Subscription to raise £1.90 million

African Consolidated Resources plc / Ticker: AFCR / Index: AIM / Sector: Mining

21 January 2013

African Consolidated Resources plc ('ACR' or 'the Company')
Subscription to raise £1.90 million

African Consolidated Resources plc, the AIM listed resource and development company focused in Southern Africa, is pleased to announce that it has agreed a subscription of 54,330,200 new ordinary shares of 1p each in the Company ("Subscription Shares") at a price of 3.50 pence per New Ordinary Share (the "Subscription") to raise gross proceeds of £1.90 million. The Subscription is not underwritten.

In addition and further to the announcements of 24 October 2012 and 18 January 2013, the Company announces the issue of 1,379,200 new ordinary shares of 1p each in the Company ("Salary Shares" and together with the Subscription Shares, the "New Ordinary Shares") at 2 pence each pursuant to employment services rendered to the Company.

The Directors estimate that the net proceeds of the Subscription will be sufficient to fund the Company's near term liabilities and progress towards the advancement of its key projects, particularly the Pickstone-Peerless Gold Project. It is anticipated that further funding will be required in Q2 2013 in order for the Company to both continue operating as a going concern and develop its Pickstone-Peerless Gold Project together with its portfolio of high impact assets. The Company continues to explore all sources of funding.

Commenting on the Subscription, ACR Chairman, Roy Tucker, said, "Today's Subscription and Craig Hutton's recent appointment as Chief Executive marks a key transformation in ACR's development from an exploration company to a mining company. Craig comes to ACR with extensive experience of production companies and a solid pedigree in financial valuation and management, project assessment and project fund sourcing, all vital skill sets which will facilitate ACR to advance its key projects towards production.  Craig's initial focus will be on the advancement of Pickstone-Peerless Gold Project, in which he has already been hugely instrumental, as the project moves towards its production phase targeting 15,000 to 20,000 ounces of gold per annum in the near term."

"As previously reported, Pickstone is an important development for Zimbabwe and it requires full involvement from all stakeholders. Craig, with the support of recently announced management changes in Zimbabwe, will be tasked with ensuring that all stakeholder benefit from this emerging opportunity."

Admission and Dealings

The Subscription and the issue of the Salary Shares are both conditional on the admission of the New Ordinary Shares to trading on AIM. Application will be made for admission of the 55,709,400 New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that such Admission will become effective and that dealings will commence on 25 January 2013.

The New Ordinary Shares will rank pari passu with existing ordinary shares of 1p each in the Company.

Following Admission, the total issued share capital of the Company will be 656,958,630 ordinary shares, all of which have voting rights. The New Ordinary Shares will represent approximately 8.48% of the enlarged issued share capital of the Company.

The above figure of 656,958,630 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in ACR under the FSA's Disclosure and Transparency Rule.

For further information visit www.acrplc.com or please contact:

Roy Tucker	African Consolidated Resources plc	[phone] [phone]
Craig Hutton	African Consolidated Resources plc	[phone]
Andrew Godber	Panmure Gordon (UK) Limited	[phone]
Callum Stewart	Panmure Gordon (UK) Limited	[phone]
Susie Geliher	St Brides Media & Finance Ltd	[phone]

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Source: African Consolidated Resources Plc via Thomson Reuters ONE

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