African Consolidated Resources declare 1.02 million ounce Ore Reserve Estimate

African Consolidated Resources PLC, the AIM listed resources and development company, has confirmation of an Ore Reserve Estimate in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (“the 2012 JORC Code”) of 16.6Mt grading at 1.9g/t for 1.02Moz of contained metal at its flagship Pickstone Peerless Gold Project in Zimbabwe (“Pickstone-Peerless”).

Minxcon was retained as the Competent Person under the 2012 JORC Code to compile an estimate for the Ore Reserve.

The Company also announces an updated Mineral Resource Estimate on Pickstone-Peerless in accordance with the 2012 JORC Code supporting the Ore Reserve Estimate. This is in line with company policy to report the Reserve estimate as a subset of the Mineral Resource.

The declared Resource is 62.0Mt at 1.8g/t containing 3.56 Moz at a cut-off grade of 0.3g/t down to 250 metres below surface (open pit) and at 1.5g/t for the remaining resource below 250 metres below surface. ExplorMine was retained as the appointed Competent Person under the 2012 JORC code to compile and estimate the Company’s resources.

These upgraded Reserves and Resources have been developed from the Pre-Feasibility Study (“PFS”) carried out by AFCR and as announced on 4 December 2013.

In addition, the Company wishes to clarify certain information previously given for the benefit of investors and shareholders and provide a general corporate update.

Pickstone-Peerless Ore Reserve Estimate – Key Highlights:

– A total Ore Reserve Estimate of 1.02 million ounces @ 1.9 g/t based on a gold price of USD 1,300/oz and a cut-off grade of 0.4g/t
– The Ore Reserve Estimate is based on designed open pits down to a depth of approximately 220 metres for the Peerless open pit and 250 metres for the Pickstone open pit
– 2012 JORC Ore Reserve Statement compiled by independent consultants Minxcon Pty (Ltd); this follows the PFS developed by AFCR and the provisional Reserve declaration by AFCR of 1 million ounces, both as released on 4 December 2013.

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