MOP Mincorp

RNS Number:0385R
Mincorp Plc
08 September 2005



                                   MINCORP PLC

                                   Acquisition


Mincorp Plc is pleased to announce the purchase of the New Waverley gold mine at
Norseman, Western Australia. Norseman is approximately 200 kilometres south of
Kalgoorlie. It is one of the State's oldest gold producing areas. The first gold
discovery was in 1894. Since then the field has been worked continuously for a
production of more than 5.5 million ounces of gold. Full-scale mining operations
continue today and several major deposits have recently been discovered.


All the main gold bearing reefs are related to tensional structures developed
within what is known as the 'favourable bed', which is a series of lava flows.
The other structural elements are a series of north-westerly trending faults
seated in dolerite dykes. All economic reefs junction with these structures,
usually on the southern footwall side of the fault. The amount of displacement
on these north-westerly faults is an indicator of the strength of the structure
and mineralisation. In this respect, the 800 metre horizontal displacement on
the Princess Royal fault, which hosts the North Royal and Princess Royal reefs,
is much greater than normal. These reefs produced over 1,800,000 ounces of gold
from quartz grading approximately 17 grams/tonne. This is the most important
reef system discovered on the field.  It is significant that the parent
structure has a large horizontal displacement.


The New Waverley Mine lies several kilometres to the north-east of the Princess
Royal. The Waverley fault runs through the area within the 'favourable bed'. The
horizontal displacement is approximately 600 metres, compared with 800 metres
for the Princess Royal fault. The structural pattern at New Waverley is
remarkably similar to that found at the Princess Royal and North Royal.


The New Waverly Mine and depth extensions are covered by three granted
Prospecting Licences and three Prospecting Licence Application for a total area
of approximately 657 hectares. These have been purchased by Procnima Exploration
Pty Ltd, a wholly owned subsidiary of Mincorp Plc. Total cash consideration for
a 100% interest in the tenements was Aus$202,500. The vendors are entitled to a
6% share of net profit from any future mining operation.


The company plans to test the footwall of the Waverley Fault with several
diamond drill holes. The target is a Princess Royal type ore-body.


8 September 2005




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