Cambridge Mineral - Bulgarian Joint Venture


CAMBRIDGE MINERAL RESOURCES PLC

(AIM: CMR)

Cambridge and Electrum Ltd Form a New Joint Venture in Bulgaria

Cambridge Mineral Resources plc ('CMR' or 'the Company'), the mining and exploration company, announces that it
has signed a joint venture agreement over its exploration permits in Bulgaria with a subsidiary of Electrum Ltd.

CMR has completed an earn-in joint venture agreement whereby Electrum can earn up to an 80% interest in a number
of exploration permits presently held by the Company in Bulgaria. To earn this interest Electrum is required to
expend US$2.2 million over five years and to make an initial investment in CMR. This investment is for GBP50,000
to acquire 833,333 Ordinary Shares (at an average price of 6p per share), such shares ranking pari passu and
application has been made to admit them to trading on AIM.

Electrum Ltd. is a privately-held global gold exploration company with one of the largest and most diversified
exploration portfolios in the world. Electrum holds interests in over 70 projects located in the western United
States, Africa, South America, Asia, and now, Eastern Europe. Its management services company, Electrum USA Ltd.,
is headquartered in Denver, Colorado.

Colin Andrew, Managing Director, Cambridge Mineral Resources plc, commented:

'We are very pleased to have Electrum join us in Bulgaria: they bring a wealth of experience with them as well as
substantial financial strength. We believe that this transaction will enable rapid progress to be made with our
exploration programmes in Bulgaria where we hold a significant portfolio of very prospective targets.'

Colin J. Andrew BSc ARSM MIMMM FGS CEng, Managing Director of Cambridge Mineral Resources plc, and a Qualified
Person as defined by the 'Guidance Note for Mining, Oil and Gas Companies, March 2006' of the London Stock
Exchange, has reviewed the information contained herein.


29th October 2007
ENQUIRIES:


Cambridge Mineral Resources Tel: +44 (0)20 7663 5618
Colin Andrew, Managing Director

Electrum USA Ltd. Tel: 001 303 226 9602
Igor Levental, Executive VP Corporate Development

Ruegg & Co Limited Tel: +44 (0)20 7584 3663
Gavin Burnell / Brett Miller

Hichens, Harrison & Co. Tel: +44 (0)20 7588 5171
Colin Rowbury

Haywood Securities (UK) Limited Tel: +44 (0)20 7031 8018
Tom Beattie

Bankside Consultants Tel: + 44 (0)20 7367 8888
Michael Padley / Louise Davis


Website: www.cambmin.co.uk


Editors' Note

Cambridge Mineral Resources plc is an AIM-quoted mining and exploration company.

Its principal focus is the exploration for and production of precious metals, base metals and uranium in the
following key target areas:

* South America: Colombia and Peru
* Europe: Spain, Bulgaria and Serbia

The Company has a strong portfolio of mineral projects at varying stages of commercialisation, supporting its
strategy of providing shareholders with attractive upside opportunities.


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Cambridge Mineral Resources Plc

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