Memorandum of Agreement to Acquire Mining Rights in Ghana

Goldplat plc, the AIM quoted gold producer, announces that it has entered into a Memorandum of Agreement with Gulf Coast Resources Inc ('Gulf'), a Canadian mining company for the acquisition of Gulf's wholly-owned subsidiary company, Gulf Coast Resources Limited ('GCR'). GCR owns the Banka Mining Concession, a ten year renewable mining lease for gold and associated minerals covering an area of 29 square kilometres located in the Amansie East and Asante Akim South Districts of the Ashanti Region of the Republic of Ghana ('the Banka Mining Lease').

Overview:

•Memorandum of Agreement signed to acquire GCR and a 90% interest in the 29 sq km Banka Gold Mining Lease located in the prospective Ashanti gold region in Ghana

•Goldplat has paid Gulf US$50,000 and will undertake a due diligence review of the Banka Mining Lease and GCR

•Subject to due diligence, acquisition consideration is US$1,500,000 with Gulf to receive a 1.5 % Net Smelter Return on all gold production from the Banka Mining Lease

•Detailed geology shows that the conglomerates at the Banka Mining Lease outcrop on surface and can be traced continually over 4 kms

•Previous exploration include best intersections of 12 meters at 29.42 g/t Au and 9 meters at 57.7 g/t Au

•Intention to implement a development programme to prove up the economic viability of the Banka Mining Lease and define a JORC compliant resource

Goldplat CEO Demetri Manolis said, " Banka represents a substantial and exciting gold prospect in the Ashanti Region of Ghana, a prime district for gold project development. Early work indicates the prospectivity of the licence area and we have defined a development plan aimed at publishing a JORC resource in due course. Importantly small scale trial production has already taken place. This proposed acquisition represents Goldplat's continued commitment to building on its position as a gold producer in Africa and creating a highly profitable mid-tier gold company."

GCR holds a 90% interest in the Banka Mining Lease with the Ghana Government holding the remaining 10% as a statutory free carried or non-contributing interest. By the terms of the Banka Mining Lease, GCR was granted the exclusive right to enter, mine, extract and sell gold and diamonds from the area covered by the Banka Mining Lease subject to the terms and conditions of the Banka Mining Lease.

On 3 February 2010 GCR applied to the Government for a renewal of the Banka Mining Lease and the said application is still under consideration by the Government as at the date hereof pending which GCR has lawfully retained possession of and interest in the Banka Mining Lease.

The Memorandum of Agreement is intended to lead to the signing of a formal agreement ('the Formal Agreement') . Goldplat has paid Gulf the sum of US$50,000 and will undertake a due diligence review of the Banka Mining Lease and GCR.

Completion of the acquisition is conditional on:

•completion of successful due diligence by Goldplat,

•delivery by Gulf of the renewed Banka Mining Lease and EPA Permit to Goldplat; and

•delivery by Gulf of a letter from the Minister of Lands and Natural Resources approving the sale of GCR and assignment of the renewed Banka Mining Lease to Goldplat.

Following the satisfaction of these conditions Goldplat will purchase GCR and the 90% interest in the Banka Mining Lease (excluding Plant and Machinery) for a consideration of US$1,500,000 subject to the retention by Gulf of a 1.5 % Net Smelter Return on all gold production from the Banka Mining Lease. 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.

Banka Mining Lease

The 29 sq km Banka Mining Lease is located approximately 40 km north east of AngloGold's Obuasi gold mine in the Amansie East and Asante Akim North Districts of the Ashanti Region in Ghana .

The Banka Mining 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 kms. Previous exploration programmes conducted on the property by GCR have classified the conglomerates into Western and Eastern zones, the Eastern zone being stratigraphically below the Western zone and the preferred target for exploration.

Several vertical shafts also exist on the property which have been accessed by GCR. Underground development comprises on-reef drives and sampling has indicated grades of up to 25 g/t of gold ('Au').

Additionally, three zones from other sampling taken previously in the Eastern limb of the Banka Mining Licence were reported as follows:

Site A: (located near Tokwae) received assay results ranging from 12.2g/t Au to 34.7g/t Au from samples taken from historic dumps while grab samples from the reef workings ranged from 1.6g/t Au to 6.7g/t Au.

