Sale of Assets to Palladex

RNS Number:2555Y
Ambrian Capital PLC
13 June 2007

                              Ambrian Capital PLC

          Update on Sale of Exploration Subsidiary to Palladex Plc

Ambrian Capital plc ("Ambrian") today announces that it has signed an Agreement
to sell the entire issued share capital of its exploration subsidiary, Golden
Prospect Mining Company Limited ("GMPC") in exchange for 44,500,000 shares to be
issued at six pence per share, in Palladex Plc ("Palladex").

GPMC either itself, or through subsidiaries, holds the following assets:

  * a 51% interest in Yubdo Platinum and Gold Development PLC; management of a
    platinum and gold mining operation and 100% of (a) three exploration
    licences and (b) two prospecting licences for gold and platinum in Ethiopia
    and;

  * exploration projects, through joint ventures, for platinum, gold and
    diamonds in Sierra Leone

As the transaction constitutes a reverse take-over under the AIM rules, the
completion of the transaction is conditional upon the approval of the
acquisition by the shareholders of Palladex at an Extraordinary General Meeting
scheduled to be held on 9 July 2007.  At that meeting it is intended that
Palladex will change its name to Minerva Resources plc ("Minerva") and following
that meeting Ambrian will hold 39.82% of the enlarged share capital.

Ambrian looks forward to supporting Minerva in its future growth.

Below are highlights of the announcement made by Palladex today.


Enquiries

Nathan Steinberg                                       Tel: [phone]
Finance Director, Ambrian Capital plc

Simon Atkinson                                         Tel: [phone]
Collins Stewart Europe

Louise Goodeve / Justine Howarth                       Tel: [phone]
Parkgreen Communications


Ambrian Capital plc, formerly Golden Prospect plc, is an independent investment
bank quoted on the Alternative Investment Market of the London Stock Exchange
(Ticker: AMBR) which has three wholly-owned subsidiaries: Ambrian Partners
Limited, a corporate finance advisor and stockbroker; Ambrian Commodities
Limited, an Associate Member of The London Metal Exchange and a broker-dealer of
LME traded metals, precious metals, carbon credits and soft commodities; and
Ambrian Asset Management Limited, a specialist investment management business.
Further information about the Group is available on Ambrian Capital's website:
www.ambrian.com





                                  Palladex Plc

         Proposed acquisition of Golden Prospect Mining Company Limited
              Proposed acquisition of Ethiopian Resources Limited
 Approval of waiver of the obligation to make a mandatory offer under Rule 9 of
                     the City Code on Takeovers and Mergers
                Proposed Change of Name to Minerva Resources Plc
                      Application for re-admission to AIM
                    Notice of Extraordinary General Meeting


Highlights

*         Admission document published and shares resume trading today
*         Proposed name change to Minerva Resources Plc
*         Proposed focus on gold and platinum in Ethiopia

Palladex Plc (AIM: PLX) ("Palladex" or "the Company") today announces that it
has posted its re-admission document ('the Document'), in connection with the
proposed acquisition of Golden Prospect Mining Company Limited ("GPMC") and the
proposed acquisition of Ethiopian Resources Limited ("ERL").

In conjunction with the acquisitions, Palladex proposes to change its name to
Minerva Resources Plc.

The acquisitions constitute a reverse takeover under the AIM rules and
completion of the acquisitions is conditional upon, inter alia, both the
approval of the acquisitions by shareholders in an Extraordinary General Meeting
(EGM).

The acquisitions mark a change in the strategic focus of the company, from
Central Asia to Africa. The focus will be the further development of the Yubdo
platinum mine and resource delineation of the gold exploration projects in
Ethiopia, supported by drilling services currently in Kyrgyzstan. The assets in
Sierra Leone will largely continue to be developed by the existing Joint Venture
partners.

Palladex CEO, Merlin Marr-Johnson said, "The proposed merger with Golden
Prospect Mining Company Limited and Ethiopian Resources Limited represents a
hugely positive step for the Company.  Our immediate goal after the EGM is to
increase output at the Yubdo Platinum Mine and rapidly advance resource drilling
at two of the gold prospects nearby in Ethiopia. We are confident the assets
brought together in the new company, Minerva Resources plc, will enhance
shareholder value."

The Company's shares will resume trading concurrently with this announcement.




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