RNS Number:4904T
African Gold PLC
22 December 2003

                              AFRICAN GOLD PLC

          Interim Statement for the Six Months ended 30th September 2003

                               22nd December 2003

I am delighted to present an optimistic report to shareholders. We have a new
beginning. New directors and investors, men experienced in gold and in Africa,
have joined us. With their guidance, advice and contacts, we intend to build a
gold mining company focused on Africa.

Our focus is clear. We will invest in existing gold producers and / or late
stage development projects.  We anticipate that the current consolidation in the
gold industry will see certain assets spun off. These will be particular
targets.

We have been joined by a particularly powerful group of new investors who have
bought 40 million shares for cash, and have warrants to buy a further 40
million. If these warrants are fully exercised, as I expect they will be, the
new investor group will have almost 30% of the issued share capital.

Three of the investment group have become non executive directors, Oliver
Baring, John Anderson and Hank Slack. We anticipate that a fourth will join us
in the not too distant future. It is worth giving some background on these men.

Oliver Baring is Executive Chairman of First Africa Group and a consultant to
UBS.  He has recently retired as Managing Director of the Corporate Finance
Division of UBS, where he held responsibility for both Africa and Mining. He is
a former partner of Rowe & Pitman, and spent five years with the Anglo American/
De Beers Group in the US, UK and South Africa.  He is a member of the board of
directors of Cluff Mining Plc and an advisor to The Sentient Resources Fund and
the Tiedemann Investment Group.

John Anderson is currently the director in charge of natural resource and
emerging market investments at J O Hambro Investment Management Ltd. He has been
involved with mining markets, particularly those of Africa and Australia, for 35
years.  He is a former director of Panmure Gordon & Co and of J Henry Schroder
Wagg & Co Ltd.

Henry (Hank) R. Slack is Chairman of Terra Industries, Inc., an NYSE listed
fertiliser company and a director of Engelhard Corporation in the U.S.A.  From
1972 until 1999 Mr Slack was with the Anglo American Group, and a director from
1981.  In 1991 he became Chief Executive of Minorco, a position he held until
1999. In addition, he was for many years a Director of Solomon Brothers, Inc.
and more recently of SAB Miller plc.

There is no doubt that these men have the skills, the experience and the
contacts to turn African Gold into a significant gold mining company.

In recent years our mining activities in Zimbabwe have been reduced to a shadow
of their former size. We continue to operate our one remaining mine, the Inez
mine in Zimbabwe, on an intermittent basis at a marginal level of activity. In
the 6 months to the end of September 2003, we lost #6,000 on our Zimbabwean
activities. There will be a bright future for gold in Zimbabwe, but not just
yet. Inflation at over 700 per cent annually makes a mockery of all normal
commercial rules.

Finance

We are financed for the immediate future. The #500,000 raised in the recent
placings does not appear in the balance sheet as it was raised after September.
The monies will be used for working capital and for the analysis of new ventures

Future

The future is bright. Gold is in the limelight. The price has further to run.
We have the people and the money and we believe we will get the projects to
create an exciting profitable future.

Contacts:

John Teeling                    353 1 833 2833
Jim Finn                        353 1 833 2833



                                AFRICAN GOLD PLC
                       Financial Information (Unaudited)

                                                                                  Six Months Ended
                                                                               30.09.03         30.09.02
                                                                                  #'000            #'000
Group Profit and Loss
Turnover                                                                             32              241
Operating Costs                                                                   (104)            (370)

Operating (Loss)                                                                   (72)            (129)
Taxation                                                                              0                0

(Loss) for the period                                                              (72)            (129)

(Loss) per share                                                                 (.05p)            (09p)




                                                                                     Six Months Ended

                                                                               30.09.03         30.09.02
                                                                                  #'000            #'000
Group Balance Sheet
Fixed Assets                                                                         47              179

Current Assets                                                                       43               19
Current Liabilities                                                                (69)            (301)

Current Assets less Current Liabilities                                            (26)            (282)

Total Liabilities less Assets                                                        21            (103)

Share Capital and Reserves                                                           21            (103)


Notes

The figures for the six months to 30 September 2003 and 30 September 2002 are
unaudited.  The financial information set out above does not constitute full
statutory accounts within the meaning of section 240 of the Companies Act 1985.

Copies of this announcement will be sent to shareholders and will be available
for inspection at the Company's registered office at 20-22 Bedford Row, London
WC1R 4JS.


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