Archipelago Resources PLC
09 September 2003



RELEASED ON BEHALF OF:

ARCHIPELAGO RESOURCES PLC


                                                               SEPTEMBER 9, 2003



                   ARCHIPELAGO MAKES GOOD START ON FIRST DAY

                               OF TRADING ON AIM

*         Shares Open At 20p And Reach High Of 29.5p Before Closing At 27.5p

*         New Exploration/Mining Company Capitalised At Over #13m



New float Archipelago Resources Plc (AR .), run by Cornishman Colin Loosemore,
got off to a good start on its admission to trading on AIM today.  First
dealings in the company, which plans to develop a 1.75m oz gold project in
Indonesia, started at 23.5p and reached a day's high of 29.5p before settling
back to close at 27.5p, giving the company a market capitalisation of over #13m.



Archipelago has 48.5m share in issue (fully diluted) of which directors own
47p.c.



The company has an 85p.c. interest in the Toka Tindung gold project in Indonesia
where a resource of 1.75m ounces of gold equivalent has been defined to a depth
of about 150m.  It now plans to review the bankable feasibility study on the
project which was completed by the former owners at a time when the gold price
was much lower than at present.  They spent more than US$50m on the project
before withdrawing in 1999 and subsequently selling it to Archipelago.



Toka Tindung is commercially viable at a gold price above US$290/oz and
Archipelago's objective is to make a development decision on the project by the
end of 2003 and to bring it into production early in 2005 as an open pit
operation producing up to 170,000oz/y.



Managing Director Colin Loosemore hails from St Ives in Cornwall and was
educated at London University and the Royal School of Mines. Prior to
establishing Archipelago, he spent most of his 30-year mining career in
Australia where he found and developed a number of gold mines in the 1980s.  He
is therefore very much a modern day "Cousin Jack", the traditional name given to
Cornish miners, many of whom took their expertise overseas and were instrumental
in establishing some of the great mining camps around the globe.



Further Information:

            Colin Loosemore, Managing Director, Archipelago Resources Plc.  
            Tel: 00-6141-2987-935

            Ron Marshman/John Greenhalgh, City of London PR.  
            Tel: 020-7628-5518



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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