Resource Update

Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
12 December 2012
Goldplat plc ('Goldplat' or 'the Company')
Resource Update

Goldplat plc, the AIM listed gold producer in Africa, announces an updated total JORC compliant Mineral Resource Statement across its gold mining and development portfolio in Africa including the producing Kilimapesa Gold Mine in Kenya, the Anumso gold exploration project Ghana and the Nyieme gold exploration project in Burkina Faso.

Overview

• Total Goldplat JORC compliant Mineral Resources increase by 25% from 742,392 oz Au to 931,071 oz Au across its Kenyan, Ghanaian and Burkina Faso gold mining and development portfolio 

• Anumso gold project in Ghana - maiden JORC compliant mineral resource of 2,545,000 tonnes at 2.04 g/t Au for 166,865 oz Au at a cut-off of 1 g/t 

• Kilimapesa Gold Mine in Kenya - updated mineral resource of 8,715,291 tonnes at 2.40 g/t Au for 671,446 oz Au at a cut-off of 1 g/t 

• Optimisation study underway at Nyieme gold project in Burkina Faso which has a resource of 92,760 oz Au to access suitability of ore for processing at proposed new gold recovery plant at site  

Goldplat's CEO Russell Lamming said, "We are pleased to report a 25% increase in our total resource to 931,071 ounces of gold across our three gold mining and exploration projects in Kenya, Ghana and Burkina Faso. In addition, we have also commenced optimisation studies on the Nyieme deposit to assess the suitability of the ore to provide feed material for the proposed Dano Gold Recovery plant in Burkina Faso.  The new plant when developed will be Goldplat's third recovery business and complement its existing gold recovery operations in South Africa and Ghana which produced 31,354 ounces in FY 2012."  

Anumso - Ghana

Goldplat's 29 sq km Anumso Gold Exploration licence is located in the highly prospective Amansie East and Asante Akim South Districts of the Ashanti Region of the Republic of Ghana.  A 32 hole, 6,125m diamond drilling programme at Anumso has been completed over a 4km strike which had been identified on the eastern Tarkwaian conglomerate between the villages of Banka and Tokwae. The database used for the resource calculation also incorporated data from three historical drilling campaigns over the eastern conglomerate zone: Stanley Mining completed 29 reverse circulation ('RC') holes for 1,450m in 1995; Mwana Africa plc completed 25 diamond core holes in 2006 for 2,409 m and 21 diamond core holes in 2007 for 2,999m.

A JORC-Compliant ore resource of 2,545,000 tonnes at an average grade of 2.04 g/t giving 166,865 oz Au at a 1 g/t cut-off has been declared.  All samples were submitted to ALS Chemex Laboratories in Kumasi and SGS in Tarkwa.  

The following table summarises the significant intercepts for the drilling programme:

Hole ID	Easting UTM WGS84 30N	Northing UTM WGS84 30N	Total Depth (m)	Azimuth	Dip	Depth from (m)	Depth to (m)	Interval (m)	Grade (g/t)
AGDD003	698 415	696 951	177	321	-50	68.87	69.20	0.33	6.04
AGDD004	698 602	697 094	168	321	-50	72.50	75.00	2.50	8.04
			including			72.50	73.00	0.50	20.80
						107.50	109.00	1.50	4.15
						140.00	140.50	0.50	4.60
AGDD005	698 572	697 130	179	321	-50	76.50	77.00	0.50	7.23
						167.50	168.00	0.50	3.13
AGDD006	698 642	697 216	138	321	-50	44.00	44.50	0.50	3.45
						65.00	65.50	0.50	4.21
						72.00	73.00	1.00	5.53
			including			72.50	73.00	0.50	8.50
AGDD007	698 764	697 279	171	319	-50	115.00	115.50	0.50	4.95
AGDD009	698 816	697 366	132	317	-50	59.50	60.00	0.50	4.84
						72.50	73.00	0.50	3.91
AGDD010	698 875	697 433	174	321	-50	67.40	67.65	0.25	3.04
						77.50	78.00	0.50	4.90
						130.50	131.00	0.50	3.84
AGDD011	698 770	697 415	180	317	-50	18.00	18.50	0.50	3.33
						47.50	48.00	0.50	7.25
AGDD012	698 921	697 516	186	318	-50	113.00	113.50	0.50	3.47
						126.50	127.00	0.50	4.24
AGDD014A	698 975	697 584	174	315	-50	111.50	112.00	0.50	3.93
AGDD015	698 998	697 689	135	315	-50	71.50	72.00	0.50	12.40
AGDD019	699 295	698 043	207	319	-50	202.50	203.65	1.15	4.39
			including			202.50	203.10	0.60	5.16
AGDD024	699 810	698 728	138	323	-50	42.50	43.00	0.50	3.05
AGDD027	699 763	698 605	159	323	-50	133.70	135.15	1.45	5.02
			including			134.50	135.15	0.65	9.17
						148.00	149.50	1.50	3.58
			including			149.00	149.50	0.50	6.60
						153.70	154.50	0.80	4.26
			including			154.00	154.50	0.50	6.07
AGDD030	698 962	697 724	168	315	-50	15.00	15.50	0.50	3.53
AGDD031	698 474	696 789	420	317	-65	258.00	258.50	0.50	10.65
						317.50	318.00	0.50	6.76
						379.00	379.50	0.50	11.65
AGDD032	698 413	696 664	411	315	-65	310.50	311.00	0.50	57.90
						322.00	323.00	1.00	3.17
			including			322.00	322.50	0.50	3.41
						326.50	327.00	0.50	6.38
						359.50	360.00	0.50	3.73

