RNS Number:7078O
GMA Resources PLC
15 August 2003


For Release                           07.00am                     15 August 2003
                                        
                                GMA Resources Plc
                                        
                                ("GMA Resources")
                                        
                Proposal regarding the conversion of outstanding
                                        
            8% convertible unsecured loan stock 2008 ("Loan Stock")


Further to the press announcement made on 4 August 2003, GMA Resources announces
that it is today posting to shareholders and loan stock holders a circular 
containing proposals and notices convening the appropriate meetings of Loan 
Stock holders and shareholders. If the resolutions set out in the Circular are 
passed, Loan Stock holders will be able to convert all or part of their holdings 
of Loan Stock into new ordinary shares at a reduced conversion rate of 8.5p 
nominal of Loan Stock per share for a three week period following approval of 
the proposals.

The appropriate meetings have been convened for Monday 8 September 2003.


Press enquiries:

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

Binns & Co PR Ltd
Peter Binns
Emmie Peryer                                    Tel: 0207 786 9600









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