RNS Number:4615Q
Cambrian Mining PLC
02 October 2003


For Immediate Release

2nd October 2003

CAMBRIAN MINING INVESTMENT COMPLETES STRATEGIC DISPOSAL

Cambrian Mining plc ('Cambrian') is pleased to note the completion by Ivernia
West Inc of the previously disclosed sale of Ivernia West's 50 per cent
participating interest in the Lisheen Mine to Anglo American plc. The
consideration for the transaction was a purchase price of $1.8 million in cash
and the assumption of all existing debt obligations relating to the Lisheen
Mine, including outstanding project loans in the amount of $73.19 million.

The primary asset of Ivernia West Inc is its 60 per cent of the Magellan zinc
project in Australia. Plans for the construction of the project are well
advanced, with first production expected in the first half of 2005. Cambrian has
a fully diluted interest in the Magellan project of 10.34 per cent and is not
liable for any development costs.

On 12th August 2003, Cambrian bought 15.57 per cent of the ordinary shares in
Ivernia West Inc and further notes and warrants which if converted would
increase the Cambrian holding to 18 per cent. The purchase price for the equity
position was C$0.04/ share and the stock closed yesterday at C$0.10 / share, an
increase of 250 per cent in less than two months.

John Byrne, Chairman of Cambrian said "We are delighted that Ivernia West Inc is
progressing so well, the Magellan project is on track and on the way to
confirming our long held opinion that Ivernia West Inc is a company that will
deliver substantial value to Cambrian and its other shareholders."

Cambrian is an AIM listed (symbol: CBM) mining finance house with a diverse
portfolio of coal, precious metal and base metal assets across The Americas,
Australia, Africa and the Indian subcontinent.

For more information contact:

www.cambrianmining.com

Cambrian Mining plc Jo Malins - 020 7409 0890

Parkgreen Communications Ana Ribeiro - 0207 287 5544



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

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