Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining

8 May 2008

Central African Gold Plc (“CAG” or the “Company”)

Board Appointments

Central African Gold Plc, the AIM traded gold mining and exploration company, is pleased to announce the appointment of the following Non-Executive Directors to the Board with immediate effect:

• Mr Roy Lander as Non-Executive Chairman;
• Mr David Glennie as Non-Executive Director; and
• Mr Thomas Gibian as Non-Executive Director and representative for Emerging Capital Partners LLC (“ECP”), a substantial shareholder in CAG (with Mr Navaid Burney periodically attending as his alternate).  

The appointments are part of the Company’s strategy of assembling a board with the relevant experience and contacts to advance its existing gold production and exploration assets in Ghana, Mali, Zimbabwe and Botswana and explore new opportunities across Africa.

Greg Hunter, Chief Executive Officer of CAG, said, “In order to take the Company forward we understood the need to build a first rate team with a wide cross-section of expertise and a proven track record.  Roy, David, Tom and Navaid fulfil these criteria, complement our existing team and will, we believe, help us realise our ambitions of building CAG into a leading mid-tier gold company focused in Africa.  They all have experience of the financial markets and importantly, have strong relationships within the African resource sector, which will help us as we look to acquire further projects to strengthen our portfolio of gold assets across Africa.”

Mr Roy Pascoe Lander joined Anglo American Corporation of South Africa Limited as a management trainee. He worked primarily in Zimbabwe and became Chairman and Chief Executive of the Corporation in Zimbabwe for over 10 years, managing its mining interests including those in chrome, coal, copper, gold, and nickel. Roy was also a director of Zambia Consolidated Copper Mines during the period immediately prior to privatisation. He was President of the Chamber of Mines in Zimbabwe in the period immediately after independence in the early 1980’s. In addition, Roy was a Non-executive Director of African Platinum Plc, which was acquired by Impala Platinum Holdings Limited, a world leading platinum group metals producer in June 2007.

Mr David George Glennie is Managing Partner of the European office of Blake, Cassels and Graydon LLP, a leading Canadian law firm.  His primary focus is on international corporate finance and mergers and acquisitions, with particular emphasis on natural resources, having worked on numerous major transactions, including Lonmin Plc’s $263 million takeover of Southern Platinum Corp and C$475 million take-over of AfriOre Limited., Vodafone Plc’s $4.5 billion acquisition of Telesystems International Wireless Inc., EuroZinc Mining’s €128 million acquisition of the Neves Corvo copper mine in Portugal, CAG’s $40 million acquisition of the Bibiani Gold Mine in Ghana from Anglo Gold Ashanti, and Billiton plc’s C$1.7 billion acquisition of Rio Algom Ltd.  In addition, David has been named one of the world’s leading mining lawyers in The International Who’s Who of Mining Lawyers 2008.

Mr Thomas Richard Gibian has extensive experience of the financial and fund management sectors. He is currently the CEO of ECP, which spun out of Emerging Markets Partnership (“EMP”) in 2005.  ECP actively manages six funds totalling over $1.2 billion and has been rated as the largest private equity fund manager focused on Pan African businesses.  Prior to becoming a founding partner at ECP, Mr. Gibian was a managing director at EMP Global, which managed the AIG African Infrastructure Fund, a $406 million pan-African private equity fund.  In addition, he was formerly the Co-Head of Structured Finance for the Asia-Pacific region at Goldman Sachs and began his career in 1983 at Salomon Brothers. He has also held directorships for various leading private and listed companies, including the NYSE-listed Ashanti Goldfields; NASDAQ-listed Interwave Communications and privately held Celtel International, and Orascom Telecom Algeria.

It is anticipated that Mr Gibian may not be available to attend all CAG Board meetings.  He has therefore agreed with the Company to appoint Mr Navaid Burney, also of ECP, as his alternate at any Board meetings which he himself is unable to attend.

Mr Navaid Burney, a Managing Director of ECP, has a wealth of experience managing private equity funds and overseeing investment banking activities.  ECP manages over $1.2 billion in private equity funds in Africa and its pan African funds have performed in the top quartile of all emerging market funds.  Mr. Burney has sourced over $260 million in equity/quasi-equity transactions in the resource, financial services, energy and manufacturing sectors and serves on the board of Starcomms Plc, Notore Chemical Industries, Ocean and Oil Investments as well as the African Venture Capital Association.  Previously he held the position of General Manager at First Merchant Bank of Zimbabwe Ltd, where he was responsible for developing and marketing advisory and capital markets products.  In addition, he has held other corporate financier roles for companies such as International Finance Corporation and Union Carbide Corporation based in the USA, where the positions required a detailed knowledge of the mining industry, financial analysis and deal structuring.

Mr Lander, aged 72, is a director or has been a director of the following companies during the previous five years:

Mr Glennie, aged 53, is a director or has been a director of the following companies during the previous five years:

Mr Gibian, aged 54, is a director or has been a director of the following companies during the previous five years:

Mr Burney, aged 47, is a director or has been a director of the following companies during the previous five years:

The Directors’ interests in the existing issued share capital of the Company are as follows:

* Ordinary shares held indirectly through ECP

Further, for their services, Mr Lander and Mr Glennie have been issued 750,000 and 500,000 options respectively to subscribe for ordinary share of 0.5p each in the Company (“Ordinary Share”). Under the terms of the options, each option is convertible into one Ordinary Share at an exercise price of 32.75p per share, vesting over three years in equal tranches from the date of grant, with each tranche exercisable within five years of vesting.

There are no other matters which are required to be announced with regard to this appointment under paragraph (g) of Schedule 2 of the AIM Rules.

* * ENDS * *

For further information please visit www.centralafricangold.com or contact:

Central African Gold Plc

Greg Hunter/ Nicole Broome                                                    Tel:       +27 (0) 11 676 2500

In London:

St Brides Media & Finance Ltd

Hugo de Salis/ Felicity Edwards                                                Tel:       +44 (0) 20 7 236 1177

Strand Partners Limited

Simon Raggett  / Braden Saunders                                            Tel:       +44 (0) 20 7409 3494

RBC Capital Markets

Martin Eales/ Andrew Smith                                                     Tel:       +44 (0) 20 7029 7881

In South Africa:

Russell and Associates

Charmane Russell                                                                     Tel:       + 27 (0) 11 880 3924

Notes to Editors:

Central African Gold Plc, admitted to AIM in April 2004, was established to acquire gold assets with a geographical focus on Africa. The Company has established a sound portfolio with projects in Ghana, Mali, Zimbabwe and Botswana. It has a highly experienced management team, which has worked together for four years managing six underground greenstone gold mining operations and building exploration portfolios.

CAG’s portfolio includes the developing of Bibiani gold mine and two prospecting licences in Ghana, which it acquired from AngloGold Ashanti Limited, two ventures in Mali covering 17 prospective permits and a licence in Botswana covering the extension of the Kraaipan greenstone belt from South Africa. CAG acquired five mines and extensive exploration properties in Zimbabwe during 2007. The management team is evaluating additional prospects in Africa to establish CAG as a leading mid-tier African gold producer with world class exploration and production assets.

Felicity Edwards

St Brides Media and Finance Ltd

Chaucer House

38 Bow Lane

London

EC4M 9AY

Tel: +44 (0) 207 236 1177

Mob: +44 (0) 7748 843871

Fax: +44 (0) 207 236 1188

Email: felicity@sbmf.co.uk

Web: www.sbmf.co.uk