Goldcrest Resources Plc - Correction Re Issue of Equity and Change of Adviser

Goldcrest Resources plc

("Goldcrest" or the "Company")

11 January 2017

Correction Re Issue of Equity and Change of Corporate Adviser

The announcement of yesterday, 10 January 2017 contained inaccuracies as follows:

The Company stated that Taoudeni Resources Ltd holds the Company's Asheba Gold Project ("Asheba"). In fact, Asheba is held by the Company's wholly owned subsidiary, Ensign Resources Ltd, an Isle of Man company.

There remains a small loan of approximately £20,000 owing to Starvest plc.

The disclosable interests on completion of the issue of equity were not accurately stated.

The re-stated announcement is as follows:

Issue of Equity and Change of Corporate Adviser

The Company announces that it has raised £217,000 before expenses through the issue of86,800,001 new ordinary shares of 0.05p at a price of 0.25p each. Funds will be utilised for working capital purposes as the Company seeks to progress its existing and future interests.

Additionally, the Company announces that a conversion notice has been sent to Pelamis Investments Ltd, being sole owner of the Convertible Loan Note, as announced 5^th December 2016. The £70,000 will be fully converted into equity of the Company through the issue of 28,000,000 new ordinary shares of 0.05p each, also at 0.25p each per share.

Furthermore, the Company announces that it has agreed to settle £121,300 of liabilities through the issue of48,520,000 new ordinary shares of 0.05p, again at 0.25p each per share. The Company is now debt free, save for a small loan of approximately £20,000 outstanding and owing to Starvest plc, and accordingly, the balance sheet has been strengthened, leaving the Company in a strong position to focus on Ensign Resources Ltd, the Company's 100 per cent. owned subsidiary, which holds the Company's flagship and prospective Asheba Gold Project ("Asheba"), located in Ghana. The Company is now also in a strong position to seek out other prospective gold projects.

Appointment of Corporate Adviser and Broker

The Company is pleased to announce the appointment of Peterhouse Corporate Finance Ltd as its NEX Exchange Corporate Adviser and Broker with immediate effect.

On completion of the placing, the following disclosable interests in the share capital of the Company are as follows:

Name	Amount of Ordinary Shares	Percentage
Hot Rocks Investments plc*	18,788,379	9.16
Woodland Capital Limited*	14,401,167	7.02
Gavin Burnell*	26,839,158	13,08
Peterhouse Corporate Finance Ltd	4,000,000	1.95
Gledhow Investments plc	10,800,000	5.26
Plutus Strategies Limited**	10,947,273	5.33
Jeremy Edleman	10,000,000	4.87
Bailee Holding Ltd	10,000,000	4.87
Pelamis Investments Ltd***	40,000,000	19.49
SVS (Nominees) Ltd	10,449,449	5.09

* Gavin Burnell is the managing director of Hot Rocks Investments plc and Woodland Capital Limited.

** Plutus Strategies Limited is owned 50 per cent. by Paul Haywood, a director of the Company and 50 per cent. by Niall Tomlinson, a director of the Company.

*** David Steinepreis owns 39 per cent. of Pelamis Investments Ltd.

Paul Haywood, Managing Director commented: "The past year has been a challenging time for the company and I would first like to thank all those that have supported us to date and those that will be supporting the Company going forward. The restructure, strengthening of the Board and raising of additional capital perfectly positions the Company to now execute its growth plans and we look forward to updating the market on associated actions in due course".

Following the issue of the 163,320,001 new ordinary shares, Goldcrest has 205,223,308 Ordinary Shares in issue, which also represents the total number of voting rights in the Company. This figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

The Directors of the Issuer accept responsibility for this announcement.

For further information please contact:

The Company Paul Haywood, Executive Director [e-mail]	[phone]
NEX Exchange Corporate Adviser PETERHOUSE CORPORATE FINANCE LIMITED Guy Miller Mark Anwyl	[phone]