Welcome to Carnegie Minerals Plc



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Carnegie Minerals Plc is an international company quoted on the London Stock Exchange (AIM market code CME, warrant code CMW). The Company was established to develop the SeneGambia Mineral Sands Project and participate in new resource opportunities worldwide.

The SeneGambia Mineral Sands project is a cross border project extending along the coastlines of The Gambia & southern Senegal. It will produce zircon / rutile concentrate for sale at the mine gate. Carnegies 50 / 50 project partner and offtake partner, Astron Ltd then ship the concentrates (bulk in containers) to China for final processing. Washed sand by product is also planned to be sold into the local construction industry. The project is in the construction phase, with first significant concentrate shipments scheduled for the first quarter of 2007.

Carnegies Directors and executive team have considerable experience in acquiring and developing resource projects around the world. This includes extensive Africa experience and operations involving precious metals, precious stones, industrial minerals as well as oil & gas. Their far reaching international network of relationships with individuals, companies and Governments provides a platform for future growth opportunities.



http://www.carnegiemins.com/home.php

http://www.carnegiecorp.com.au/home.php

Carnegie(corp) develops clean energy technologies such as the recently acquired Cleaner Coal Power technology. This follows on from the successful Wave Energy and Pursuit Drive developments.
Carnegie is currently conducting due diligence on a number of revenue-producing clean energy projects globally.

Two good sites with lots if information and photographs : )

Carnegie Minerals plc
07 May 2008




Carnegie Minerals Plc ('Carnegie' or the 'Company')
Preliminary results for the year ended 31 December 2007


Carnegie Minerals Plc, the mineral sands resource company, is pleased to
announce audited results for the year ended 31 December 2007.


Highlights


Senegal (50/50 contributing Joint Venture with Astron Ltd)

Drilling of the first target at Niafarang resulted in a relatively
small but high grade Indicated Mineral Resource being calculated for this
deposit. Planning for an environmental impact study over this area is well
advanced.

Many of the priority exploration targets generated by the airborne
geophysical survey were drilled resulting in several new mineralisation
intersections.

Many targets are still to be drilled in the licence area.


USA

Since the year end, a Cooperative Research and Development Agreement
has been entered into with the United States Geological Survey (an agency
of the United States Government). This agreement seeks to help both parties
identify areas with high potential for mineral deposits containing titanium,
iron and zirconium.


Other

Since the year end, the Company's 50% free carried interest in The Gambia
project has entered a significant dispute with the Gambian Government.
This is currently the subject of legal actions from both sides, but the
project's carrying cost is fully provided for. The possible restart of
operations here is uncertain at the time of writing.


The Chairman, Timothy Jones, said:

'Whilst 2007 saw continued good progress, with developing production in The
Gambia and encouraging results from our evaluations of the Senegal deposits, a
dispute with the Gambian Government early in 2008 has created uncertainty as to
the future of the Company's Gambian operations. The directors view the Gambia
as a relatively small part of the Company's potential growth going forward and
have taken immediate steps to refocus the Company's efforts in areas of greater
stability whilst continuing to follow up exploration results in Senegal.'




For further information, call:

Alan Hopkins, Managing Director, Carnegie Minerals Plc 020 7831 3113
Romil Patel / Olly Cairns, Blue Oar Securities Plc 020 7448 4400 / 61 8 6430 6431
Billy Clegg /Edward Westropp, Financial Dynamics 020 7831 3113



Chairman's statement

A year of good progress has been overshadowed by an ongoing dispute between The
Gambian Government and our joint venture company in that country. In January
2008, operations were suspended by The Gambian Government who subsequently
cancelled the mining licence. The allegations that the joint venture company
has been commercially mining titanium, iron ore and uranium from its mineral
sands licence are strongly refuted. It has previously been made clear to The
Gambian Government that a component of mineral sands is titanium and iron oxide
and that trace amounts of uranium of no commercial value are usual for such
deposits. This action has reinforced the Company's planned next phase to seek
high potential projects in low sovereign risk areas.

Of great concern to us is the withholding of the passport of Charlie Northfield,
the in country manager for The Gambian joint venture company, by the Gambian
authorities. Carnegie is working to the utmost to regain Charlie's full freedom
and have the strongly disputed charges of economic crimes against him and the
joint venture company dropped.

In financial terms, by accounting for our share of the joint venture losses and
by writing off the associated goodwill, we have eliminated the entire value of
the project from the group balance sheet.

The Company made good progress with its evaluations in neighbouring Southern
Senegal. This resulted in the modelling of a small but high grade mineral sands
deposit at Niafarang with it being categorised as an Indicated Mineral Resource
as defined by the JORC Code 2004.

We also undertook an exploration drilling programme in Southern Senegal over
many of the priority targets identified by our airborne geophysical survey. This
resulted in several new mineralised intersections that have potential for
further investigation. Many of the exploration targets identified within the
licence area have yet to be tested.

Strategically, the Company's goal in this area is to discover further areas of
mineralisation that can significantly add to the explored Niafarang deposit.
These areas in Senegal have not been not subject to any negative Senegalese
Government action.

A significant first step in the refocus of international project work to areas
of lower political risk was the signing in March 2008 of a strategic research
agreement with the US Geological Survey (USGS), an agency of the United States
Government. This co-operation involves combining the Company's resources and
data with USGS data and experience in profiling geologic, geochemical and
geophysical mineral indicators so that the capability of both parties to
identify terrains with high potential for minerals of interest is significantly
improved.

This next generation of scientifically substantiated exploration targets will be
a priority undertaking for the Company. We believe this provides a platform for
the Company to seek and procure quality project involvements in areas where we
have expertise and working together with world leading partnerships in this low
sovereign risk part of the world.


Outlook

With the current turbulent world financial markets and the untimely Gambian
Government action affecting The Gambian project, 2008 poses significant
challenges to our group. Out of adversity also comes the potential to reach
higher levels and certainly the management team is focused on forging new
project opportunities in more stable areas with significant potential while
following up results in Senegal.

We thank all our shareholders who have continued to support the Company during
this period of change and refocus.

Finally, I should like to pay tribute to my predecessor, Alan Burns, who has
retired from the board as part of a broader scaling back of his business
interests. Alan founded the company and led us successfully through IPO and
beyond as a listed business.