KMR Kenmare Resources Plc

RNS Number:8295A
Kenmare Resources PLC
14 July 2004


               Kenmare Resources plc ("Kenmare" or "the Company")

                          Result of Open Offer and EGM


Kenmare is pleased to announce that it has received applications amounting to
Stg#10.1 million (US$18.7 million) in response to its Open Offer to
shareholders. Kenmare is also pleased to announce that all of the resolutions
proposed at the Extraordinary General Meeting held today have been approved by
shareholders.

Kenmare is in active negotiations with interested parties regarding the placing
of the remaining equity to complete the financing arrangements for the Moma
Titanium Minerals Project.

Under the terms of the Moma Project loan agreements, which cover the provision
of US$269 million in debt, Kenmare has an equity requirement of US$79 million,
net of expenses and working capital. The proceeds from the Open Offer of US$18.7
million together with the placing of US$55 million announced on 18th June amount
to US$73.7 million. The remaining equity required by the loan agreements,
together with the amounts required for expenses and working capital, as
described in the Listing Particulars dated 21st June 2004, is to be raised by
Supplemental Placing as provided for under the terms of the Placing and Open
Offer, announced on 18th June 2004. An announcement regarding completion of the
Supplemental Placing and the final results of the Open Offer will be made in due
course.

Kenmare directors are subscribing Stg#0.4 million under the Open Offer and in
excess of a further Stg#0.5million has been subscribed by companies in which the
directors have interests.

Commenting on the Open Offer, Mr. Charles Carvill, Chairman stated:

"The Open Offer has been a great success and we appreciate the strong support
from shareholders, who have contributed significantly more than expected. We are
now in a position to complete the final financing step and raise the last
remaining equity, which I expect will allow commencement of construction within
a matter of weeks."


For further information :

Kenmare Resources plc.

Michael Carvill, Managing Director

Tel: +353-1-671 0411 or +353-87-674 0110

Tony McCluskey, Finance Director

Tel: +353-1-671 0411 or +353-87-674 0346

Murray Consultants

Tom Byrne

Tel: +353 (1) 498 0300 or +353 (86) 810 4224

Conduit PR

Leesa Peters

Tel: + 44 207 936 9095 Mob: + 44 (0)781 215 9885


www.kenmareresources.com



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