African Eagle Resources Regulatory News (AFE)

28 Jun 2005 07:00

African Eagle Resources PLC28 June 2005 African Eagle Resources plc NEW DRILLING RESULTS FROM MIYABI, TANZANIA African Eagle Resources ("the Company", ticker AFE) is pleased to announce thelatest drilling results from the Faida zone at its Miyabi gold project in theLake Victoria Goldfields of Tanzania. Mineralised intercepts include 9.4g/t over 3m and 7.3g/t over 4m, within a widezone of 2.4g/t over 66.5m. African Eagle's Managing Director Mark Parker notes"This latest drilling at Miyabi confirms the grade, thickness and higher gradecentral core of the Faida gold zone which we discovered last year. The newresults have been provided to SRK, our independent consultants and will be usedto calculate an addition to our current resource estimate of 400,000 ounces.The core rig has now moved to other target zones in the Miyabi corridor and apercussion rig has been mobilised to test new geophysical and geochemicaltargets". The results are for five diamond-drilled cored holes from the Faida gold zone,inclined at 45 to 55 degrees and averaging 240m inclined depth. A map showingthe geology and locations of all the drill holes at Faida can be seen atwww.africaneagle.co.uk/projects-miyabi. The widths and grades of the newmineralised intersections were as follows: Drill Hole No From (m) Interval (m) Gold g/t MBDH-26 87.9 4.9 2.26 and 119.9 5.0 3.36 and 148.9 66.5 2.44 including 157.9 4.0 7.26 and 205.9 3.0 9.40 MBDH-25 163.9 39 1.35 MBDH-24 54.9 3.0 1.95 and 62.4 1.5 2.90 and 66.9 1.5 2.93 193.9 47.0 1.97 MBDH-23 160.9 11.0 1.50 and 173.9 3.0 0.61 and 192.9 1.0 1.29 MBDH-21 65.3 3.0 0.62 and 77.3 1.5 0.91 and 82.8 44.0 1.88 including 82.8 9.0 3.29 The results, especially from holes 21 and 26, confirm the Company's earlierinterpretation that the Faida orebody consists of a higher grade core surroundedby a wide lower grade zone and is hence potentially amenable to open pit mining.The results have been submitted to SRK, African Eagle's independent consultantsand will be incorporated into the calculation of an increased gold resourceestimate. A geochemical anomaly which may represent the faulted extension of the Faidazone lies 150m to the northeast while another target area with a similargeochemical and geophysical signature to Faida lies 250m to the west. Areverse circulation drill rig has been mobilised to Miyabi following completionof a recent drilling programme at the Company's Msasa gold project, and will beused to test these and other geophysical and geochemical targets within theMiyabi gold corridor, including extensions of the known gold zones. A single diamond drill hole has also been completed in the Shambani gold zone totest for mineralisation between the Shambani North and Main structures, anddrilling is now underway on a three hole programme to expand the existingresource at the Kilimani gold zone, 2.5km east of Faida. The first hole of thisprogramme has been completed. In summary, African Eagle is making good progress with its resource drillingprogramme at Miyabi, and is on target with its aim of increasing the goldresource at Miyabi substantially during 2005. John Park ChairmanAfrican Eagle Resources plc 27 June, 2005 For further information Tel Mobile John Park (Chairman) African Eagle 020 7248 6059 077 7980 1159or Mark Parker (MD)Leesa Peters Conduit PR 020 7618 8534 079 0032 2022 This information is provided by RNS The company news service from the London Stock Exchange