Kilimapesa Gold - Resource Statement

Goldplat plc, an AIM listed gold producer, announces its initial JORC-compliant resource from the Kilimapesa Hill gold mining project ('Kilimapesa') located in South Western Kenya within the historically producing Migori Archaean Greenstone Belt. The underground gold resource estimate at Kilimapesa totalled 1.65Mt at 2.44 g/t Au for 129,000 oz Au at a cut-off grade of 1 g/t Au for all categories.

The Measured and Indicated resource totals 409,000t at 2.39 g/t Au for 31,416 oz Au plus an additional 1.24Mt at 2.43 g/t for 98,000 oz Au within the Inferred category. In addition, colonial tailings in the immediate vicinity of the plant have a combined Measured and Indicated JORC compliant Resource of 41,000t at 2.56 g/t Au for 3,400 oz Au.

This initial Measured and Indicated resource is expected to provide Goldplat with sufficient ore to run its Kilimapesa operations in-excess of eight years taking into account its current plant capacity. The Company has produced gold from development ore and tailings since January 2009, and it intends to use future revenue from gold sales (due to commence Q4 2009) to develop the mine and to expand the plants production capacity.

Goldplat's CEO Demetri Manolis said, "We are delighted to have produced our initial JORC compliant resource at the Kilimapesa gold mining project. It gives us the foundation for the development of a profitable small scale mining operation, which in-turn, will add value to the Company organically via exploration."

Underground Resource

The resource is situated within a one kilometre strike length over the Kilimapesa Hill target area. The underground exposure is limited to a maximum depth below surface of 60m. The current resource calculation encompasses the orebody from the surface to a depth of 70m below the current workings.

Mineralisation is contained within three sub-parallel east-west trending quartz veins that have intruded into both an Archaen Banded Iron Formation (BIF) and basaltic country rocks. The quartz veins vary in thickness between 10cm and 1.2m. Access to the orebodies is via a single adit in which the Company has intersected and developed on the three quartz reefs.

The sample database comprises 137 groove sampled channels, with each completed channel averaging 2.2m in true stratigraphic width, divided into 25cm contiguous samples. Sample channels are located approximately 3m apart horizontally. The number of samples taken over the quartz vein and the immediate surrounding country rock was in-excess of 1,600 samples. The sampling database represents a total combined vein strike length in excess of 400m. As a result, the model block size chosen was 2m x 1m x 2m (x, y, z), with a total of 21,622,578 blocks used in the estimation.

Geological mapping of the quartz veins allowed for a tight control over the orebody morphology. The orebody was interpreted and modelled by an independent geologist using Datamine to create a wireframe model. That model was used by an independent geostatistician as a basis for the resource estimation. Ordinary Kriging was the estimation technique used, given that it is the best linear unbiased estimator, allowing the preservation of inherent grade variability, as opposed to other estimation techniques. Outlier analysis determined that any sample value greater than 10g/t be trimmed to that threshold (uppercut); although this only affected 2.14% of the sample population.

Drillhole data reported in the press release dated 7 April 2009 was used only to delineate the veins, but has been excluded from the ore resource calculations due to the poor recovery rates.

Resources by category at a cut-off value of 1 g/t Au are shown in the following table:

resource1

The determination of the resource classification is as follows:

  • Measured - Resources estimated using a very restricted search ellipsoid size of 10m in the principal direction
  • Indicated - Resources estimated using a search ellipsoid of equivalent to the second modelled variographic range of 90m in the principal direction
  • Inferred - Resources estimated using a search ellipsoid twice the size of the second modelled variographic range, 180m in the principal direction including any resources estimated outside the modelled veins

Surface Tailings Resource

As announced on 26 October 2007, the tailings derived from colonial operations in the mid-1900s. These tailings have subsequently undergone auger drill sampling, in order for a JORC compliant mineral resource to be calculated. The combined Measured, Indicated and Inferred Resources totalled 51,600 tonnes at 2.52g/t Au, the majority of which lie within 200m of the existing plant infrastructure. Initial gravity and carbon-in-leach metallurgical test-work demonstrate recoveries in excess of 65%, and on the ore derived from the quartz vein orebodies in-excess of 85%.

Total resources by category are shown below:

resource2

Further details

Kilimapesa Gold (Pty) Ltd ('Kilimapesa Gold') is wholly owned by Goldplat through its subsidiary Gold Mineral Resources Limited ('GMR'). Kilimapesa Gold includes the operating Kilimapesa Hill gold mine and adjacent exploration assets located in South Western Kenya within the historically producing Migori Archaean Greenstone Belt.

The Migori Archaean Greenstone Belt is a northern continuation of the Lake Victoria Goldfields, which hosts many major gold deposits including Barrick's multi-million ounce North Mara mine. The licence area has been the site of considerable historical gold mining and is still the focus of localised artisanal mining.

Goldplat first became involved in the Kilimpaesa Hill gold mining project in June 2007, with its then 50:50 JV project partner International Gold Exploration AB ('IGE') . The mine went into small scale gold production in January 2009, processing development ore plus high grade tailings.

On 24 September 2009, Goldplat announced that it had completed the purchase of the remaining 50% interest in Kilimapesa Gold for the total consideration of US$2.7 million from IGE, via the Company's wholly owned subsidiary Gold Mineral Resources Limited. The payment schedule includes US$1.2 million paid on completion of the Sale Agreement, which was on 24 September 2009, with the balance to be settled in six monthly tranches of US$250,000.

As a result of the acquisition, Kilimapesa Gold is required to convert its existing exploration licence to a mining licence. Until the mining licence is officially approved, Kilimapesa Gold is not permitted to make commercial sales of gold. The application now resides with the Kenyan Authorities, which the Company expects to be granted soon. Kilimapesa Gold will then be in a position to move into commercial production and an announcement regarding our future mining plans will be made on the issuing of the mining licence.

