Stmnt re Dr Vermaakt

RNS Number:1498W
Bullion Resources PLC
04 March 2004


Bullion Resources Plc ("Bullion" or "The Company")

4 March 2004

Statement re Dr Vermaakt

The Directors of Bullion Resources plc ("Bullion" or "The Company") announce
that The South African Council of Natural Scientific Professions ("SACNASP") has
released their inquiry findings in relation to the complaint against Dr
Vermaakt. This complaint arose from Dr Vermaakt's Competent Persons Report which
formed part of the prospectus of Bullion published on 5 June 2002.

The record of the hearing, charges, verdict and sentence were released to
Bullion on 6 February 2004 and the latter three are stated below.

Charges

 1. Dr Vermaakt by his action transgressed the SACNASP code of Professional
    Conduct.
 2. Dr Vermaakt by incorrect calculations and reporting misled members of the
    public.
 3. Dr Vermaakt transgressed the accepted international norm of Competent Persons
    reporting, namely transparency, materiality and competence.


Verdict

Dr Vermaakt was found guilty of all three charges

Sentence

1. Accordingly, Dr Vermaakt was suspended from practice for 12
months.
2. The sentence was suspended for 12 months subject to Dr
Vermaakt not committing a similar transgression.

These findings support the action taken by the Non Executive Directors of
Bullion in ceasing operations, changing and relieving executive responsibilities
and appointing Lion Mining Finance Ltd ("LMF") to:
-         investigate the viability of recommencing operations
-         conduct an investigation into the technical veracity of the resource
-         assess the planned mining operations and processing plant
-         assist in the identification, valuation and negotiation of a
substantial future acquisition.

Based on the information contained in the LMF report and the findings of the
SACNASP inquiry, the Board of Bullion are currently evaluating their possible
remedies.

In the last Chairman's Statement, the Company advised shareholders that it would
conserve its cash and seek a substantial acquisition aimed at restoring
shareholder value. The Company and its subsidiaries are presently functioning at
minimal cost level whilst pursuing the acquisition mission. In conjunction with
LMF, several opportunities were explored of which three were pursued into
desktop due diligence, whereafter negotiations were terminated.

The Board continues to review opportunities and are optimistic that an
acquisition will be concluded in the short to medium term.

Contact:

Johan Meiring    Bullion Resources Plc    0208 939 0111



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