BLO Bullion Res

RNS Number:0151E
Bullion Resources PLC
13 October 2004

Bullion Resources PLC ("the Company") announces that on 30 September 2004, it
entered into an agreement with Minerale Afrique Limited, to dispose of the
entire issued share capital and loan accounts of its subsidiary, Black Reef Gold
Limited, for a consideration of South African Rand 5,000,000, subject to certain
conditions, which were fulfilled on 11 October 2004.

Further to a non-brokered private placing arranged by Lion Capital Corporation
Limited on 24 September 2004, the Company has now completed a fundraising
totalling #625,000, at 2p per share.  As at 30 September 2004, the Company's
unaudited management accounts showed net assets amounting to 2.5p per share.
The placing has furnished the Company with sufficient resources to position
itself for any future reverse takeover transaction.

It is expected that the application for the admission of the new ordinary shares
to trading on the Alternative Investment Market will be made on 13 October 2004
and that dealings will commence in the new ordinary shares on 19 October 2004.


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

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