Announcements - 3rd May 2002

Approval of Resolutions at Extraordinary Meeting, Completion of Placing and Results of Open Offer

Kenmare Resources plc. announces that all of the resolutions proposed and considered at its Extraordinary General Meeting (EGM) held today, 3rd May, 2002, have been approved.

Accordingly, the Placing of 56,950,000 New Ordinary Shares at Stg14p (23c) each announced on 8th April, 2002 is now unconditional, save for admission.

Kenmare also announces that by 3pm on 2nd May, 2002 valid acceptances under the Open Offer of 23,881,255 New Ordinary Shares at Stg14p (23c) each ("the Open Offer") had been received in respect of a total of 6,169,083 million New Ordinary Shares.

The balance of New Ordinary Shares not applied for by qualifying shareholders under the Open Offer, being 7,650,000, have now been placed by the Company with institutional and other investors ("the Rump Placing"). The price at which these Ordinary Shares have been placed is Stg15.6p per share.

Application for admission of, in aggregate, 70,769,083 New Ordinary Shares (being the shares issued pursuant to the Placing, the Open Offer and the Rump Placing) to the Official Lists of the Irish Stock Exchange and the UK Listing Authority has been approved, and dealing is scheduled to commence therein on the Irish Stock Exchange and the London Stock Exchange on 7th May, 2002.

CREST accounts are expected to be credited in respect of the Open Offer shares no later than 10th May, 2002. For shareholders holding their shares in certificated form, definitive share certificates are expected to be despatched no later than 13th May, 2002.

Total funds raised pursuant to the Placing, the Open Offer and the Rump Placing are approximately Stg£ 10 million (Euro 16 million).

Mr. Charles Carvill, Chairman, commented as follows:

"I am very pleased to report the approval by our shareholders of the EGM resolutions and completion of Kenmare's equity funding. The company will now continue project funding and marketing arrangements and I look forward to reporting progress on these areas as the project advances."

3 May 2002

For further information:

Tony McCluskey
Financial Director
+353-1-671 0411
+353-87-674 0346

Murray Consultants
Tom Byrne
+353-1-632 6400
+353-86-810 4224

Blackstone Business Communications
Tim Blackstone
+44-207-251 2544