241          1,552

Goodwill                                 5,745              5,763          5,745

Due on sale of shares in                   408                444            390
subsidiary
                             ------------------ ------------------ -------------
                                        11,936             10,644         11,276
                             ------------------ ------------------ -------------


Current assets

Inventories                              3,208              2,332          3,825

Trade and other receivables              3,776              2,598          1,866

Cash and cash equivalents                6,464              1,048          1,018
                             ------------------ ------------------ -------------
                                        13,448              5,978          6,709



Total assets                            25,384             16,622         17,985



Equity and liabilities

Equity attributable to equity holders of the
Company

Share capital                            1,671              1,121          1,121

Share premium                           11,401              6,772          6,772

Retained earnings                        5,814              4,174          4,738

Exchange reserves                          686                165            311
                             ------------------ ------------------ -------------
Shareholders' equity                    19,572             12,232         12,942

Minority interests                         566                470            475
                             ------------------ ------------------ -------------
Total equity                            20,138             12,702         13,417



Non-current liabilities

Provisions                                 202                162            180

Obligations under finance                   57                  -            100
leases

Deferred tax liabilities                   442                364            444
                             ------------------ ------------------ -------------
                                           701                526            724
                             ------------------ ------------------ -------------
Current liabilities

Trade and other payables                 4,157              2,896          3,462

Obligations under finance                  116                  -            107
leases

Taxation                                   272                498            275
                             ------------------ ------------------ -------------
                                         4,545              3,394          3,844



Total equity and liabilities            25,384             16,622         17,985



GROUP STATEMENTS OF CHANGES IN EQUITY

for the period ended 31 December 2010



                       Share   Share  Retained     Exchange     Minority
                      capital premium  income      reserves     interests Total

                       £'000   £'000   £'000        £'000         £'000   £'000



Balance at 30 June      1,121   6,772    3,414            (185)       420 11,542
2009

Comprehensive income
for the year                -       -    1,038              496       192  1,726

Minority interest in
subsidiary dividend         -       -        -                -     (137)  (137)

Treasury shares             -       -       49                -         -     49

Share incentive             -       -      237                -         -    237
scheme reserve
                     -----------------------------------------------------------
Balance at 30 June      1,121   6,772    4,738              311       475 13,417
2010

Issue of share            550   4,950        -                -         -  5,500
capital

Costs associated with
the issue of share          -   (321)        -                -         -  (321)
capital

Comprehensive Income
for the period              -       -    1,025              375       118  1,518

Minority interest in
subsidiary dividend         -       -        -                -      (27)   (27)

Share incentive             -       -       51                -         -     51
scheme reserve
                     -----------------------------------------------------------
Balance at 31           1,671  11,401    5,814              686       566 20,138
December 2010
                     -----------------------------------------------------------


                                         Six months    Six months       Year
                                            ended         ended        ended

                                        December 2010 December 2009 30 June 2010

                                         (unaudited)   (unaudited)   (audited)

                                            £'000         £'000        £'000



Cash flows from operating activities

Cash generated from operations                  1,025           477        1,431

Financing income                                   65           113          212

Financing costs                                 (142)         (184)        (316)

Taxation paid                                   (311)         (268)        (617)
                                       -----------------------------------------
Net cash flows from operating                     637           138          710
activities



Cash flows from investing activities

Purchase of shares in subsidiary                    -                       (83)
undertaking

Proceeds from sale of property, plant               -            10           10
and equipment

Acquisition of property, plant and
equipment

  * Additions to expand operations              (281)         (509)        (984)

  * Pre production expenditure                  (309)         (310)        (638)
                                       -----------------------------------------
Net cash outflow from investing                 (590)         (809)      (1,695)
activities



Cash flows from financing activities

Proceeds from issue of shares                   5,500                          -

Purchase of treasury shares                         -                         49

Proceeds received on shares sold in                27            69           82
subsidiary

