Nyieme Gold, Burkina Faso - Resource Statement

Goldplat plc, the AIM listed gold producer, announces a maiden JORC-compliant resource at the first target on the 246 sq km Nyieme gold exploration project ('Nyieme') located in Burkina Faso totalling 685,000 tonnes at 2.61 g/t gold ('Au') for 57,501 ounces ('oz') Au at a cut-off grade of 1.0 g/t Au for all categories. This resource has been calculated over an initial 2 km of a potential 8 km strike. A third exploration campaign is planned for January 2011 to drill the entire strike as well as explore 11 additional target areas previously defined. The Board believes results from such exploration will significantly raise the resource.

The JORC-compliant resource has been calculated using the results from Goldplat's 2010 11 hole diamond drilling campaign and 26 Reverse Circulation ('RC') drill holes previously completed by Sanu Resources in 2008. The total estimated resource includes an Indicated mineral resource of 225,000 tonnes at 2.98 g/t Au for 21,557 oz Au and an additional 460,000 tonnes at 2.43 g/t Au for 35,937 oz Au within the Inferred category.

Goldplat's CEO Demetri Manolis said, "We are delighted to have produced a maiden JORC compliant resource at our first target area at Nyieme, which gives us the foundation to further develop the project and increase its resource. To date, at the first target area, we have only drilled along 2 km of the 8 km strike; it is our intention to continue exploration work here and delineate a significant resource upgrade. In addition we have identified an additional 11 targets on the project and will also begin exploration of these in January next year which we believe will further quantify the prospectivity of the licence area and in-turn add value to the Company."

Further Details

The area drilled covers a strike length of 2 km and is underlain by quartz veins dipping at 50º to the south east. The quartz veins vary in thickness from a few centimetres to 9 meters and lay at the interface of greenstone volcanic sediments and granitic terrain. This interface is the target for further exploration looking for similar deposits as the recently drilled target area. It is the Company's belief that the resource could potentially extend along a strike potentially extend along a strike length of 8km. km

The orebody was modelled using Datamine software, creating wireframe solids which were then used to constrain the resource estimation. Ordinary kriging was the estimation technique used to interpolate grades into a three dimensional blockmodel. Outlier analysis determined that any sample value greater than 10.0g/t Au be trimmed to that threshold; effecting only 2.14% of the sample population. Model block size chosen was 2m x 1m x 2m (x, y, z), for a total of 21,622,578 blocks in the project area.

The determination of the resource classification is as follows:

  • Indicated - resources estimated using a search ellipsoid of equivalent to the second modelled variographic range of 100 metres in the principal direction
  • Inferred - resources estimated using a search ellipsoid twice the size of the second modelled variographic range, 200 metres in the principal direction including any resources estimated outside the modelled veins

Resources by category at a cut-off value of 0 g/t Au are shown in the following table:

Resource

Category

Tonnes

Au Grade

(g/t)

Contained Au

Ounces

Indicated

968,000

1.11

34,420

Inferred

2,033,000

0.99

64,577

Total

3,001,000

1.03

98,991

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

Resource

Category

Tonnes

Au Grade

(g/t)

Contained Au

Ounces

Indicated

225,000

2.98

21,557

Inferred

460,000

2.43

35,937

Total

685,000

2.61

57,501

Further Exploration

Based on the results from the recent drilling exercises, the Company has developed a geological model which aims to identify similar deposits as that delineated in this resource. Goldplat will commence an exploration programme in January 2011 which will focus on 11 additional targets on the Nyieme Licence. These targets are located over areas containing soil anomalies, geophysical anomalies, or areas of artisanal activity. The exploration programme has been designed to identify similar high grade deposits as has been identified by the recent 2010 drilling programme.

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.

The author and practitioner of the resource estimation report, who has consented to the inclusion of the resource statement information reported in this announcement, is Mr. Dexter S. 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.

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.

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

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 mid-tier gold company .

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'Ivore, Senegal , the DRC and Mauritania , as well as Ghana .

Goldplat's strategy is to build itself into a 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 Belt in western Kenya . Kilimapesa Gold commenced initial production in January 2009 and an aggressive exploration and development programme resulted in a maiden JORC compliant resource being reported in October 2009.

Goldplat also has an option over the 246 sq km Nyieme Gold Project located in Burkina Faso, which 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. A maiden resource was announced in December 2010 of 685,000 tonnes at 2.61 g/t Au for 57,501oz Au at a cut-off grade of 1.0 g/t Au for all categories but the Company hopes to increase this through further exploration.