African Eagle Resources Regulatory News (AFE)

10 Apr 2007 07:01

African Eagle Resources PLC10 April 2007 AFRICAN EAGLE SHARES NOW TRADED ON PLUS MARKETS AND FURTHER POSITIVE DRILLING RESULTS FROM THE MKUSHI COPPER MINES PROJECT African Eagle announces that as of today its shares will be traded on PLUSMarkets, an alternative London trading platform. The Company's principal tradingfacility will continue to be AIM. The Company is also pleased to announce additional results reported by itsdevelopment partner CGA Mining Ltd from the resource definition drill programmebeing conducted as part of the feasibility study of the Mkushi Copper Mines incentral Zambia. Mineralised intercepts included: 32.9m at 2.10% copper 11m at 2.97% copper 23m at 1.38% copper African Eagle's Managing Director Mark Parker comments "These new resultsobtained from the core area at Mkushi continue to show the good width and gradeof the deposit. Mineralised intersections in some RC pre-collars indicate apotential for previously unknown copper mineralisation to the west of the knownH-Zone resource. The resource drilling programme is continuing, with threediamond drill rigs currently active, and further results can be expected overthe coming weeks". The new results relate to drilling completed to establish and define mineableresources at the central H-Zone and Munshiwemba targets in December 2006 andJanuary 2007. During the period, 8 diamond drill holes for 1,455m and 12 reversecirculation (RC) drill holes and pre-collar holes for 1,457m were completed. Afurther 23 diamond drill holes for 3,158m and 8 RC pre-collar holes for 840mwere completed between the end of January and the end of March. Significant thicknesses of high grade copper mineralisation were intersected indiamond holes drilled to test the H-Zone mineralised body at depth. Significantresults were also reported from the southern end of the Munshiwemba pit,demonstrating robust mineralisation over a strike length of at least 200m andadding to our resource expectations for this area. In addition, mineralisation was intersected in several reverse circulationpre-collar holes west of H zone. Pre-collars employ the cheaper and fasterreverse circulation method to drill the upper parts of deep holes, beforeswitching to diamond drilling. The pre-collar part of a drill hole is normallyexpected to be more or less barren, but a number of pre-collars at Mkushi,notably MH47, intersected copper mineralisation. The positive results from theseholes are encouraging as they indicate the potential for additional zones ofmineralisation west of the main H zone ore body. All intersections from the new results which contain 0.2% copper or more aretabulated below. No top-cut has been applied to the copper concentrations. Allthe drill holes reported here were inclined at 45 to 50 degrees, so the truedepths are about 70% of the down-hole depths. --------------------------------------------------------------------------------Hole No Prospect From (m) Width (m) Copper %--------------------------------------------------------------------------------Diamond Drill holes--------------------------------------------------------------------------------MH020 H Zone 209.24 17.53 0.92--------------------------------------------------------------------------------and H Zone 241.5 2.05 2.12--------------------------------------------------------------------------------MH044 H Zone 164.35 10.95 2.97--------------------------------------------------------------------------------and H Zone 181.11 10.21 2.18--------------------------------------------------------------------------------MH046 H Zone 149.48 22.02 1.76--------------------------------------------------------------------------------and H Zone 177.5 10.14 2.11--------------------------------------------------------------------------------and H Zone 193.3 32.94 2.1--------------------------------------------------------------------------------and H Zone 229.08 3.08 2.02--------------------------------------------------------------------------------MH048 H Zone 29 4 0.23--------------------------------------------------------------------------------and H Zone 47 3 0.28--------------------------------------------------------------------------------and H Zone 90 5 0.24--------------------------------------------------------------------------------MH053 H Zone 7 3 0.28--------------------------------------------------------------------------------MH056 H Zone 18 9 0.3--------------------------------------------------------------------------------and H Zone 88 5 0.36--------------------------------------------------------------------------------MH059 H Zone 26 4 0.41--------------------------------------------------------------------------------MMU07 Munshiwemba 107 10 1.37--------------------------------------------------------------------------------and Munshiwemba 122 3 0.92--------------------------------------------------------------------------------MMU011 Munshiwemba 127.5 11 1.21--------------------------------------------------------------------------------MMU027 Munshiwemba 68.5 22.5 1.11--------------------------------------------------------------------------------MMU029 Munshiwemba 53 19 1.45--------------------------------------------------------------------------------and Munshiwemba 77 3 1.11--------------------------------------------------------------------------------and Munshiwemba 91 14 1.85--------------------------------------------------------------------------------RC Pre-collars--------------------------------------------------------------------------------MH016 H Zone 67 11 0.44--------------------------------------------------------------------------------MH047 H Zone 84 23 1.38--------------------------------------------------------------------------------MH049 H Zone 52 10 0.25--------------------------------------------------------------------------------and H Zone 93 3 0.7--------------------------------------------------------------------------------MH051 H Zone 74 3 1.97--------------------------------------------------------------------------------MH055 H Zone 27 3 0.58--------------------------------------------------------------------------------MH057 H Zone 19 10 0.7--------------------------------------------------------------------------------and H Zone 84 6 0.73--------------------------------------------------------------------------------MMU07 Munshiwemba 78 3 0.8-------------------------------------------------------------------------------- Assays results from some further 3,500m of completed drilling are beingevaluated and results will be announced when received. Three diamond drill rigsare operating on resource definition at Mkushi and quotes have been obtained topump dry the old open pit to allow access for sampling and drilling of the richMunshiwemba target zone. More results are expected over the coming months andcan be expected to lead to a revised and increased JORC-compliant copperresource in due course. John ParkChairmanAfrican Eagle Resources plc 10 April 2007 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 Nicola MarrinSeymour Pierce Limited+44 20 7107 8000 Ed Portman/ Leesa PetersConduit PR+44 20 7429 6607 / +44 (0) 7733 635 01 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 more than 25 years relevant experience in mineral exploration and is aQualified Person under AIM rules. Mr Davies consents to the inclusion of theinformation in the form and context in which it appears. Technical terms A glossary of technical terms used by African Eagle in this announcement andother published material may be found at www.africaneagle.co.uk/african-eagle-projects-glossary.html The following term used in this announcement and its definition will be added tothe glossary: Pre-collar: Use of the cheaper and faster reverse circulation method to drillthe upper parts of deep holes, before switching to diamond drilling to intersectan anticipated mineralised zone. The pre-collar part of a drill hole is expectedto be barren of significant mineralisation. About African Eagle African Eagle is a mineral exploration and development company operating ineastern and central Africa. The Company's principal advanced projects are theMkushi Copper Mines project in Zambia and the Miyabi gold project in Tanzania,which are being fast-tracking towards production. The Company also holds a largewell-balanced portfolio of promising earlier stage gold and base metal projects,including the Ndola copper project and the Eagle Eye iron-oxide copper goldproject. African Eagle's projects are in Zambia, Tanzania and Mozambique, countries whichall have highly prospective geology, relatively low above-ground risks and trackrecords of successful major investments in the metals and minerals industries. African Eagle specialises in project generation and exploration. To take itsdiscoveries into production, it seeks to sign up industry partners with recordsof successful mine development. These joint ventures and, in time, the revenuefrom advanced projects, will finance future exploration and new discoveries. The Company has a highly motivated team, proven management and an experiencedboard. African Eagle prides itself on being a low cost operator and on average80p or more of every £1 is spent "in the ground". This information is provided by RNS The company news service from the London Stock Exchange