Goldplat plc : Goldplat Recovery South Africa - 100% BEE Transaction Update

 Goldplat plc : Goldplat Recovery South Africa - 100% BEE Transaction Update

    Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
                                24 April 2014
                         Goldplat plc ('the Company')
         Goldplat Recovery South Africa - 100% BEE Transaction Update

Goldplat plc, the AIM listed gold  producer in Africa, is pleased to  announce 
that its  South  African gold  recovery  subsidiary, Goldplat  Recovery  (Pty) 
Limited ('GPL') has signed a binding Memorandum of Agreement ('MoA') with  its 
Black Economic Empowerment ('BEE')  partner Amabubesi Property Holdings  (Pty) 
Ltd ('Amabubesi') to increase Amabubesi's interest  in GPL from 15% to 26%  as 
required by the  South African BEE  legislation to  be in place  before 1  May 

The terms of the MoA  will see Amabubesi acquire a  final 11% interest in  GPL 
for a total consideration of ZAR  29,503,483 (£2,107,392), with a 10%  upfront 
cash payment on completion. The remaining 90% will be Vendor Financed by  GPL 
with  Amabubesi  repaying  the  loan   using  its  pro-rata  dividends.   This 
transaction values GPL at ZAR 268,213,481 (£19,158,105).

Goldplat's CEO Russell  Lamming said, "We  are delighted to  have signed  this 
binding MoA with our BEE partners,  ensuring our market leading South  African 
gold recovery operation is  100% BEE compliant  well in advance  of the 1  May 
2014 deadline. Amabubesi have been  very supportive shareholders since  their 
initial  acquisition  in  2008  and   we  look  forward  to  continuing   this 
relationship into the future.   Interestingly, the transaction, which  values 
GPL at approximately £19  million, gives a current  see-through value for  the 
85% of GPL  we own  of circa £16  million or  a Goldplat share  price of  10p. 
Taking into account the fact that GPL contributed less than 50% of the  group 
net profit in the last financial  year, this highlights the inherent value  of 
Goldplat as a whole."

                                 * * ENDS * *

For further information visit or contact:

Russell Lamming, CEO            Goldplat plc               Tel: +44 (0) 781
                                                           0870 587
Ewan Leggat/Katy Birkin         SP Angel Corporate Finance Tel: +44 (0) 20
                                LLP                        3463 2260
Felicity Edwards/ Charlotte    St Brides Media & Finance  Tel: +44 (0)20 7236
Heap                            Ltd                        1177

Goldplat plc, is an  AIM-listed profitable, debt free  gold producer and  mine 
development company focused  in Africa, which  has a strong  cash position  of 
GBP1.95 million as at 31 Dec 2012. The Company has a solid portfolio of assets
including two  gold  recovery operations  in  South Africa  and  Ghana,  which 
recover precious  metal  from  by-products  of  the  mining  process  such  as 
woodchips, fine carbon  and waste  grease. For  the FY  2012 these  operations 
produced circa 31,354 ounces of gold. Goldplat also has a producing gold  mine 
in Kenya and  two brownfield gold  development projects in  Ghana and  Burkina 


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(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.

Source: Goldplat plc via Thomson Reuters ONE
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