Loan Stock 2012 Conversion

GMA Resources plc

("GMA" or the "Company")

Loan Stock 2012 Conversion

GMA announces that it has received an exercise notice in respect of £250,000 nominal of 10 per cent. unsecured convertible loan stock 2012, constituted by way of deed poll dated 25 May 2007 and as amended by extraordinary resolution on 26 July 2010. Accordingly, the Company has issued, conditional on admission, 5,000,000 ordinary shares in the capital of the Company ("Ordinary Shares"), equivalent to 0.82 per cent. of the Company's issued share capital, as enlarged by this issue.

Application has been made to the London Stock Exchange for 5,000,000 Ordinary Shares to be admitted to trading on AIM ("Admission") and dealings are expected to commence on 31 May 2011. Following Admission, the Company will have 613,002,894 Ordinary Shares in issue.

ENQUIRIES:

Notes to Editors:

GMA owns a controlling 52% stake in ENOR spa ("ENOR"), the Algerian based operating company for the Tirek-Amesmessa project, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company.

ENOR holds the exploitation authorisation to the Tirek-Amesmessa property, an area of some 1,417 km2, located approximately 450km south west of the city, Tamanrasset, in southern Algeria. Amesmessa is an open pit heap leach gold mine located in the extreme south of the permit area. The now closed Tirek mine site is located centrally in the northern third of the exploration permit area, some 60 km north of Amesmessa. Research to date suggests that the Zita Zone, which lies between Tirek and Amesmessa, offers considerable potential for the development of additional prospects amenable to open-pit mining. GMA plans to quickly expand upon resources outside of the major 80km Tirek-Amesmessa fault north/south of the concession.

GMA's shares are traded on the AIM market of the London Stock Exchange (AIM: GMA).

For further information on the Company, please visit: www.gmaresources.co.uk