Proceeds paid on acquisition of shares                        (730)
in Kilimapesa

Loans repaid                                        -                      (647)

Finance leases (repaid) / raised                 (54)                        207
                                       -----------------------------------------
Net cash from financing activities              5,473         (661)        (309)


                                       -----------------------------------------
Net increase / (decrease) in cash and           5,520       (1,332)      (1,294)
cash equivalents

Cash and cash equivalents at beginning          1,018         2,198        2,198
of period

Effect of exchange rate fluctuations on          (74)           182          114
monetary assets
                                       -----------------------------------------
Cash and cash equivalents at end of             6,464         1,048        1,018
period


NOTES TO THE FINANCIAL STATEMENTS

for the period ended 31 December 2010



1. Accounting policies



a) Presentation of financial information

   The  consolidated financial  statements are  presented in  pounds sterling,
   which   is   considered  by  the  Directors  to  be  the  most  appropriate
   presentation   currency.   The  majority  of  the  group  transactions  are
   undertaken  in South African Rand although  all sale prices are denominated
   in US$.



   The  company's  business  activities,  together  with the factors likely to
   affect  its future development, performance and position are set out in the
   Chairman's  Statement.   The  financial  position  of the Company, its cash
   flows,  liquidity position and borrowing  facilities are described in these
   financial  statements.   The  financial  statements  include  the Company's
   objectives,  policies and processes for managing its capital; its financial
   risk  management  objectives;  details  of  its  financial  instruments and
   hedging activities; and its exposures to credit risk and liquidity risk.



   The  Company has sufficient reserves of  raw material and ongoing contracts
   with  its  current  suppliers.   The  Company  has  a secure market for its
   precious  metal products which are sold  at market related prices which are
   above production costs.



   The  Directors believe  that this  performance will  be sustainable for the
   ensuing  year and  therefore continue  to adopt  the going concern basis of
   accounting in preparing the annual financial statements.



b) Basis of preparation of the financial statements

   The   financial   statements   have   been   prepared  in  accordance  with
   International  Financial  Reporting  Standards  as  adopted by the EU.  The
   financial  statements have been prepared on the historical cost basis.  The
   principal accounting policies adopted are set out below.



   The  preparation of the financial statements requires the Directors to make
   estimates  and assumptions  that affect  the reported  amounts of revenues,
   expenses,   assets  and  liabilities,  and  the  disclosure  of  contingent
   liabilities at the date of the financial statements.  If in the future such
   estimates and assumptions, which are based on the Directors' best judgement
   at   the  date  of  the  financial  statements,  deviate  from  the  actual
   circumstances,  the original estimates and  assumptions will be modified as
   appropriate in the year in which the circumstances change.



c) New standards and interpretation

   At  the date  of authorisation  of these  financial statements,  there were
   International  Financial Reporting Standards  and Interpretations that were
   in  issue but not yet  effective, which have not  been applied in preparing
   these financial statements.



   The   Directors  anticipate  that  the  adoption  of  these  Standards  and
   Interpretations  in  future  years  will  have  no  impact on the financial
   statements  except for  additional disclosures  when the relevant Standards
   and Interpretations come into effect.



d) Basis of consolidation

   The  consolidated financial statements incorporate the financial statements
   of the Company and enterprises controlled by the Company (its subsidiaries)
   as  at the reporting date.   Control is achieved where  the Company has the
   power  to govern the financial and operating policies of a subsidiary.  All
   intra-Group  transactions, balances, income and  expenses are eliminated on
   consolidation.

