Cambridge Mineral - Update on Quintana Gold Mine


CAMBRIDGE MINERAL RESOURCES PLC
(AIM: CMR.L)


UPDATE ON QUINTANA GOLD MINE CONSTRUCTION
WORK COMMENCED ON SITE

22 April 2008


Cambridge Mineral Resources plc ('CMR' or 'the Company'), the mining exploration and production
company, announces an update on development activities at its Quintana Gold Mine in Colombia.

Work commenced onsite on 10 February 2008, and development activities on surface have seen the
completion of a 5.1km access road to the mine site at Quintana, completion of site access, work on
the construction of a Tailings Management Facility to full international standards as designed by
Golder Associates and additional earth-works at the mill site. Underground activities recommenced
on 16 February and thus far have seen the completion of 15m of raising of the internal No.2
Incline Shaft to surface and the recommencement of sinking this shaft to No. 4 Level (some 150m
below present base of mine). A new winder has been installed on No. 0 Level, pending its
redeployment to the shaft headgear on surface that is currently under construction.

Most major items of plant equipment, including the primary and secondary crushing circuits, the
grind circuit, the free-gold gravity recovery circuit and the flotation and cyanidation circuits,
have been sourced and ordered from various suppliers. Delivery to site is expected over the next
100 days. A pre-fabricated mine camp with accommodation for 50 has been ordered and is expected
to be delivered to site within 50 days.

The slightly rescheduled start to construction and the imminent onset of the wet season in
Colombia may cause some additional interruption to the overall construction of the surface
facilities and processing plant. As the duration and effects of the wet season are uncertain, it
has been assumed that some delay to the commencement of gold production is possible and,
therefore, Q4 2008 is now estimated as the revised timing for first revenue receipts.

Surface diamond drilling is currently underway on an 11 hole programme designed to seek additional
resources at depth and along strike of the existing JORC compliant overall Measured, Indicated and
Inferred Resources of 109,852 tonnes @ 24.58 g/t gold, 19.85 g/t silver (uncut).

Elsewhere in Colombia, exploration work has recommenced on the Colina Negra properties, which CMR
believes may well be the site of the Company's second and third gold mine developments in this
area. The current funding arrangements allow for their development.

Colin Andrew, Managing Director, commented:

'We are making excellent progress in working towards production, despite the weather, and we
expect the first receipts from gold sales before the year end. We are also progressing our other
interests, in particular in Peru.'


FOR FURTHER INFORMATION PLEASE CONTACT:

Cambridge Mineral Resources plc
Colin J Andrew
Managing Director
020 7663 5618
Website: www.cambmin.co.uk

Ruegg & Co Limited
Gavin Burnell / Roxane Marffy
Nominated Adviser
020 7584 3663

Hichens, Harrison and Co Plc
Colin Rowbury
Broker
020 7382 7771

Haywood Securities (UK) Limited
Tom Beattie
Broker
020 7031 8018

Bankside Consultants
Michael Padley / Louise Davis
Financial Public Relations
020 7367 8888

Editors' Note

Cambridge Mineral Resources plc is an AIM-quoted mineral exploration and production company whose
principal focus is for gold and silver in South America, where it plans to have two mines in
production by the end of 2008.

Gold: in Colombia CMR has secured a financing facility for three gold mines, the first of which,
Quintana, is currently under construction and is due to commence production in the fourth quarter
of 2008. CMR currently owns 78% of Quintana.

CMR announced on 25 January 2008 that it had secured financing arrangements for the development of
up to three of its gold mining projects in Colombia. This financing is for up to a total of USD
15 million in the form of pre-payments for gold to be delivered to the financier over a period of
approximately 30 months following each mine start and represents approximately 25% of forecast
monthly production.

Silver: in Peru CMR is currently completing a feasibility study at its wholly-owned Rasuhuilca
silver mine and, subject to the successful outcome of the study and subsequent financing, it has
planned to commence production in the fourth quarter of 2008.

In Europe, CMR has interests in gold and uranium exploration projects in Bulgaria, where it has a
joint-venture with Electrum Ltd, a privately-held global gold exploration company with one of the
largest and most diversified exploration portfolios in the world.

The Company also wholly-owns two projects in south-west Spain and is currently in discussion with
third-parties regarding opportunities to advance these projects:
* Lomero-Poyatos - a polymetallic underground mine on which a Scoping Study and 43-101
report have been completed.
* Masa Valverde - a substantial copper-zinc exploration project which is the largest unmined
massive sulphide body in the Iberian Pyrite Belt.

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


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Cambridge Mineral Resources Plc