Nyieme Project (Burkina Faso) Diamond Drilling Results

Goldplat plc, the AIM quoted gold producer, is pleased to report positive results from the recent diamond drilling programme at the Nyieme Project in Burkina Faso .

Overview

  • 11-hole programme designed to infill the reverse circulation ('RC') drilling programme previously conducted by Sanu Resources Limited ('Sanu Resources')
  • 5 holes return gold grades in excess of 4 g/t, the highest value being 19.1 g/t over a width of 116cm
  • The predicted payshoots on the quartz vein have been verified and depth extension confirmed
  • Results being compiled with the intention to produce an initial JORC resource
  • Planning to extend the exploration programme to other target areas on the licence

Goldplat CEO Demetri Manolis said,"These excellent results reinforce the prospectivity of the Nyieme project, with drilling intersecting high grade quartz veins and confirming the potential of the target structure. We have identified additional targets on the project and we are now designing the next stage of exploration and will announce this programme as soon as possible."

Drilling Results

The 11 hole diamond drilling ('DD') programme was completed on 15 September 2010 and was designed to infill the 26 hole RC drilling programme previously completed by Sanu Resources. The RC drilling campaign had identified an easterly dipping structure which correlated with artisanal mining on a 2m thick quartz vein on surface. From the RC drilling results a model of southerly-plunging payshoots was postulated. These results have confirmed the depth extension of the quartz vein, which attains thicknesses of up to 8.5m, and also has confirmed the payshoot model. Five of the diamond drill intersections have returned gold grades in excess of 4 g/t, the highest value being 19.1 g/t over a width of 116cm.

The results of the drilling programme can be viewed here.

The results of this programme, in conjunction with the preceding RC drilling results, are being compiled with the intention to produce an initial JORC-compliant resource on the Nyieme Prospecting Licence.

Goldplat is now planning to extend its exploration programme over other identified target areas on the licence. These target areas include an area of artisanal activity 6km to the south of the drilled area, soil sampling anomalies from Sanu Resources' early exploration, and the continuation of the geophysical anomaly, which defines the current prospect area as well as another strong anomaly 2km to the east of the drilled area. These targets are generally focussed on the 5km long north-south trending geological boundary between intrusives and metasediments. This programme is scheduled to begin in January 2011 once the rains have abated.

Qualified Person

This announcement has been reviewed by Mr. Mark Austin, the group geologist for Goldplat, who 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 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 ( B VI) 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 existing mineralisation.