Acquisition(s)

    10 September 2007

                            Gemfields Resources PLC                            

                        ("Gemfields" or "the Company")                         

                            Jagoda Option Extended                             

Gemfields Resources PLC (AIM: GEM), the AIM-listed Zambian gemstone mining and
exploration company, today announces that it has extended the period of its
option to acquire the Jagoda Pink Tourmaline Mine.

Gemfields initially paid US$50,000 for a nine month option to acquire the mine
for an exercise price of US$1.95m. The Company has now paid a further US$50,000
to extend the option period by six months. The option will now expire on 31
March 2008.

Immediately after the signing of the option agreement, Gemfields initiated
detailed geological mapping and traversing in the area. The geophysical survey
was deferred to the end of the rainy season as soil saturated with water
interferes and influences recording and interpretation of resistivity data. The
ground geophysical survey was completed in June 2007 leading to the
identification of a number of anomalies pointing to possible pegmatites. Ground
checking and two exploratory trenches were then completed with a pegmatite
being exposed in one of the trenches.

However the results of the exploration so far remain inconclusive hence the
decision to extend the period of the option. This will enable Gemfields to
establish the continuity and structure of the pegmatite along both strike and
dip by pitting/trenching and core drilling to be followed by test mining.

Commenting today, Peter Kitchen, CEO of Gemfields said "The Board is pleased to
gain this time extension to obtain the Jagoda Mine as external factors have
hampered exploration progress. We are focused on understanding fully the
structure, continuity and extent of the pegmatite and look forward to further
exploring the anomalies found in the area."

For more information:

Peter Kitchen, CEO [e-mail]

Richard James, CFO [e-mail]

Gemfields Resources Plc Tel: [phone]

Robin Birchall/Ryan Gaffney [phone]

Canaccord Adams Limited

Jos Simson/Ed Portman Tel: [phone]

Conduit PR



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