Progress Report on South African and Ghanaian Gold Recovery Operations

Goldplat plc, the AIM quoted gold producer, is pleased to provide an operations update for its two gold recovery businesses in South Africa and Ghana .

Overview

  • South African and Ghanaian gold recovery processing operations continuing to perform strongly
  • South Africa
    • Further stockpiles secured - agreements signed with AngloGold Ashanti and Mintails SA (Pty) Ltd's Mogale Gold to purchase stockpiles of gold bearing raw material
    • Total stockpiles increased to 53,000 oz of contained gold, in raw materials for processing, of which 37,000 oz are on site and 16,000 oz are secured offsite
  • Ghana
    • Identified and evaluated a significant number of surface stockpiles of gold bearing material with high gold grades in the Konongo area in Ghana

 Goldplat's CEO Demetri Manolis said, "Our gold recovery processing operations continue to be cash generative and profitable. As we secure additional contracts with many of the mining majors, we are continuing to building our inventory to ensure the long-term supply of gold bearing materials for processing."

South Africa : Goldplat Recovery (Pty) Ltd ('Goldplat Recovery')

Goldplat Recovery's processing operations are continuing to perform strongly and in line with management expectations. Further progress has been made to secure new raw materials, and ensure the long-term supply of gold bearing feedstock for processing. An agreement has been finalised with AngloGold Ashanti Limited ('AngloGold Ashanti ') to purchase a total of 86,500 tonnes gold bearing raw material from its West Wits and Vaal River operations in South Africa . At the West Wits operation 5,000 tonnes were secured and bulk samples were taken from two stockpiles providing another 6,500 tonnes for processing. At the Vaal River operation, rights to two stockpiles totalling 75,000 tonnes have been secured and bulk sampling to analyse the grade content is underway. Additionally, Goldplat has secured the rights to raw material from a process water storage dam at the Savuka operation, which will be extracted by AngloGold Ashanti and transported to Goldplat's recovery plant.

Goldplat Recovery has also signed an agreement with Mintails SA (Pty) Ltd's Mogale Gold operation in the Krugersdorp area for the purchase of a significant stockpile, circa 2,000 tonnes of gold bearing waste material. Bulk sampling is yet to be conducted to determine the average grade of the stockpile.

Goldplat Recovery's total stockpiles now stand at 53,000 oz of contained gold, in raw materials for processing, of which 37,000 oz are on-site and 16,000 oz are secured off-site. This equates to four years of current woodchip production capability, three years of gravity concentration capacity and four years of leach capacity.

In line with Goldplat's development initiatives, the installation of increased flotation capacity is progressing well and is expected to be completed in August 2009. This will enhance the flexibility and recovery of gold and platinum materials on site.

Ghana : Gold Recovery Ghana Limited ('GRG')

In Ghana , GRG has identified and evaluated a significant number of surface stockpiles of gold bearing material with high gold grades in the Konongo area in Ghana . The Company is in the process of negotiating to purchase these stockpiles. Additionally, GRG signed an agreement with Midlands Minerals Corporation, a company listed on the Toronto Venture Exchange (MEX: TSX), to recover gold from carbon fines located at the Sian property in Ghana . These raw materials will add to GRG's total stockpiles of 35,000 oz of contained gold, in raw materials equating to eight years production capability.

As part of GRG's optimisation programme, a carbon incinerator, which will be used to burn stockpiles of woodchips as part of the gold recovery process, has been shipped from South Africa to Tema, and is expected to arrive at the plant in mid June 2009.

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

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. To this end, in a 50/50 JV, it is developing the potential of the 213 sq km Lolgorien licence area ('Kilimapesa Gold'), 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.

Additionally the Company is currently evaluating gold recovery operations in Tanzania and Zambia and also has joint venture agreements with Black Economic Empowerment ('BEE') partners in place to take advantage of mining opportunities in South Africa .