e) Goodwill

   The acquisition method of accounting is used to account for the purchase of
   subsidiaries.   Identifiable assets acquired and liabilities and contingent
   liabilities  assumed in a business  combination, irrespective of the extent
   of  minority interests, are measured initially  at their fair values at the
   acquisition  date.  The excess of the cost of the acquisition over the fair
   value  of  the  Group's  share  of  the identifiable net assets acquired is
   recorded as goodwill.  If the cost of the acquisition is less than the fair
   value  of  the  net  assets  of  the subsidiary acquired, the difference is
   accounted  for directly  in the  income statement  of comprehensive income.
    The  cost of an  acquisition is measured  at the fair  value of the assets
   given, equity instruments issued and liabilities incurred or assumed at the
   date of exchange, plus costs directly attributable to the acquisition.



f) Property, plant and equipment

   Items  of property, plant and equipment  are stated at historical cost less
   accumulated  depreciation and  impairment losses.   The cost  of the mining
   assets  includes  the  costs  of  dismantling  and  removing  the items and
   restoring the site on which they are located.



   The Group recognises in the carrying amount of an item of property, plant
   and equipment the cost of replacing part of such an item when that cost is
   incurred if it is probable that the future economic benefits embodied with
   the item will flow to the Group and the cost of the item can be measured
   reliably.  All other costs are recognised in the income statement of
   comprehensive income as an expense as incurred.



   Depreciation

   Depreciation   is   charged   to   the  consolidated  income  statement  of
   comprehensive  income on  a straight-line  basis over  the estimated useful
   lives  of each part of  an item of property,  plant and equipment. Freehold
   land is not depreciated.

     * Leasehold land                        Lease period
     * Buildings                                 20 years
     * Plant and equipment                10 years
     * Motor vehicles                          5 years
     * Office equipment                       6 years
     * Spare parts                             10 years
     * Environmental assets                Life of mine
     * Pre production expenditure        10 years from date of commencement of
       production



   Assets held under finance leases are depreciated over their expected useful
   lives on the same basis as owned assets or, where shorter, over the term of
   the relevant lease.



g) Leases

   Leases  under the  terms of  which the  Group assumes substantially all the
   risks and rewards of ownership are classified as finance leases.



h) Inventories

   Consumable stores and raw materials are valued at the lower of cost and net
   realisable  value on the weighted average basis, and include costs incurred
   in  acquiring the inventories and bringing  them to their existing location
   and  condition.  Net realisable value is the estimated selling price in the
   ordinary  course of  business, less  the estimated  costs of completion and
   selling expenses.



   Bullion  on hand, gold and platinum  represent production on hand after the
   smelting process, gold contained in the elution process, gold loaded carbon
   in  the CIL  (carbon-in-leach) and  CIP (carbon-in-pulp) processes, gravity
   concentrates,  platinum  group  metals  (PGM)  concentrates and any form of
   precious  metal in process where the quantum  of the contained metal can be
   accurately determined.  It is valued at the average production cost for the
   year, including amortisation and depreciation.

i) Provisions

   A provision is recognised in the balance sheet when the Group has a present
   legal  or constructive obligation  as a result  of a past  event, and it is
   probable  that an outflow  of economic benefits  will be required to settle
   the  obligation.  If the  effect is material,  provisions are determined by
   discounting  the expected future cash flows at a pre-tax rate that reflects
   current   market  assessments  of  the  time  value  of  money  and,  where
   appropriate, the risks specific to the liability.



j) Taxation

   Tax  on the profit or loss for the year comprises current and deferred tax.
    Tax  is recognised in  the consolidated statement  of comprehensive income
   statement except to the extent that it relates to items recognised directly
   in equity, in which case it is recognised in equity.



   Current tax is the expected tax payable on the taxable income for the year,
   using tax rates enacted or substantially enacted at the balance sheet date,
   and any adjustment to tax payable in respect of previous years.



   Deferred  tax  is  provided  using  the  balance  sheet  liability  method,
   providing  for temporary differences between  the carrying amount of assets
   and  liabilities for financial reporting purposes  and the amounts used for
   taxation purposes.



