Exploration Update

RNS Number:6013U
Hereward Ventures PLC
26 January 2004

                            Hereward Ventures plc

Drilling planned for extensions of Tashlaka Hill gold deposit, southeast
Bulgaria

Hereward Ventures plc ("Hereward") is pleased to announce progress at its
Tashlaka Hill gold deposit on the Rosino Permit in southeast Bulgaria.

Recent work has centred on an independent audit of the geological resource,
metallurgical scoping studies and preliminary mine planning to assess the
possible development of the deposit.

Independent UK mining industry advisors, Wardell Armstrong International, have
assessed and confirmed the geological resource estimates conducted by Hereward
and concluded that part of the resource can be classified as Measured within a
greater Indicated Resource according to JORC standards.  Infill drilling on 25
metre centres is recommended to enable the entire resource to be upgraded to the
Measured category.  Depending on cutoffs the present resource contains
approximately >300,000 ounces of gold.

Ongoing exploration by trenching and drilling has identified two areas adjacent
to the presently known resource that have additional good potential to host
further gold resources.  These areas will form priority targets for resource
drilling in the spring of 2004.  Results from recent trenching in these areas
returned the following intercepts:

K-59         17.0m @ 3.4g/t Au
K-56         12.0m @ 5.8g/t Au
K-76          89.0m @ 0.4g/t Au

Drilling also returned an intercept of 61.3m @ 1.2 g/t Au open to both the north
and east.

Metallurgical scoping and mineralogical studies have been completed by South
African based independent metallurgical consultants Lakefield Research.
Lakefield have concluded that the gold in the ores is very amenable to leaching
and that low-cost heap-leach methods are appropriate due to the very porous
nature of the ore.  Lakefield demonstrated that approximately >90% of the gold
is recoverable by leaching.  The gold grains are relatively fine, generally <
25micron in size, additionally some coarser grained gold may be recoverable by
gravity concentration methods, especially in the higher grade parts of the ore
zone.

Enquiries:

David Bramhill                        Laurence Reed / Leesa Peters
Hereward Ventures plc                 Conduit PR
[phone]                  [phone]
[phone]                  [phone]
                                      [e-mail]


Bill Staple / Tim Feather
Brown, Shipley & Co. Limited
[phone]
[e-mail]

Please note: more background information on Hereward Ventures plc can be
obtained by visiting www.hereward.com


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

DRLQXLFLZFBLBBV