Positive Nyieme Exploration Update Increases Resource by 61%

Goldplat plc, the AIM quoted gold producer, is pleased to provide a positive exploration update at its 246 sq km Nyieme gold project ('Nyieme') in the prospective Birimian Greenstone Belt in southern Burkina Faso, West Africa.

Overview

  • Prospectivity of brown field gold project increased significantly with completion of 3,100m reverse circulation programme

  • Nyieme Village high grade zone extended at depth and to the north - multiple additional anomalous zones identified up to 15m thick

  • Four newly discovered mineralised zones identified in the A1 zone, 1.5 km south of the Nyieme Village high grade zone

  • Best intersections include 1m at 5.53 g/t, 1m at 4.14 g/t, 1m at 4.1 g/t and 1m at 3.49 g/t

  • Resource increase of 61% - 1,395,000 tonnes at 2.06 g/t gold for 92,589 ounces at a cut-off of 1.0 g/t for all categories

  • Further work programmes include testing the depth and strike extensions of the existing zones as well as prospecting other identified artisanal workings.

Goldplat CEO Demetri Manolis said, "Nyieme is located in a prime geological area within a favourable structural corridor. The high grade Nyieme Village target is proving very promising with the latest drilling confirming extensions at depth and to the north. The four new mineralised zones identified at the A1 zone, 1.5 km due south of Nyieme Village and along the current 8 km known strike, again underpin our geological model and the potential for Nyieme to host a significant economic gold deposit. With these latest results we have increased the current JORC resource by 61% to 92,589 ounces, a figure that we expect to increase significantly as we implement our planned development programmes which will test the 11 identified prospective zones as well as the zones with extensive artisanal workings."

Exploration Results

The Company completed a 30 hole 3,100m reverse circulation ('RC') programme at Nyieme (drilling commenced 17 May 2011 and was completed 7 June 2011) which concentrated on the Nyieme Village, A1, and D1 Zones, three of the 11 prospective target areas originally identified on the licence.

See link 1 at the bottom of the news release to view a map of the Nyieme licence area and exploration targets.

Positive results have been received and successfully tested the northerly and the depth extension of the previously drilled high grade Nyieme Village Zone, a 1.9 km anomaly with extensive artisanal workings containing several thick quartz veins, where the maiden resource was identified. RC holes NYRC32 and NYRC57 drilled to the north of the Nyieme Village Zone both intersected gold values of 1m at 3.11g/t and 1m at 1.85g/t. In addition Hole NYRC32 returned anomalous gold values over the first 44m of the hole and NYRC57 showed multiple gold anomalous zones including one 10m thick zone. Holes NYRC55 and NYRC56 were drilled in the middle of the Nyieme Village Zone and were positioned to target the quartz vein ore body at depth. Both holes also exhibited multiple anomalous zones up to 15m thick.

In the A1 Zone, situated 1.5 km to the south-west of the high grade Nyieme Village Zone, a 500m x 500m gold-in-soil anomalous area, 18 RC holes arranged in 4 north-west/ south-east trending fences were completed. Four sub-parallel north-north-east trending mineralised zones have been identified. Best intersections of 1m at 5.53 g/t, 1m at 4.14 g/t, 1m at 4.1 g/t and 1m at 3.49 g/t have been received. These four zones remain open to the north and south and will be further tested in the future exploration programmes.

At the D Zone approximately 2 km to the west of the Nyieme Village Zone, a single borehole (NYRC27) tested an area below historical artisanal workings and intersected anomalous gold values over a width of 5m

A summary of the intersections is shown below

UTM Zone 30 N (WGS84)Best Intersection
Hole IDNorthing (Y)Easting (X)ZoneAzimuthDipHole Depth (m)From (m)To (m)Au (g/t)Width (m)
NYRC 271245260505960D1106090130.812
NYRC 3012452505064250609030310.421
NYRC 2812452505064550608078790.251
NYRC 29124524050645506010048490.21
NYRC 31124525050650006090Barren
NYRC 321246520507825Nyieme Village290607014191.245
Including16182.362
Including16173.111
NYRC 571246576507912Nyieme Village2906012045481.053
Including45461.851
53551.192
Including54551.741
NYRC 561245594507695Nyieme Village2906024060621.182
Including60611.621
1431443.491
NYRC 551245556507624Nyieme Village2906023825261.271
1441510.797
Including1441481.084
Including1471482.181
NYRC 331243130507100A12906010016183.22
Including17183.761
NYRC 341242850507030A129060100Barren
NYRC 351242835507075A129060100Barren
NYRC 361242820507120A129060100Barren
NYRC 371242800507167A12906010073740.451
NYRC 381242730506820A111060100Barren
NYRC 391242715506850A111060100Barren
NYRC 401242700506917A11106010010122.512
Including11124.141
NYRC 411242680506965A111060100Barren
NYRC 421242610506960A111060100Barren
NYRC 431242595507005A11106066
NYRC 441242580507050A11106010067681.951
98991.011
NYRC 451242560507100A11106057341.011
NYRC 461242470507000A11106010068711.333
Including69702.51
94962.012
Including94952.81
NYRC 471242490506940A111060100Barren
NYRC 481242505506890A111060100Barren
NYRC 491242520506845A11106010090932.233
Including90915.531
NYRC 501242540506800A111060100971001.73
Including97984.11
NYRC 5112423205082001106080Barren
NYRC 5212422505081901106080Barren
NYRC 5312422505081802906080Barren
NYRC 5412394275061152706080Barren