2. Earnings per share

   The calculation of earnings per ordinary share is based on
   the following:

                                                               December 2010

                                                                         £'000



   Earnings for the purpose of earnings per share- basic                 1,143

   - diluted                                                             1,151
                                                              -----------------


                                                                     Number of
                                                                        shares



   Weighted average number of common shares in issue during        112,418,913
   the year

   Effect of dilutive options                                       16,173,750
                                                              -----------------


   Weighted average number of common shares in issue during
   the year for the purpose of diluted earnings per share          128,592,663



3. Share based payments

                   Number of    Exercise   Number of options    Exercise Price
                    options       Price

                 December 2010  December       June 2010           June 2010
                                  2010

   Share options

   Outstanding       17,200,000       10p           17,200,000               10p
   at 1 July

                        750,000      7.5p              750,000              7.5p
                ----------------         ----------------------
                     17,950,000                     17,950,000



   The fair value of these share options was calculated at the date of issue
   independently using the Black Scholes Model using the following assumptions:

   Risk      free         2.93%
   interest rate

   Expected                 55%
   volatility

   Expected                  0%
   dividend yield

   Life   of  the     3.5 years
   option



   The weighted average remaining contractual life of the options outstanding at
   the balance sheet date is 2 years 322 days.



   The expected volatility has been calculated based on the quoted price of the
   company's shares over the period from July 2006 to December 2008.

                                                 Six months           Year
                                                   ended             ended

                                                  December        30 June 2010
                                                    2010

                                                (unaudited)        (audited)

                                                   £'000             £'000

4. Trade and other receivables

   Trade receivables                                   3,204               1,339

   Other receivables                                     572                 527
                                               --------------  -----------------
                                                       3,776               1,866
                                               --------------  -----------------


5. Share capital

                      December   December 2010   June 2010        June 2010
                        2010

                        £'000     No of shares     £'000         No of shares

   Authorised

   Ordinary   shares      10,000  1,000,000,000       10,000     1,000,000,000
   of 1p
                    -----------------------------------------------------------


   Issued  and fully
   paid

   Balance   at  30        1,121    112,120,000        1,121       112,120,000
   June 2010
                    -----------------------------------------------------------
   Issued        31          550     55,000,000            -                 -
   December 2010
                    -----------------------------------------------------------
   Ordinary   shares       1,671    167,120,000        1,121       112,120,000
   of 1p
                    -----------------------------------------------------------


   On 31 December 2010 the Company issued 55,000,000 ordinary shares for cash
   consideration of 10p per share.



                                                 Six months          Year
                                                   ended            ended

                                                  December       30 June 2010
                                                    2010

                                                (unaudited)       (audited)

                                                   £'000            £'000

6. Trade and other payables

   Trade creditors                                     1,300             1,223

   Accruals                                            1,545             1,243

   Due on purchase of share in                           970               996
   subsidiary

   Costs    due   on                                     342                 -
   issue of shares
                                               --------------  ----------------
                                                       4 157             3,462
                                               --------------  ----------------


7. Intangible assets

   Balance at 1 July                                   5,745             4,778

   Acquisition of 50% in                                   -               967
   subsidiary undertaking
                                               --------------  ----------------
                                                       5,745             5,745
                                               --------------  ----------------




8. Notes to the cash flow statement



   Cash generated by operations

   Operating income before interest and taxation            1,435     2,059



   Adjustments for:

   Depreciation of property, plant and equipment              137       233

   Loss on disposal of property, plant and equipment            -         5

   Share incentive scheme charged to income statement          51       237
                                                         --------- --------
   Operating income before working capital changes          1,623     2,534

   Decrease / (Increase) in inventories                       617   (2,352)

   (Increase) / Decrease in trade and other receivables   (1,910)       146

   Increase in trade and other payables                       721       995

   Effect of exchange rate on payables                       (26)       108
                                                         --------- --------
                                                            1,025     1,431
                                                         --------- --------


                                    **ENDS**






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Source: Goldplat plc via Thomson Reuters ONE

[HUG#1494790]