Site B: (located between Tokwae and Banka ) grab samples from the reef returned assays ranging from 1.5g/t Au and 21.4 g/t Au.

Site C: old workings were deemed extensive, on-reef trenches of 1.2 metres and 2.7 metres assayed at 19.92g/t Au and 28.11g/t Au respectively.

EquiGold NL completed 2,699 metres of Reverse Circulation drilling in 42 holes on the three sites with the highest concentration of drill holes on site C. Previous drill results through C-Zone include intersections of 12 meters at 29.42 g/t Au and 9 meters at 57.7 g/t Au. These are the reported grades to date, however further work will be required to fully evaluate the extent of the gold mineralisation.

Table 1 outlines a non-JORC compliant mineral resource statement calculated from previous exploration programmes. It comprises resources from Zones B and C at the project and is calculated to 100m below surface. This resource is limited in its aerial extent however collation of all the current data available will result in a clearer understanding of the orebody.

Table 1

Location

Classification

Grade (g/t)

Tonnes

Oz Au

C-Zone Block 1

Indicated

Reef

3.90

13,700

1,718

C-Zone Block 2

Indicated

Grit/reef

3.27

372,100

39,126

C-Zone Block 3

Inferred

Reef

1.75

540,000

30,386

B-Zone

Inferred

Reef

3.35

1,263,600

136,111

Total

2.95

2,189,400

207,341

The Newmont gold mine, Akyem, lies 35 kms along strike to the east and that the orebody is comprised of a low grade high tonnage open-pittable resource in excess of 7 million oz Au.

Conditional on completion it is the Company's intention to undertake a work development programme to enable a JORC compliant resource to be calculated.

Qualified Person

This announcement has been reviewed by Mr. Mark Austin, the group geologist for Goldplat who has more than 25 years of relevant experience in the field of activity concerned. He is a fellow of the Geological Society of South Africa ('GSSA') and has consented to the inclusion of the material in the form and context in which it appears.

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

Demetri Manolis, CEO Goldplat plc Tel: +27 (0) 11 423 1203
James Joyce WH Ireland Limited Tel: +44 (0) 20 7220 1666
David Porter WH Ireland Limited Tel: +44 (0) 20 7220 1666
Bill Sharp Alexander David Securities Ltd Tel: +44 (0)20 7448 9820
David Scott Alexander David Securities Ltd Tel: +44 (0)20 7448 9820
Felicity Edwards St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177
Isabel Crossley St Brides Media & Finance Ltd Tel: +44 (0)20 7236 1177

Notes

Goldplat plc is an AIM-listed gold producer with operations in Africa . Its strategy is to consolidate its position as a gold producer in Africa and build itself into a highly profitable mid-tier gold company, leveraged through revenue generated from its gold recovery businesses.

The Company has two recovery businesses based in South Africa and Ghana, which, by safely disposing mining by-products, fulfil an important aspect of the 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 .

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. Kilimapesa Gold is a wholly owned subsidiary of Goldplat and is developing the potential of the 213 sq km Lolgorien licence area located in the historically producing Migori Archaean Greenstone B elt in western Kenya . Kilimapesa Gold commenced initial production in January 2009 and an aggressive exploration and development programme has resulted in a maiden JORC compliant resource being reported in October 2009. In December 2009 Goldplat plc entered into an agreement with Sanu Exploration ( BVI) Limited ('Sanu'), a wholly owned subsidiary of NGEX Resources Inc, to acquire Sanu's option over the 246 sq km Nyieme Gold Project ('Nyieme') located in B urkina Faso .  The Nyieme exploration licence includes known high-grade quartz vein structures, with drill core results showing up to 17.83 g/t gold over one metre and 11.67 g/t over five metres. Goldplat has started a programme of trenching and diamond drilling in order to prove up and expand the ore resources.

Additionally the Company is currently evaluating other gold mining opportunities in Africa and also joint venture agreements with B lack Economic Empowerment ('BEE') partners in place to take advantage of mining opportunities in South Africa .