Issue of Equity

RNS Number:5249T
Central African Mining&Exploration
22 December 2003



                Central African Mining & Exploration Company Plc

                           ('CAMEC' or 'the Company')

                  Issue of Equity - CAMEC raises #2.48 million

         to increase activities in the Democratic Republic of the Congo

CAMEC, the AIM listed fully integrated exploration, mining, trading and
investment company, has received undertakings from investors for #2,483,500
before expenses through the placing of 62,087,500 new ordinary shares of 0.1p
each at 4p per share. The new funds will be used for general working capital
purposes and in part towards the funding of the possible purchase of the
Founderies Africaines Sprl copper cobalt smelter in Lubumbashi in the Democratic
Republic of the Congo. CAMEC is presently conducting a due diligence programme
on the smelter, which is expected to be completed by 31 January 2004. A further
announcement regarding this will be made in due course.

The new ordinary shares to be issued pursuant to the placing will be issued in
tranches with the last tranche of shares expected to be issued by 15 January
2004.

In the announcement made by CAMEC on 29 October 2003, relating to the
appointment of Malcom Wilson as a Director of CAMEC, it was stated that Mr
Wilson would make an investment of #210,000 in the Company by subscribing for
new ordinary shares at 5p per share. With the agreement of the Company, Mr
Wilson has undertaken to subscribe for 5,562,500 new ordinary shares at 4p per
share as part of the current placing of new ordinary shares by the Company,
which represents a total investment of #222,500 by Mr Wilson.

Mr Wilson will hold a total of 5,562,500 ordinary shares in the Company by 15
January 2004, which will represent 1.26 per cent. of the issued share capital of
the Company on that date.

Application has today been made for 15,521,875 new ordinary shares to be
admitted to trading on the AIM market of the London Stock Exchange and the new
ordinary shares will rank pari passu with the existing ordinary shares of the
Company.

It is expected that dealings in the new ordinary shares will commence on 23
December 2003.

CAMEC Chairman Phil Edmonds said: "This is more good news for the Company. The
finance will not only help us expand our activities in central and southern
Africa but will also help us reinforce our presence in this resource rich
region. Furthermore, through the acquisition of a smelter in the DRC we can
further expand our copper cobalt export operations.

"This news follows the announcement that we were recently granted extensive
'Permit de Recherches' (exploration permits) in the Moba and Mitwaba regions of
the Katanga Province in the south of the Democratic Republic of the Congo. These
areas not only have a huge amount of local artisnal mining activity, but are
also adjacent to areas with considerable inferred copper, cobalt, gold, silver,
tantalum and tin resources."

                                    ** E N D S**

Contacts:

Phil Edmonds  CAMEC    Tel: [phone]

Hugo de Salis  St Brides Media & Finance  Tel: [phone]




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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