CMR Cambridge Mins.

    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.


                                                                
Cambridge Mineral Resources Plc



                                                                

Cambridge Mineral Resources (LSE:CMR)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Cambridge Mineral Resources (LSE:CMR)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024