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Arcon Int.Resources (AIN)

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Tuesday 30 April, 2002

Arcon Int.Resources

Restructuring Proposals

Arcon International Resources PLC
30 April 2002

                      ARCON INTERNATIONAL RESOURCES P.l.c.

                            RESTRUCTURING PROPOSALS

ARCON INTERNATIONAL RESOURCES P.l.c. ('Arcon' or 'the Company') announced in its
interim results to 30 June, 2001 that management were engaged in negotiations
with their bankers with a view to varying repayment terms in respect of the
Company's finance facility. Arcon today announces that agreement has now been
reached on a significant restructuring of the Company's balance sheet and

As part of this process and in order to ensure sufficient working capital for
Arcon going forward, the Company also announces its intention to effect a rights
issue of new Ordinary Shares to its shareholders. This rights issue will be
fully underwritten by Sir Anthony O'Reilly and others. In the interim period the
Company has made arrangements for bridging finance for general working capital

Subject to the successful completion of the restructuring and the satisfaction
of all conditions precedent to the rights issue, the Company will be in a
position to pursue the further development of its interests and in particular,
to focus on its highly prospective exploration area, the Rapla Prospect.

Implementation of these proposals will be conditional inter alia on completion
of legal and regulatory documentation and on requisite shareholder approvals.
The preliminary results for the twelve months ended 31 December, 2001 cannot be
completed until further clarification of the financial position of the Company,
by way of advancement of the restructuring documentation occurs.

The Board will make a further statement providing details on the proposals and
an indication as to timing to completion as these details are finalised. In the
interim, the Board has requested a temporary suspension of the listing of its
Ordinary Shares on the Official List of the Irish Stock Exchange and the
Official List of the UK Listing Authority and of trading therein on the Irish
Stock Exchange and the London Stock Exchange. This suspension will have
immediate effect.

Ends.                                                   Tuesday, 30th April 2002

For reference:
Kevin Ross                                              Jim Milton
Arcon International Resources P.l.c.                    Murray Consultants Ltd
Telephone: + 353 1 667 3063                             Telephone: + 353 1 632 6400

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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