For further information visit www.goldplat.com or contact:
Demetri Manolis, CEO Goldplat plc, Tel: +27 11 423 1203, Mob: +27 82 454 7392
James Joyce WH Ireland Limited, Tel: +44 (0)20 7220 1666
Bill Sharp / David Scott Alexander David Securities Limited, Tel: +44 (0)20 7448 9820
Felicity Edwards / Hugo de Salis St Brides Media & Finance Ltd, Tel: +44 (0)20 7236 1177

Notes

Summary of Important Criteria used in the Assessment and Reporting of the Kilimapesa Underground Gold Resource

Criteria

Status

Sampling Techniques, Assay Data, Drilling Details

Sampling Techniques

•Sampling channels were cut using a hand-held pneumatic chipping hammer.

•Individual samples were marked off using the methodology as described in "South Africa Mine Valuation edited By C.D. STORRAR, 1977" and are recorded as 'true sample widths'.

  • All sampling was supervised by a qualified geologist.

Location of Sampling Channels

  • Sample Channels are located underground by a qualified surveyor.
  • All sample sections are painted for further reference.

Sampling Data

  • All sample channels are recorded on 'Sample Sheets' which diagrammatically represent each sample section and correlation.
  • Each sample is recorded in a spatial data base

Verification of Sampling Data

  • Several channels have been twinned and the results show a close correlation.

Sample Assay

  • All samples have submitted to certified laboratories in Tanzania or South Africa .
  • QA/QC has been done for all sample batches.

Drilling Methodology

  • 5 wire line diamond drill holes were drilled to intersect the orebody below the current underground workings
  • Core size was BQ
  • All core was logged and sampled by a qualified geologist.
  • The core was split and half submitted to a certified laboratory in Tanzania .

Location of Boreholes

  • All borehole collars were surveyed by a qualified surveyor
  • Down-the-hole surveys were not carried out due to the short drillhole lengths.

Estimating and Reporting of Mineral Resources

Database Integrity

  • Examination of the database has not revealed any issues of concern that could significantly affect the current resource estimation

Estimation and Modelling Techniques

  • Veins were modelled using Datamine software, whilst estimation was done using GSLIB software. Estimation was completed using ordinary kriging and a minimum and maximum number of composites of 3 and 10 respectively.

Cut-Off Parameters

  • Outlier trimming limits were determined using "indicator correlation for lag 1" plots, cumulative correlation plots and cumulative logarithmic probability plots.

Classification

  • Classification of estimated resources used variographic ranges as factors. Classification scheme as per CIM

Bulk Density

  • The average SG of 3 was used based on measurements of samples submitted to SGS Laboratories, Johannesburg

Moisture Content

  • Dry tonnes have been used

This announcement has been approved for release by Mr Mark Austin. Mr Austin is a geologist and has more than 25 years 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 in the field of Geological Science with the South African Council for Natural Scientific Professions and has consented to the inclusion of the material in the form and context in which it appears.

The orebody modelling was undertaken by Mr Corne Fourie, a geologist of 12 years direct industry experience and more than 5 years experience on modelling using Datamine. He has consented to the use of his modelling in this announcement. The author and practitioner of the underground resource estimation report, who has consented to the inclusion of the resource statement information reported in this announcement, is Mr. Dexter Ferreira , a senior geostatistician with over 19 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 results of the surface deposits evaluation were previously reported in October 2007 and were the subject of an Independent report by Shango Solutions of Johannesburg. The geostatistics in the report were performed by Dr Carina Lemmer, PhD (Stanford).

Notes to Editors

Goldplat plc is an AIM-listed gold producer with operations in Africa . Goldplat's strategy is to build itself into a highly profitable mid-tier gold producer, through the acquisition of known deposits with targets of between 200,000 and one million contained ounces. To this end, it is developing the Kilimapesa Gold Lolgorien project, located in the historically producing Migori Archaean Greenstone Belt in western Kenya . Kilimapesa Gold commenced initial production in January 2009 and an aggressive exploration and development programme has been implemented to define a JORC compliant resource at the project.

The Company has two recovery businesses based in South Africa and Ghana , which, by safely disposing mining by-products, fulfilling an important aspect of operating mines' environmental management programmes. The South African plant is located near the centre of the East Rand Goldfield and raw material feedstocks are sourced from many of the major South African mining companies, including AngloGold Ashanti , Goldfields, Harmony, DRD Gold and other smaller producers. The Ghana plant, located in the free port of Tema, provides access to raw materials from mines in Mali , Guinea , Burkina Faso , Benin , Cote D'Ivorie, Senegal , the DRC and Mauritania , as well as Ghana .

i. GSLIB is an acronym for geostatistical s oftware lib rary. This name was originally used for a collection of geostatistical programs developed at Stanford University over the last 15 years

ii. Canadian Institute of Mining , Metallurgy and Petroleum.

Glossary of Terms

MEASURED RESOURCE: the portion of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through workings and drill holes. The locations are spaced closely enough to confirm geological and/or grade continuity.

INDICATED RESOURCE: the part of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered though appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

INFERRED RESOURCE: the part of a mineral resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.

ADIT: a near-horizontal tunnel driven into a hillside

AUGER DRILLING: a drilling method to evaluate unconsolidated

sediments

ORDINARY KRIGING: Kriging is the estimation procedure used in spatial geostatistics using known values Ordinary Kriging is the commonest type of Kriging.

SPECIFIC GRAVITY: defined as the ratio of density of the material to the density of water.

CARBON-IN-LEACH: a metallurgical process by which granular carbon absorbs gold in solution.