| Mon 8 Oct 2007, 16:00 | | AEA/AFE - African Eagle Resources Plc - Lunga proj |
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AEA
AEA
AEA/AFE - African Eagle Resources Plc - Lunga project, Zambia, reverts to
African eagle issue of shares in South Africa
African Eagle Resources plc
(Incorporated in England and Wales, registered number 3912362)
AIM share code: AFE & AIM ISIN: GB0003394813
JSE share code: AEA & JSE ISIN: GB0003394813
LUNGA PROJECT, ZAMBIA, REVERTS TO AFRICAN EAGLE ISSUE OF SHARES IN SOUTH AFRICA
African Eagle Resources plc (African Eagle" or "the Company"; Ticker: AIM: AFE,
AltX: AEA) announces that the Company has regained sole rights to the Lunga
project in central Zambia.
African Eagle has regained sole rights to the Lunga Project by agreement with
its former exploration partner, MinEx Projects (Pty) Ltd, under which African
Eagle has issued 637 381 shares through its South African Register at a price of
ZAR 2.42 per share and made a cash payment of ZAR 1,375,086 to the partner,
which has now withdrawn from the project, relinquished all its earn-in rights
and returned all data to African Eagle. Applications have been made for the
shares to be listed on AIM and AltX. The new shares will rank pari passu with
the existing ordinary shares and dealings on AIM and AltX are expected to
commence on 12 October 2007.
The Lunga licence area is composed of rocks of the Katangan System which are
similar in age to those of the Copperbelt. African Eagle and its former partners
have completed geochemical and airborne geophysical surveys which have
identified two main copper-gold prospects within the licence: the historic
Buffalo mine in the north and the Karenda Dome in the south. There is also
potential for calcrete-hosted uranium near the centre of the project area.
Managing Director, Mark Parker commented: "Lunga is a very prospective licence
and we are delighted to have this project 100% back under our control. We now
plan further work to explore some of the copper-gold and uranium occurrences
already identified. Several other parties have expressed interest in the
licence, but for the time being African Eagle will undertake and finance its own
exploration programme."
John Park
Chairman
African Eagle Resources plc
8 October 2007
For further information, see the Company`s web site www.africaneagle.co.uk or
contact one of the following:
Mark Parker
Managing Director
+44 20 7248 6059
+44 77 5640 6899
Nicola Marrin
Seymour Pierce
+44 20 7107 8000
Ed Portman / Leesa Peters
Conduit PR, London
+44 20 7429 6607
James Duncan
Russell & Associates, Johannesburg
+ 27 11 8803924 / +27 82 8928052
Qualified Person
Information in this report relating to exploration results is based on data
reviewed by Mr Christopher Davies BSc, MSc, DIC, FSEG, FAusIMM, Operations
Director for African Eagle, who is a Fellow of the Australasian Institute of
Mining and Metallurgy, has more than 26 years relevant experience in mineral
exploration and is a Qualified Person under AIM rules. Mr Davies consents to the
inclusion of the information in the form and context in which it appears.
Technical terms
A glossary of other technical terms used by African Eagle in this announcement
and other published material may be found at www.africaneagle.co.uk/african-
eagle-projects-glossary.html
About African Eagle
African Eagle is a mineral exploration and development company operating in
eastern and central Africa. The Company`s principal advanced projects are the
Mkushi Copper Mines project in Zambia and the Miyabi gold project in Tanzania,
which are being fast-tracked towards production. The Company also holds a large
well-balanced portfolio of promising earlier stage gold and base metal projects,
including the Ndola copper project and the Eagle Eye iron-oxide copper gold
project.
African Eagle`s projects are in Zambia, Tanzania and Mozambique, countries which
all have highly prospective geology, relatively low above-ground risks and track
records of successful major investments in the metals and minerals industries.
African Eagle specialises in project generation and exploration. To take its
discoveries into production, it seeks to sign up industry partners with records
of successful mine development. These joint ventures and, in time, the revenue
from advanced projects, will finance future exploration and new discoveries.
The Company has a highly motivated team, proven management and an experienced
board. African Eagle prides itself on being a low cost operator and on average
80p or more of every GBP1 is spent "in the ground".
Date: 08/10/2007 16:00:01 Produced by the JSE SENS Department.
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