Hi there,

Please see Goldplat, the AIM quoted profitable gold recovery company in Africa, broker forecast from SP Angel below. SP Angel have reiterated their BUY target on the stock with a price target of 18p (current sp 8.25p) as Goldplat look to continue driving the growth of its market leading gold recovery operations in South Africa and Ghana, and have provided comment on the back of the Company's Director change this morning.

Kindest regards

Felicity

Goldplat PLC* (GDP LN) 8.5 pence, Mkt Cap ?14.4m - Change of CEO

 Buy Recommendation unchanged - Target Price 18 pence

• Russell Lamming the CEO of Goldplat is to step down.
• He is to remain as a consultant to the company for the next 6 months.
• Ian Visagie, the current FD, is to take on the role of interim CEO.
• The company is seeking to find a South African based CEO.

Conclusion: While we are surprised to hear that Russell Lamming is stepping down, Ian Visagie is well positioned to take on the interim role of CEO. He is one of the founders of Goldplat's recovery business in South Africa and has been instrumental in growing the recovery operations with Dr Robert Pitt-Smith who is the marketing and technical director.

Ian is a chartered accountant who has worked in senior positions in the mining industry since 1990. A South African citizen he trained as a Chartered Accountant with KPMG in its Pretoria office. Having gained post-qualifying experience with KPMG he moved into a mining environment in In 1992. He joined Goldplat Recovery in March 1997 as financial director. With Demetri Manolis, he took over management control of Goldplat Recovery in November 2000. Ian has been responsible for the financial and administration affairs of the company

 The company is looking for a CEO who will focus more on growing the recovery business in South Africa, Ghana and other African hubs who can spend more time on a day to day basis in South Africa.

 Russell Lamming has done a good job in re-focussing the strategic direction of the company back to the recovery business and to ensure that losses at Kilimapesa have been contained. Kilimapesa has been put on care and maintenance under his watch and he is to be congratulated in taking pre-emptive steps to minimize losses from this operation and stop them being a drag to the highly profitable recovery operations.

He also recognised the importance of building up a new generation of people with the highly technical skills to grow the recovery operations and has boosted the metallurgical team working under Dr Robert Pitt-Smith.

 The South African operations are running well and coping under the weakness and volatility of the gold price. Operational issues are being addressed in Ghana as previously reported. This is a cash generative business and under the interim stewardship of Ian Visagie the operations will continue to deliver. We retain our earnings estimates for the full year although cash flows could be impacted by gold price volatility. We continue to rate the stock a buy.

*SP Angel acts as Nomad and broker to Goldplat

Analysts

John Meyer - 0203 470 0470

Carole Ferguson - 0203 470 0473

Sergey Raevskiy - 0203 470 0474

Sales

Richard Parlons - 0203 470 0472

Jody Downes - 0203 470 0471

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