RNS Number:3629Q
GMA Resources PLC
30 September 2003


For Release                                                  30th September 2003

                                GMA Resources Plc

                     Proposed Placing of New Ordinary Shares
                                      and
                    Notice of Extraordinary General Meeting


GMA Resources Plc ("the Company"), the gold mining company, announces that it is 
proposing to raise #3.25 million (before expenses) through a placing of 13 million 
new ordinary shares of 1p each in the Company (" New Ordinary Shares") at a price 
of 25p per share ("the Placing"). The net proceeds of the Placing will provide 
additional working capital for the Company and the issue of the New Ordinary 
Shares will increase the proportion of the Company's issued shares in public hands.


The placing is to be implemented in two stages. 5 million new ordinary shares
will be placed, subject, inter alia, to such shares being admitted to trading on
the Alternative Investment Market, which is expected on 6 October 2003. The
placing of these shares is not subject to the grant of new section 80 and 89
authorities. The remaining 8 million new ordinary shares have been placed
conditionally, inter alia, on the grant of new section 80 and 89 authorities
authorising their allotment and such shares being admitted to trading on the
Alternative Investment Market, which is expected on 27 October 2003. An
extraordinary general meeting has been convened at which shareholder approval
will be sought to increase the Directors' authorities to issue ordinary shares
to enable the Company to allot 8 million of the new ordinary shares pursuant to
the second stage of the placing and to provide them with sufficient flexibility
to allot shares in the future without the need to obtain shareholders' consent.


The Placing is being undertaken by the Company's broker, Canaccord Capital 
(Europe) Limited.


The Company is today posting a circular to shareholders relating to the placing 
and extraordinary general meeting. Copies of the circular will be available to 
the public free of charge from the offices of Canaccord Capital (Europe) Limited 
at 1st Floor, Brook House, 27 Upper Brook Street, London W1K 7QF during normal 
business hours on any week day (excluding Saturdays and public holidays) for the 
one month period following the date of this announcement.


Application will be made for the New Ordinary Shares to be admitted to trading 
on AIM. The New Ordinary Shares will, when issued, rank pari passu in all respects 
with the existing ordinary shares of 1p each in the Company.


For further information contact:


GMA Resources                            Tel: + 33 678 389 762
Colin Ikin, Chief Executive


Binns & Co PR Ltd                        Tel: 020 7786 9600
Peter Binns






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