African Eagle Resources Regulatory News (AFE)

19 Dec 2005 07:01

African Eagle Resources PLC19 December 2005 African Eagle Resources plc DRILL RESULTS FROM MIYABI African Eagle Resources plc ("the Company", ticker AFE) is pleased to announcethe results of the recently completed second phase RC and diamond drillingprogramme at its Miyabi Project in Tanzania. The mineralised intersections include: • 31.1 g/t over 30 metres, 9.7 g/t over 33m and 3.3g/t over 21m at Shambani prospect • 6.9 g/t over 21m including 42 g/t over 3m at Kilimani prospect • 6.4 g/t over 18m at Ngaya prospect Overall, 64% of the 90 holes drilled intersected gold values above 0.5 grams pertonne (g/t) over three metres or more. The current field season's drilling aimed to delineate better the gold resourcesat the existing mineralised prospects and to test new exploration targets. Thedrilling programme successfully identified steeply plunging high-grade oreshoots within the broad lower grade zones already known at the Kilimani,Shambani and Ngaya prospects. At Shambani, oblique intersections of a newly discovered shoot included 31.1 g/tAu over 30m and 9.7g/t over 33m. Kilimani yielded an intersection of 6.9 g/tAu over 21m and the shoot at Ngaya returned 6.4 g/t Au over 18m. Follow thelink below to view a comprehensive table of the key drilling results. http://www.africaneagle.co.uk/projects-miyabi2.html A larger RC drilling rig was mobilised in early December to begin the finalphase of the 2005 drilling programme and to delineate these ore shoots better.As soon as they are received, the results of this phase of the programme will beforwarded to independent consultants SRK Consulting so that their January 2005resource calculation of 400,000 ounces of gold can be updated. The Company also completed new surface surveys, including extensions of thegeophysical IP coverage. These surveys showed that the sulphide zones whichform the primary host of the gold mineralisation at Faida and Shambani extendthroughout the 7km long Miyabi Corridor. Drilling to test these sulphide zoneswill begin in the New Year. Managing Director Mark Parker commented "The results of the drilling and therecent geophysical surveys have shown yet again the potential that Miyabi has tooffer. The identification of new high-grade ore shoots is especiallyencouraging. 2006 will see an expanded drilling programme aimed at definingadditional mineralised zones". John ParkChairmanAfrican Eagle Resources plc 19 December 2005 For further information Tel MobileJohn Park (Chairman) African Eagle 020 7248 6059 077 7980 1159 or Mark Parker (MD)Pam Spooner Conduit PR 020 7429 6666 077 7199 3236or Leesa Peters 020 7429 6660 078 1215 9885 This information is provided by RNS The company news service from the London Stock Exchange