RNS Number:0605Q
Archipelago Resources PLC
23 September 2003


Archipelago Resources PLC (the "Company")

Issue of Equity

The Company has issued 2,750,000 ordinary shares of 1p each pursuant to the
conversion of #550,000 convertible loan notes, at a conversion price of 20p.
Application has been made for the shares to be traded on AIM and admission is
expected on 29 September 2003.

Two directors were parties to the conversion and their resultant shareholdings
are as follows:


Director                    Existing number of       Number of shares       Revised share  % of the issued
                                        shares received on conversion        holding post share capital of
                                                                               conversion     the Company*

Colin Loosemore                     10,907,600                500,000          11,407,600            24.6%

Michael Arnett                      10,600,100                288,125          10,888,225            23.5%


* based on 46,292,200 shares in issue


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