RNS Number:5309S
Trans-Siberian Gold PLC
26 November 2003

For immediate release:  26 November 2003

The following is the text of an announcement issued by Trans-Siberian Gold plc
on Tuesday, 25 November 2003

                            Trans-Siberian Gold plc

                       Trans-Siberian Gold floats on AiM

                           Shares open at 4% premium
      Raises #16.0 million for the development of gold projects in Russia.

LONDON: 25 November 2003 - Trans-Siberian Gold plc (TSG.L), ("Trans-Siberian"),
the UK-based mineral resources company with major gold interests in Russia,
successfully made its debut on the AiM market today with the shares opening at
156p, a 4% premium to the 150p placing price.

TSG had expected to raise only #10 million but strong institutional demand
encouraged it to go for a larger amount and institutions have provided TSG with
#16 million of new equity, 60% more money than it initially intended to raise,
to finance the further development of its gold mining projects in Russia at
Veduga, near Krasnoyarsk in western Siberia, and at Asacha/Rodnikova in
Kamchatka province in the far east of Russia.

The money raised, net of expenses, will be used primarily to finance the equity
portion of the funding of the Asacha/Rodnikova project, and some funds will also
be used to intensify exploration and drilling of the Company's extensive
exploration ground in both Siberia and Kamchatka.

"The institutions saw the potential of our operations," said Jocelyn Waller,
managing director of Trans-Siberian. "They appreciated the quality of
Trans-Siberian's development and exploration properties in Russia, especially
our primary project at Veduga, where we have yet to define fully the potential
for its future development."

"We hope that other people will also see the potential, and thereby take
advantage of the opportunity offered by our gold projects in Russia.

"We have been developing this company for three years and we now have more than
3 million ounces of gold resources in the ground, valued currently ($391/oz) at
over $1.2 billion, and we expect to increase this number significantly over the
next year as we continue to drill and complete the feasibility study of our main
project at Veduga.

"Our gold resources, after accounting for production costs, are worth $25 a
share and our present market value considerably understates that," said Waller.

TSG has issued 10.7 million new shares, representing about 37 percent of total
shares in issue of 28.6 million. Following the flotation the directors own 10.0%
of the issued capital.   Trading in Trans-

Siberian shares began at 8.00 am today and at the current price Trans-Siberian
has a market capitalisation of #45.0 million.

TSG has 3 million ounces of gold in resources, calculated to 'western' JORC
standards, and exploration licences over large areas surrounding the project
sites are regarded as being prospective for further gold discoveries.   TSG
expects to increase its resource base in the months ahead but from the resources
already identified, the Group's aggregate gold production could average around
260,000-280,000 ounces a year during the period 2005 to 2009.  The Veduga
project will continue to produce 100,000 ounces a year thereafter from the
underground operations but it is expected that further resources from
exploration successes will be defined and will allow for higher rates of
production to continue for longer.

Of the TSG projects, the Asacha/Rodnikova project is the most advanced.  It is
located on the south-east tip of the Kamchatka peninsula, close to the regional
capital of Petropavlovsk. Both the Asacha and Rodnikova deposits have been
extensively explored by both Russian and western companies and total measured,
indicated and inferred resources at these deposits amount to 860,000 ounces of
contained gold and gold equivalent ounces.  A full feasibility study to '
bankable' standards is close to completion and cash costs of production are
expected to be low at about $120 an ounce.  First gold production is expected in
early 2005.

Veduga is located 370 kms north of the Siberian capital of Krasnoyarsk and only
60 kilometres south of Olimpiada, Russia's largest gold mine, which produced
850,000 ounces of gold in 2002.  TSG has current total resources of 2.1 million
ounces of gold but this figure is expected to rise as further drilling is
initiated to define an optimum resource for mine planning.  TSG expects to have
five drill rigs on site in January. Part of the funds from the IPO will be used
to finance the full bankable feasibility study for Veduga, but a scoping study
has indicated annual production of about 160,000 ounces a year at a cash cost of
around $140 an ounce.  First production is planned for late 2005.

Trans-Siberian's longer term goals are to build a major mining group through the
development of its mineral projects in Russia.  TSG has a strong technical team
of UK and Russian engineers, based in the UK and at the projects sites. The team
is led by Managing Director, Jocelyn Waller (59) a former managing director of
Avocet Mining plc, and manager of the mining division of Charter Consolidated
plc.

The non-executive Chairman of TSG is Jeremy J S Marshall (65) former CEO of BAA
plc and De La Rue plc and other non-executive directors include Peter Burnell
(62) a former director of Anglo American and Minorco, and Philip Bowring (59) a
Hong Kong-based economic journalist.



                                      Ends

Picture Desks

Photos are available of Jocelyn Waller, the managing director of Trans-Siberian,
and Tracey Pierce, Deputy Head of AiM at the London Stock Exchange, taken in the
City this morning.  Contact: Keith Irons as below.



Contacts:

Jocelyn Waller,
Managing Director, Trans-Siberian Gold  plc

Tel: 01223 265 761/ Mobile: 07778 164 376 / 01223 262 258
Email:   jocelyn.waller@trans-siberiangold.com


Keith Irons, Bankside Consultants

Tel: 020 7444 4155/Mobile: 07885 356 639 / 01256 389 298
Email:   keith@bankside.com


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