African Eagle Resources Regulatory News (AFE)

30 Oct 2006 07:01

African Eagle Resources PLC30 October 2006 African Eagle Resources plc APPOINTMENT OF DEPUTY CHAIRMAN DRILL RESULTS FROM MSASA • African Eagle has appointed Euan Worthington as Deputy Chairman with key responsibility for Investor Relations. • Farm-in partner MDN reports drill results from Msasa in Tanzania including 2 metres at 8.3g/t and 5m at 2.5g/t. African Eagle's Chairman John Park commenting today said "Euan's City experiencehas always been an asset to African Eagle and we are delighted that he hasagreed to increase his role in the Company. "At Msasa, the results of our partner's first drilling programme confirm thepromising indications of the gold-bearing nature of the area that we obtainedfrom our previous drilling." Appointment of Deputy Chairman African Eagle Resources plc ("African Eagle" or "the Company") (AIM: AFE), theAIM quoted mining and exploration company, announces that Mr Euan Worthington, anon-executive director of the Company, has been appointed Deputy Chairman. Inthis role he will also take on responsibility for the Company's InvestorRelations. Mr Worthington has more than 20 years' experience in the City of London as amining analyst and corporate finance specialist. A geology graduate with an MScin mineral production management, Mr Worthington worked for three years inexploration and mining in Africa before coming to the City as a mining analyst.He has worked with Hoare Govett, Shearson Lehman and S.G. Warburg, and was headof the metals and mining corporate finance teams at BZW and ABN AMRO. Euan has participated, as team leader or mining advisor, in numerous majorcorporate finance projects. Highlights include the sale of Anglo American'sinternational assets to Minorco; the de-merger of Union Miniere from SocieteGenerale; the privatisations of Outokumpu, Austria Metall and Cerro Matoso andthe acquisition of Billiton from Shell by Gencor. He was mining director on theteam which raised US$630 million for Mercury World Mining Trust in 1993, at thetime the largest ever IPO in the mining sector and the biggest UK investmenttrust issue. Msasa, Tanzania African Eagle's Toronto-listed partner MDN Northern Mining ("MDN") holds anoption to farm in to the Company's 90 per cent owned Msasa gold project in theLake Victoria Goldfields of Tanzania. The Msasa project area is 15km southeastof Tulawaka Gold Mine, which is operated by Barrick with MDN as a 30% partner.Pursuant to the terms of the option, MDN recently completed its first reversecirculation drilling programme at Msasa and the results confirm the gold-bearingnature of the area. MDN conducted a programme of 63 reverse circulation drill holes in four fencelines at Msasa for a total of 2,677 metres. The drill holes revealed vein goldmineralisation oriented on a NW-SE axis over a distance of 250 metres withpossible extensions in both directions. Nearly 1,000 samples were analysed byMDN according to conventional standards at the SGS laboratory at Mwanza inTanzania. The rigorous programme of analytical grade verification implemented byMDN included 12% control samples. Hole From To Length Grade m m m g/t Au MARC-33 10 11 1 2.03MARC-34 17 18 1 1.27MARC-46 42 47 5 2.51MARC-52 29 31 2 8.26MARC-63 32 33 1 2.01 These results confirm the nuggety nature of the gold, which occurs in quartz andpyrite veinlets within altered mafic and intermediate volcanic rocks, andcompliment African Eagle's own drilling from 2005, which included a very highgrade intersection of 241g/t over 3m. John ParkChairman 30 October 2006 Qualified Person Information in this report relating to exploration results is based on datareviewed by Mr Christopher Davies BSc, MSc, DIC, Operations Director for AfricanEagle who is a Fellow of the Australasian Institute of Mining and Metallurgy,has in excess of 25 years experience in mineral exploration and is a QualifiedPerson under AIM rules. Mr Davies consents to the inclusion of the informationin the form and context in which it appears. About African Eagle African Eagle is a mineral resources company with a focus on eastern and centralAfrica. The Company operates in Zambia, Tanzania and Mozambique, all countrieswith highly prospective geology and low above-ground risks, which have all beenrecent destinations for major successful investments in the metals and mineralsindustries. The Company has a highly motivated team, proven management and an experiencedboard. Its principal operations are the Mkushi and Ndola copper projects inZambia and the Miyabi gold project in Tanzania. African Eagle has discovered alarge iron oxide copper gold (IOCG) system at Eagle Eye in Zambia and holds awell-balanced portfolio of promising early stage projects. For further information, see the Company's web site www.africaneagle.co.uk orcontact one of the following: Mark ParkerManaging Director+44 20 7248 6059+44 77 5640 6899 Leesa Peters or Ed PortmanConduit PR+44 20 7429 6666 This information is provided by RNS The company news service from the London Stock Exchange