HAO Hanover Cap

RNS Number:2692F
Hanover Capital Group PLC
18 December 2002


Hanover Capital makes a further Investment through the Acquisition of Shares in
                           Mali Gold Mining Projects

Hanover Capital Group Plc ("Hanover" or the "Company"), the AIM quoted mining
investment company previously known as the Tera Group, has acquired a further
strategic shareholding in two gold mining projects in the Republic of Mali.
This is a part of the Company's initial mining and natural resource investments
following its restructuring from a technology related company and the
appointment of a Board which specialises in investing in mining and natural
resource projects.

The Company has acquired a further 70 ordinary shares, representing 7.29% of the
issued share capital in Steinbeck Limited, which owns the Darset and Anefis gold
mining projects in northern Mali.  The Anefis project is some 350 kilometres
north of Gao, and Darset lies 50 kilometres North.  Exploration of Anefis has
uncovered 6 orebodies with average length of 250 metres and an average width of
31 metres.

The Company now holds 104 Ordinary Shares in Steinbeck Limited, representing
10.83% of the issued share capital in that company.

Under the terms of the agreement, Hanover's purchase consideration in respect of
this additional investment in Steinbeck Limited is in the amount of #1,367,187
to be satisfied through the issue of 13,671,870 Hanover ordinary shares of 1p
each at 10 per share being issued to Steinbeck Limited shareholders Taunton Vale
Limited and Stonedale Investments Limited, and the issue of 1,367,187 "B"
Warrants at 24p each to be exercised within 5 years and 1,367,187 "C" Warrants
at 20p each to be exercised within 4 years.

In due course it is the intention of Hanover to substantially increase its
investments in Steinbeck Limited in the near future.

Taking into account this acquisition and coupled with the acquisition of the
investment in EIE plc as well the increase of the investment in Barnard Castle
Limited as announced concurrently, the issued share capital of Hanover is :-

Ordinary Shares of 1p                     46,443,459

"A" Warrants                              2,814,024

"B" Warrants                              12,345,271

"C" Warrants                              9,531,247

Michael Edelson, Non-Executive Chairman commented on the investments:

" The acquisition of further shares in Steinbeck Limited reflects the level of
confidence in the project in Mali, which we feel will be a good investment for
Hanover and its shareholders.  The fact that Mali has an extensive exploration
ground also provides us with a strong platform for growth."


                                    - Ends -


For further information, please contact:


Michael Edelson, Non-Executive Chairman, Hanover Capital Group Plc
0161 274 3777

Ana Ribeiro/Simon Robinson, Parkgreen Communications
020 7287 5544


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

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