| Wed 22 Oct 2008, 17:00 | | AEA - African Eagle Resources Plc - Director dealing |
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AEA
AEA
AEA - African Eagle Resources Plc - Director dealing
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
AFRICAN EAGLE RESOURCES plc
DIRECTOR DEALING
African Eagle Resources plc ("African Eagle", "AFE" or "the Company",
ticker AIM: AFE, AltX: AEA) has been notified that the Park Superannuation
Fund, controlled by Mr John Park, a Director, has purchased 200,000 ordinary
shares at a price of 3 pence per share. Accordingly Mr Park`s beneficial
interest in the share capital of the Company is now 6,076,801 ordinary shares
representing approximately 2.86 per cent of the issued share capital of the
Company.
Mark Parker
Managing Director
African Eagle Resources plc
22 October 2008
For further information:
Mark Parker
Managing Director
African Eagle
+44 20 7248 6059
+44 77 5640 6899
Nicola Marrin
Seymour Pierce Limited, London
Nominated Adviser
+ 44 20 7107 8000
Charmane Russell
Russell & Associates, Johannesburg
+ 27 11 8803924
+27 82 8928052
Ed Portman / Leesa Peters
Conduit PR, London
+44 20 7429 6607
+44 (0) 7733 363 501
About Dutwa
African Eagle`s Dutwa project area is located 100km east of Mwanza city, in
the Kilimafedha ("Money Hills") greenstone belt of the Lake Victoria Goldfield.
The project area comprises eight licences which cover 523km?. African
Eagle has a 90% interest in the properties, with the option to acquire
100%.Operationally, the project is very favourably situated, close to
the main Mwanza-Nairobi trunk road, a major power line and the shore of
Lake Victoria.
African Eagle acquired the Dutwa project originally for its gold potential, but
its exploration team quickly recognised a significant nickel laterite deposit.
African Eagle is currently conducting a drilling programme to test the nickel
laterite target, and has also completed drilling on two of four gold targets
identified from extensive soil geochemical surveys.
Regular technical updates with maps, sections and the cumulative results of
the drilling programme are available on the Dutwa page of the Company`s
website: www.africaneagle.co.uk/african-eagle-projects-dutwa.html
Greenstones of Nyanzian age and granites underlie the area. The greenstones
are composed of metamorphosed volcanic and sedimentary rocks and, in the east,
banded iron formation (BIF). Ultramafic bodies occur within the greenstones
and there are many dykes along the regional east-northeast structural and
lithological trend.
Geochemical soil surveys carried out by African Eagle over the whole of the
project area identified a promising 2.5km-long nickel anomaly and a number
of gold anomalies. A detailed ground magnetic survey has helped to reveal
much of the underlying structure and geology of the area and the Company has
compiled historical data, including detailed geological maps and trench
results dating from 1956. Rock chip samples from these trenches yielded up to
1.9% nickel and 10% chromium over the ultramafic rocks.
African Eagle`s follow up auger sampling of the geochemical gold anomalies
highlighted four targets for drilling: Thornbush, Wamangola, NAN and Guya.
The first two of these were drilled in late 2007, revealing abundant but
scattered sub-economic mineralisation.
To investigate the nickel deposit, the Company undertook a programme of 139
RC drill holes along the geochemical nickel anomaly. The results to date,
coupled with the extent of the geochemical anomaly, suggest a substantial
nickel endowment. Of the first eighty RC holes, 85% have yielded highly
anomalous values from a considerable thickness of laterite within the top
50m, with grades comparable with those at many major nickel laterite deposits
worldwide. Laterites are an important source of nickel, providing 40% of the
world`s nickel and amounting to 70% of global nickel reserves
Cuttings from the remaining drill holes, for which results are still
awaited, indicate that the mineralisation extends over an area of at least
2.5 x 0.3km. All samples are also being analysed for cobalt, platinum and
other elements commonly associated with nickel. A 10-hole diamond drilling
programme has also been carried out, to obtain representative samples of
the deposit for metallurgical testing,
About African Eagle
African Eagle is a diversified 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, for which a
Feasibility Study will be completed in Q4 2008, and the Miyabi gold project
in Tanzania, at which the Company has defined an estimated half-million ounce
gold resource. African Eagle is also evaluating two promising nickel laterite
deposits which it recently discovered in Tanzania. The Company holds a large
well-balanced portfolio of promising earlier stage gold and base metal
projects, including the Ndola and Mokambo copper projects in Zambia.
Zambia, Tanzania and Mozambique, the sites of African Eagle`s projects, are
all countries which 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.
Date: 22/10/2008 17:00:10 Produced by the JSE SENS Department.
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