RNS Number:9462J
Finelot PLC
11 April 2003

                    Finelot plc ("Finelot" or the "Company")

             (renamed Caledon Resources Plc ("Caledon Resources"))

                           Result of General Meetings

                          and appointment of Directors


The Company is pleased to announce that all resolutions proposed at its Annual
General Meeting, held on 11 April 2003, were duly passed. The Company further
announces that all resolutions proposed at its Extraordinary General Meeting
("EGM"), held immediately following the AGM, were duly passed. The resolution
approving the Waiver by the Panel on Takeovers and Mergers of Rule 9 of the City
Code in respect of the Concert Party was passed, with 5,881,468 votes in favour
to 10,000 votes against. Members of the Concert Party, not being entitled to
vote on the resolution approving the Waiver did not vote.

As a result of the resolutions being passed, the Company is pleased to announce
the change of its name to Caledon Resources PLC, and the successful Placing and
Open Offer of 124,559,285 New Ordinary Shares of 0.1p each at 1 pence per share,
subject to admission to trading on the Alternative Investment Market. The New
Ordinary Shares of 0.1p in Caledon Resources are expected to commence trading
under the mnemonic CDN from 8.00am on 14 April 2003.

Two of the Directors, Stephen Dattels and Robert Alford, gave irrevocable
undertakings to take up a number of Open Offer Shares in the Placing and Open
Offer. Mr Dattels is also beneficially interested in a further 7,985,310 New
Ordinary Shares, taken up in the Placing and held by his wife, Mrs Jennifer
Dattels and in 12,274,779 New Ordinary Shares received in the Placing by Regent
Resources Capital Corporation. As a result, the Directors now have interests in
the Company as follows:


                        New Ordinary Shares of     New Ordinary Shares    Total number of New   Percentage of enlarged
                        0.1p taken up under the    taken up under the     Ordinary Shares of    issued ordinary share
                        Open Offer                 Placing                0.1p                  capital

Director

Stephen Dattels         5,000,000                  20,260,089             28,260,089            15.64%

Robert Alford           625,000                    -                      750,000               0.42%

The Company is pleased to announce that Graham Mascall, George Salamis and Paul
Ingram have today been appointed to the board of Caledon Resources.

Following approval of the acquisition of Blackwatch Resources Limted, Paul
Ingram and George Salamis will receive New Ordinary Shares as part of the
consideration, as follows:
                         No. of New Ordinary Shares Percentage of enlarged issued
                                                    ordinary share capital

Director

Paul Ingram              17,187,500                 9.51%

George Salamis           4,687,500                  2.59%


Following approval of the Waiver at the EGM and the Placing and Open Offer, the
Concert Party now holds a total of 71,440,723 New Ordinary Shares, representing
39.53% of the enlarged issued ordinary share capital. This figure does not
include 1,250,000 share options that the Board intends to grant to Stephen
Dattels. If the options are exercised in full at their earliest date, which is
three years from the date of grant, the Concert Party's maximum holding would be
72,690,723 New Ordinary Shares, representing 39.53% of the then issued ordinary
share capital. If the options are exercised in full, Stephen Dattels' total
shareholding in the Company would be 29,510,089 New Ordinary Shares,
representing 16.22% of the further enlarged issued ordinary share capital. The
right granted to Stephen Dattels to subscribe for ordinary shares is exercisable
up to a period ending on 1 March 2008 with the rights being exercisable in
respect of one third of the ordinary shares to which it relates in each of the
years 2004,2005 and 2006.

Terms defined in this announcement bear the same meaning as in the prospectus
published on 19 March 2003.

Enquiries:

Stephen Dattels/Manish Kotecha                        Caledon Resources PLC - tel: 020 7529 7512

Clive Carver/Alastair Stratton/Rose Herbert           Williams de Broe Plc - tel: 020 7588 7511


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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