The following tables show the Anumso Mineral Resource:

ANUMSO TOTAL  RESOURCE( 1 g/t cut-off)
Resource Classification	Within Conglomeratic Horizons
	Tonnes	Au Grade g/t	Contained Au Ozs
Measured	8 000	11.29	2 903
Indicated	647 000	2.73	56 712
Inferred	1 393 000	1.72	76 875
Total	2 048 000	2.07	136 490
ANUMSO TOTAL  RESOURCE( 1 g/t cut-off)
Resource Classification	Outside Conglomeratic Horizons
	Tonnes	Au Grade g/t	Contained Au Ozs
Inferred	497 000	1.90	30 375
Total	497 000	1.90	30 375
ANUMSO TOTAL  RESOURCE( 1 g/t cut-off)
Resource Classification	Total Project
	Tonnes	Au Grade g/t	Contained Au Ozs
Measured	8 000	11.29	2 903
Indicated	647 000	2.73	56 712
Inferred	1 890 000	1.76	107 250
Total	2 545 000	2.04	166 865

The Company will undertake a scoping study on the Anumso project to ascertain if the ore can be used as a source of primary material for the CIL circuit at the recovery operation in Tema, Ghana or potentially as a site for an additional recovery business in Ghana.

Kilimapesa, Kenya

Goldplat's wholly owned Kilimapesa gold mine is located in the historically productive Migori Archaean Greenstone Belt in western Kenya.  Kilimapesa's updated mineral resource of 8,715,291 tonnes at 2.40 g/t Au for 671,446 oz Au at a cut-off of 1 g/t comprises the Kilimapesa Hill and the Red Ray deposits located approximately 4km to the southwest and 2km to the northeast of the gold processing plant location respectively.  The Phase 2 drilling project at Red Ray was designed to infill the existing drill holes and also to extend the strike length of the mineralised zone from the 800m determined by Phase 1 to 2,500m.  The drilling to the west of the Red Ray target area proved to be successful and a mineralised zone was intersected below some historical colonial and artisanal workings, with the best intersection of 100cm at 6.20 g/t.  This extended the ore body strike to 1,800m. The drilling to the east of the Red Ray target failed to intersect the mineralised zone despite the presence of artisanal workings at the surface. Consequently, only 1,800m of the projected 2,500m extension has been proven so far. The drilling results to date confirm the similarity of mineralisation style between Red Ray and Kilimapesa Hill.

A JORC-compliant ore resource of 139,815 oz Au at an average grade of 2.28 g/t at a 1 g/t cut-off has been declared at Red Ray, based on a total of 22 diamond drill holes (13 holes in Phase 1 and 9 holes in Phase 2) for a total of 1,360m of core.  Total strike length of the area drilled is approximately 2.5km.  All samples were submitted to ALS Chemex Laboratories in Johannesburg and Intertek Genalysis.  

The following table summarises the significant intercepts for the drilling programme:

Hole ID	Eastings UTM ARC1960	Northings UTM ARC 1960	Total Depth (m)	Azimuth	Dip	Depth from (m)	Depth to (m)	Interval (m)	Grade (g/t)
KPGRR15	702 450	9 863 482	50.28	20	-50	23.16	23.94	0.78	0.75
KPGRR16	702 539	9 863 425	165.20	20	-50	64.40	66.94	2.54	3.35
				including		64.40	65.40	1.00	6.20
KPGRR17	702 764	9 863 354	45.36	20	-50	30.26	31.26	1.00	0.63
KPGRR23	703 457	9 863 064	50.57	20	-45	12.46	13.60	1.14	1.24
						15.61	16.50	0.89	1.43
KPGRR24	703 521	9 862 941	123.98	20	-50	70.38	73.08	2.70	16.30
				including		71.09	72.58	1.49	22.23
						74.88	75.38	0.50	2.42
						81.05	81.55	0.50	2.52
						97.58	101.28	3.70	1.12
KPGRR25	703 706	9 862 947	50.08	0	-50	28.39	30.35	1.96	1.11
KPGRR26	703 737	9 862 918	120.98	20	-50	51.21	52.90	1.69	1.16
KPGRR34	704 721	9 862 936	51.00	170	-50	-		-	-
KPGRR35	704 964	9 862 979	51.76	170	-50	-		-	-

