African Eagle Resources Regulatory News (AFE)

15 Aug 2005 07:00

African Eagle Resources PLC15 August 2005 African Eagle Resources plc DRILLING RESULTS FROM MSASA GOLD PROJECT, TANZANIA African Eagle Resources ("the Company", ticker AFE) has received the results ofa test drilling programme at its Msasa gold project in Tanzania. The mineralisedintersections include one of 241g/t gold over 3m. The Msasa gold project is located in the western Lake Victoria Goldfield, 15kmsoutheast of the high-grade 700,000+ ounce resource at Tulawaka Gold Mine, whichwas commissioned by Barrick and Northern Mining in early 2005. The new drill results from Msasa are encouraging, with one very high gradeintersection of 81g/t gold over 9m, including 241g/t over 3m, associated withquartz veining. African Eagle's recently completed programme of 31 reversecirculation (RC) drill holes complements an earlier shallow rotary air blast(RAB) drilling programme which intersected a number of gold bearing quartz veinswith grades up to 5.2g/t. The results show that the target area is gold-enrichedand contains at least one zone of high grade gold in quartz veining like that atTulawaka. To follow up these promising indications, the Company intends to carry outstep-out drilling to determine the extent of the high grade mineralisation,together with additional geochemical and geophysical surveys to develop furtherdrilling targets. The cuttings from each individual metre of the mineralised RCintersections will also be assayed in order to define better the grades of theveins intersected, as the current results are for 3m composites. African Eagle's Managing Director, Mark Parker, comments, "The Msasa projectshows promise, especially now that we have a very high grade mineralised drillintersection. The geology and style of mineralisation show intriguingsimilarities to Tulawaka, which is close enough that even a modest deposit atMsasa could probably be processed cost-effectively through its plant". A table of all the key intersections from the drilling to date and a map showingthe geology of the area and the locations of the principal drill intersectionsmay be viewed on the Company's web site at www.africaneagle.co.uk/projects-msasa.html John Park Chairman African Eagle Resources plc 15 August, 2005 For further information Tel MobileJohn Park (Chairman) African Eagle 020 7248 6059 077 7980 1159 or Mark Parker (MD)Leesa Peters or Amanda Harris Conduit PR 020 7618 8534 079 0032 2022 This information is provided by RNS The company news service from the London Stock Exchange