Fundraising Update

RNS Number:3826U
Gold Mines Of Sardinia PLC
19 January 2004


                       Gold Mines of Sardinia plc ("GMS")

   Full Riches Investments Limited ('FRI') successfully raises Cdn $8,015,000

The Directors of GMS are pleased to announce that as part of the proposed
Business Combination between FRI and GMS, Full Riches Investments Ltd. has
successfully raised a further Cdn$8,015,000 via a private placing.
This second fundraising was a key condition of the proposed Business Combination
and it is anticipated that the remaining conditions of the agreement will be
fulfilled as outlined in the circular to GMS shareholders dated 28 November
2003.

The following announcement detailing FRI's fundraising was made to the Toronto
Stock Exchange -Venture Exchange (TSXV) on Friday, 16th January:

"FULL RICHES INVESTMENTS LTD. ("the Company") (TSXV:FIL.H) is pleased to
announce it has closed its previously announced private placement, raising gross
proceeds of Cdn$8,015,000 through the sale of 22,900,000 subscription receipts
of the Company at a price of Cdn$0.35 per subscription receipt. The gross
proceeds from the offering are being held in escrow pending the satisfaction of
certain escrow conditions related to the Company's previously announced business
combination (the "Business Combination") with Gold Mines of Sardinia plc (the
"Release Conditions"). Upon satisfaction of the Release Conditions, each
subscription receipt will be automatically exchanged for one common share of the
Company without payment of additional consideration. GMP Securities Ltd. and
McFarlane Gordon Inc. acted as agents in connection with the offering, for which
they are to be paid a commission equal to 6% of the gross proceeds of the
offering upon satisfaction of the Release Conditions and were issued broker's
warrants exercisable to acquire that number of common shares of the Company
equal to 6% of the number of subscription receipts sold.

Under applicable securities laws, the subscription receipts, the broker's
warrants and the common shares issuable on the exchange or exercise thereof are
subject to a one year hold period expiring January 16, 2005. Upon completion of
the amalgamation of the Company with Medoro Resources Ltd., a subsidiary of Gold
Mines of Sardinia plc, pursuant to the Business Combination, the common shares
of the Company, including the common shares issuable on the exchange of the
subscription receipts, will be exchanged for common shares of the company
resulting from such amalgamation ("Amalco"). The common shares of Amalco will
not generally be subject to any resale restrictions under applicable securities
laws."

For further information please contact:

Martin Groak, Director                          07949 209 301
Gold Mines of Sardinia plc

Louis Castro                                    020 7588 7511
Williams de Broe Plc


                      This information is provided by RNS
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