The following table shows the updated Red Ray Mineral Resource:

Total Red Ray Resource (at 1 g/t cut-off)

RED RAY ( 1 g/t cut-off)
Resource Classification	Within Veins and Host
	Tonnes	Au Grade g/t	Contained Au Ozs.
Measured	514 678	2.92	48 319
Indicated	362 250	2.65	30 875
Total	876 928	2.69	79 194
Inferred	1 028 363	1.83	60 621
Total	1 905 291	2.28	139 815

No further exploration has taken place at Kilimapesa Hill for the year. The following table shows the Kilimapesa Hill Mineral Resource:

Total Red Ray Resource (at 1 g/t cut-off)

Kilimapesa Hill ( 1 g/t cut-off)
Resource Classification	Within Veins and Host
	Tonnes	Au Grade g/t	Contained Au Ozs.
Measured	112 000	3.65	13 143
Indicated	975 000	2.95	92 315
Total	1 087 000	3.02	105 458
Inferred	5 723 000	2.32	426 173
Total	6 810 000	2.43	531 631

The total resource for Kilimapesa Gold Mine, including the updated resource from Red Ray, is shown below.

TOTAL  RESOURCE( 1 g/t cut-off)
Resource Classification	Within Veins and Host
	Tonnes	Au Grade g/t	Contained Au Ozs
Measured	626 678	3.05	61 462
Indicated	1 337 250	2.86	123 190
Total	1 963 928	2.92	184 652
Inferred	6 751 363	2.24	486 794
Total	8 715 291	2.40	671 446

Nyieme, Burkina Faso

The 246 sq km Nyieme project is located in the prospective Birimian Greenstone Belt in southern Burkina Faso, West Africa.  As reported in October 2011, the Company defined a JORC compliant resource of 1,395,000 tonnes at 2.06g/t gold for 92,760 ounces. No further exploration has taken place at Nyieme this year.  See the Nyieme resource table below:

NYIEME TOTAL  RESOURCE( 1 g/t cut-off)
Resource Classification	Within Veins and Host
	Tonnes	Au Grade g/t	Contained Au Ozs
Indicated	305 000	2.85	27 941
Inferred	1 090 000	1.85	64 818
Total	1 395 000	2.07	92 760

Goldplat is now undertaking optimisation studies on the Nyieme deposit to assess the suitability of the ore to provide feed material for the proposed Dano Gold Recovery plant to be located in the vicinity of the Nyieme project in Burkina Faso, with the intention of processing Goldplat's own ore in addition to by products from other mines.  The Dano Gold Recovery plant, where a feasibility report is currently being completed, will be Goldplat's third gold recovery operation and complement its existing operations in South Africa and Ghana.  

Total Goldplat Group

The total resources for the Goldplat Group are shown below:

GOLDPLAT TOTAL  RESOURCE( 1 g/t cut-off)
Resource Classification	Total Project
	Tonnes	Au Grade g/t	Contained Au Ozs
Measured	634 678	3.15	64 365
Indicated	2 289 250	2.82	207 843
Inferred	9 731 363	2.11	658 862
Total	12 655 291	2.29	931 071

Qualified Person

This announcement has been reviewed by Mr. Mark Austin, the group geologist for Goldplat who has more than 30 years of relevant experience in the field of activity concerned.  He is a fellow of the Geological Society of South Africa ('GSSA') and is registered as a Professional Natural Scientist with the South African Council for Natural Scientific Professions and he has consented to the inclusion of the material in the form and context in which it appears.

The author and practioner of the Anumso resource estimation report, Mr. Dexter Ferreira, is a senior geostatistician with over 20 years' experience in project evaluation internationally, including extensive involvement with mineral projects throughout South America and Africa. He is a member of the South African Council for Natural Scientific Professions, and qualifies as an 'Expert', 'Competent Person' and 'Qualified Person' as defined in National Instrument 43-101 and the JORC Code.

The JORC-Compliant resource for the Red Ray area was compiled by Dr Cedric Simonet, European Geologist No. 739 and who qualifies as a Competent Person in terms of the rules of the JORC code.

* * ENDS * *

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

Russell Lamming, CEO	Goldplat plc	Tel: [phone]
Ewan Leggat/Katy Birkin	SP Angel Corporate Finance LLP	Tel: [phone]
Felicity Edwards	St Brides Media & Finance Ltd	Tel: [phone]

Notes:

Goldplat plc, which has a market cap of circa £22 million, is an AIM-listed profitable, debt free gold producer and mine development company focused in Africa, which has a strong cash position of £4.57 million as at 30 June 2012. The Company has a solid portfolio of assets including two gold recovery operations in South Africa and Ghana, which recover precious metal from by-products of the mining process such as woodchips, fine carbon and waste grease. For the FY 2012 these operations produced circa 31,354 ounces of gold. Goldplat also has a producing gold mine in Kenya and two brownfield gold development projects in Ghana and Burkina Faso.

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