Weatherly International PLC 28 July 2005 28 July 2005 Weatherly International plc ("Weatherly" or the "Company") granted opportunity to acquire mining assets in Zambia Further to the Company's announcement on 15 July 2005, the acquisition of WM Exploration Ltd ("WMEL") has completed. Under the terms of the transaction, Weatherly has secured the "right of first refusal", on terms and for a consideration to be agreed, to acquire the rights in respect of natural resource projects being investigated by the WMEL Directors or companies in which they are interested. In accordance with this obligation, the WMEL Directors have now provided the board of Weatherly with the first of these opportunities, namely to acquire a Zambian copper mining project, the relevant rights for which are held by Puku Minerals Limited ("Puku"). Puku is a Zambian incorporated private company in which the WMEL Directors hold, together, a controlling interest. The project was sourced and has been under investigation since 2003 by the WMEL Directors. The project comprises a de-commissioned copper mine in Luanshya situated in the copper-belt region of Zambia and is considered by the WMEL Directors to be one of the larger in the country with around one million tonnes of copper contained in resource and reserve categories. The WMEL Directors estimate that on re-opening, it could be capable of producing up to 40,000 tonnes of copper annually. The timing and cost of re-opening the mine is currently being assessed by Puku. At this stage, a preliminary evaluation of the assets has been presented to the board of Weatherly, and the independent directors of Weatherly have resolved to exercise their right of first refusal over the project, although no terms have yet been agreed for the acquisition of this project by the Company. Any such acquisition would be subject to satisfactory due diligence, including an independent valuation report, the raising of additional funds by the Company, and the approval of Weatherly shareholders at an EGM in accordance with the AIM rules by virtue of the size of the acquisition. The acquisition would also be a related party transaction under the AIM rules. Weatherly Chairman, Peter Redmond, said: "We are very pleased to receive this opportunity to acquire one of the larger copper mining projects in Zambia. The independent directors of Weatherly believe Rod Webster and Wolf Martinick's extensive experience and understanding of the Zambian mining industry will enable Weatherly to enhance Luanshya's substantial reserve base even further using modern mining techniques, including such approaches as the reworking of reserves left behind during previous operations and the treatment of tailings and dumps." For further information contact: Peter Redmond, Chairman Weatherly International plc 020 7332 2200 Allan Piper 020 7436 7486 First City Financial Public Relations 07736 064 982 Editor's Notes Weatherly, a former financial services group was rescued through a creditors voluntary arrangement (CVA) which raised £250,000 in January 2004. In July 2005, there was a further cash injection of £723,500 and a change in strategy with the appointments of Dr. Wolf Martinick and Rod Webster as executive directors. The Company is seeking to acquire, or invest, in opportunities in the natural resources sector, particularly in Africa. Dr Martinick, 60, is a director of Sun Resources Ltd, an oil and gas exploration company listed on the Australian Stock Exchange ("ASX"), chairman of Ezenet Limited, an ASX-listed movie distribution company, and a founder-director of Basin Minerals Ltd, an ASX company with a world-class mineral project in Victoria, Australia. Mr Webster, 54, has over 28 years of experience in the resources industry, including more than 10 years in managing director or chief executive officer posts. His most recent positions have been as a senior executive to First Quantum Minerals ("FQM"), a Canadian and AIM listed company, developing and operating copper mines in Zambia, the Democratic Republic of Congo and Mauritania. Most recently, he was in charge of the company's Mauritanian activities, but prior to this was the Chief Executive Officer responsible for the development of the Kansanshi mine in Zambia, probably the world's most significant new copper mine to come on stream in recent times. He was also a non-executive director of another major Zambian copper producer, Mopani Copper Mines Ltd, in which FQM had a major interest. This information is provided by RNS The company news service from the London Stock Exchange