weatherly update, page-6

This gives you morw background:

It is the real thing - the money has been raised.

RNS Number:9827B
Weatherly International PLC
26 April 2006


26 April 2006
WEATHERLY INTERNATIONAL PLC

CHAIRMAN'S STATEMENT


The Year in Review

The results for the year represent the first steps aimed at turning Weatherly
into a major player in the Southern African mining industry.

In December 2005, the Group acquired the entire share capital of Puku Minerals
Limited, a company incorporated in Zambia. The consideration of £3,250,000 was
satisfied by way of an issue of 40,625,000 ordinary shares at an issue price of
8p per share.

Puku Minerals Limited holds prospecting licences which cover the historic
Luanshya underground copper mine, its tailings dams and other areas situated in
Zambia. Puku Minerals Limited holds the right to explore and develop the
Luanshya tenements. Further information on Luanshya may be obtained from the
Company's website.

Weatherly has a strong financial position having raised £3.9 million (net of
expenses) through a programme of equity placings during the second half of the
year. These funds have been earmarked to progress the Luanshya Copper Project to
the development stage, including the bankable feasibility study, provide funds
for general working capital and to finance the investigation of strategic
acquisitions.


Board Appointment

Following the resignation of Mr Richard Armstrong the Board appointed Mr John
Bryant as non-executive director.

John is on the Board of several AIM listed companies and brings a wealth of
experience to the Board. He previously served as President of Cinergy Global
Resources Corp, responsible for all international business and global renewable
power operations of this US based electricity and gas utility provider. Prior
to joining Cinergy, Mr. Bryant's professional experience was gained with
Midlands Electricity plc, as Executive Director, Generation, British Sugar plc,
Drexel Limited, British Oxygen Company Limited and Unilever plc.


Proposed investment in Ongopolo

We have separately announced today that the Company has signed a Heads of
Agreement to acquire an initial 56 per cent interest in the share capital of
Ongopolo Mining & Processing Limited ("Ongopolo") for a cash investment of US$30
million (£16.8 million). Ongopolo, a private Namibian company, is a copper
mining and smelting company with activities in central and northern Namibia. It
operates three copper mines and a smelter and is developing a number of advanced
exploration projects. New projects include the Asis Far West mine where an 800
metre shaft was recently completed and lateral development to the main ore body
is in progress.

Two of the operating mines (Otjihase and Matchless) are located near Windhoek,
the capital of Namibia. The other operating mine is located at Kombat with the
smelter located at Tsumeb, both in the northern part of the country. During the
year ending 31 December, 2005, Ongopolo's smelter produced approximately 24,000
tonnes of copper with approximately 50% from internal mine production and the
rest from imported concentrates. Based on an independent technical report
prepared in 2004, Weatherly estimates that Ongopolo has sufficient known
reserves for the next five years, plus sufficient resources from its existing
leases to expand the reserve base by a further 5 years.

The proposed Ongopolo investment is subject to due diligence and funding. Owing
to its size, the transaction will constitute a reverse takeover and will be
conditional on Weatherly shareholder approval. In consequence, Weatherly shares
will be suspended pending the completion of the transaction and application
for readmission.

Funding for the investment is to be provided by the proposed placing of £18
million of new Weatherly shares (the "Placing"). In addition, the Company has
existing cash resources of £3.5 million. The Placing will take place in two
stages, the first having already been completed. Commitments have been received
in respect of £9.1 million representing 87,215,000 new Weatherly shares to be
placed at 10.5p. These initial funds have been raised unconditionally.

The balance of the Placing, which will be conditional upon the completion of the
Ongopolo transaction, will take place when a new Competent Person's Report is
available on Ongopolo's operating and exploration assets.

Weatherly will herewith contribute substantially to the establishment of a
regionally significant copper corridor that links the copper producing areas of
the Democratic Republic of Congo and the Copper-belt of Zambia with the copper
producing regions of Namibia, including the smelter at Tsumeb and the important
Namibian port of Walvis Bay on the Atlantic Coast. This would fulfill a vision
promoted for many years by governments and industry in those regions. The
acquisition is also part of a regional strategy whereby Ongopolo's smelter could
be expanded to process concentrates from both Weatherly's own Luanshya project
and others in Zambia and the Congo.


Luanshya

Puku Minerals Limited has recently completed a drilling programme of the
tailings dams using a leading South African contractor. The results are
currently being assessed and a resources report is expected in early May. This
work will pave the way for a full feasibility study.

In parallel, Weatherly intends to seek clarification on the status of additional
surface access rights to PLLS 239 from the previous owner (Luanshya Copper Mines
plc) These discussions have no impact on Weatherly's ability to develop the
tailings dams where Weatherly has full access.

Weatherly recently lodged a legal claim in Zambia seeking confirmation that the
oxide caps on prospecting licence PLLS 239 belong to Weatherly. This claim was
accompanied by an opinion in support of Weatherly's claim from one of Zambia's
top State Councils. This claim will be reviewed by the Attorney General in
Zambia.

Weatherly continues to regard Luanshya as a highly prospective project, and is
confident that it is an excellent core asset for the Company as we move towards
the full feasibility study.


Website

I am pleased to direct you to our recently launched website
www.weatherlyplc.com.

The Directors believe that the website will enable investors and potential
investors to keep abreast of the Company's progress during this exciting period
of growth.


For further information please contact:

Weatherly International plc +44 (0) 20 7917 2989
Wolf Martinick, Chairman
Rod Webster, CEO
John Norris, Company Secretary

First City Financial +44 (0) 20 7436 7486
Sarah Samworth