Resource
The updated JORC-compliant gold resource has increased 61% over the maiden resource declared in December 2010 to 1,395,000 tonnes at 2.06 g/t gold for 92,589 ounces at a cut-off of 1.0 g/t for all categories. At a 0 g/t cut-off the JORC compliant resource is 5,613,000 tonnes at 0.88 g/t Au for 156,756 ounces. Ordinary Kriging was used as the estimation technique. The resource has been calculated over 4.5 km of a potential 8 km strike, which the Board believe with further exploration will significantly raise the resource.

The resource at the Nyieme Village Zone has been extended to the north by 100m and the zone is now defined for a total strike length of 1.9 km. In addition, the two deeper holes have confirmed the depth extension of the quartz veins ore body to approximately 140m below surface.

The four new prospects at the A1 zone have contributed 31,576 oz gold at a 1 g/t cut-off to the total resource.

Table 1 - Resource by category from a cut-off value of 0 g/t to 1 g/t

AuIndicatedInferredTotal Resources
Cut-off g/tTonnesGradeOuncesTonnesGradeOuncesTonnesGradeOunces
01,653,0000.9246,6803,960,0000.86110,0755,613,0000.88158,755
0.11,571,0000.9648,4863,595,0000.95109,4415,166,0000.95157,928
0.21,491,0001.0048,0793,562,0000.95109,2765,053,0000.97157,355
0.31,355,0001.0846,9613,327,0001.00107,2914,682,0001.02154,252
0.41,063,0001.2843,7102,910,0001.10102,6613,973,0001.15146,371
0.5858,0001.4840,7702,464,0001.2196,1793,322,0001.28136,949
0.6735,0001.6338.5652,111,0001.3289,8442,846,0001.40128,409
0.7567,0001.9235,0541,699,0001.4981,1592,266,0001.60116,213
0.8455,0002.2132,3281,483,0001.5975,9651,938,0001.74108,293
0.9393,0002,4230,5891,279,0001.7170,4101,672,0001.88100,999
1305,0002.8527,9461,090,0001.8464,6421,395,0002.0692,588

Further Exploration and Development Work

Goldplat's geological model which it developed from previous exploration programmes is proving to be robust and will continue to form the basis on which future exploration and resource delineation work is carried out. A further exploration programme is being planned to extend the resources at the previously explored Nyieme Village Zone and A1 zone and also will focus on additional target areas identified at Nyieme.

Further work planned is as follows:

  • Continue to drill test the northerly extension of the Nyieme Village Zone

  • Drill test the unexplored gap between the Nyieme Village Zone and the A1 zone 1.5 km to the south

  • Drill test the four zones at the A1 Zone which remain open to the north and south

  • Drill test the depth extensions of the zones at A1 Zone

  • Investigate the D Zone for a possible new zone

  • Drill artisanal workings located 3 km to the south of the A1 Zone

  • Conduct further exploration on the extension of considerable artisanal workings immediately south of the Nyieme Licence

  • Investigate other targets that were highlighted after the initial soil sampling programme conducted in early 2011

An announcement detailing the finalised plans for the next phase of exploration will be made in due course.

Qualified Person

This announcement has been reviewed by Mr. Mark Austin, the group geologist for Goldplat who has more than 30 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.

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.

* * ENDS * *

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

Demetri Manolis, CEOGoldplat plcTel: +27 (0) 11 423 1203
James Joyce WH Ireland LimitedTel: +44 (0) 20 7220 1666
Felicity EdwardsSt Brides Media & Finance LtdTel: +44 (0)20 7236 1177

Notes

Goldplat plc is an AIM-listed profitable, debt free gold producer and mine development company focussed in Africa. The Company has a solid portfolio of assets which includes two gold recovery operations in South Africa and Ghana which takes by-products from the mining process and processes them to recover gold and produced c.28,000 ounces of gold FY 2011. In addition Goldplat has three brownfield gold development projects in Kenya, Ghana and Burkina Faso with near term resource upgrade and production potential.

Goldplat aims to have delineated in excess of 1 million ounces of resources from its three gold mining development projects by H1 2012. In line with this, the Company has implemented defined exploration and development programmes across each of its projects with the view of developing multiple profitable mining operations in the near to medium term.