African Eagle Resources Regulatory News (AFE)

10 Jul 2007 07:00

African Eagle Resources PLC10 July 2007 African Eagle's East African Uranium Assets •Six uranium projects in Zambia and Tanzania •Applications made for a further two projects in Tanzania and Mozambique •Uranium Division created to progress projects and optimise shareholder value African Eagle ("African Eagle") or ("the Company") (AIM: AFE) today announcesfurther details of its uranium assets. The Company currently holds 6 projectsacross 11 exploration licences in Zambia and Tanzania, and has applied for afurther 8 licences in two project areas in Tanzania and Mozambique. In order to optimise value to shareholders the Company has established a UraniumDivision and is investigating a number of alternative ways to develop theseholdings, including exploring them in-house, joint venturing with a uraniumspecialist company, or developing them in a new listed subsidiary. The targets include calcrete and playa type deposits in Neogene to recentsediments, sandstone hosted deposits of Karoo and Cretaceous ages and veindeposits in crystalline basement rocks. Most of the targets have already had some prior exploration, ranging fromairborne spectrometric surveys through to geochemical and geological surveys.The initial results are promising with several uranium anomalies identifiedready for follow up exploration. African Eagle's current 11 exploration licences, summarised in the table below,form 6 projects covering 6657 km2 in Zambia and Tanzania. The Company has alsoapplied for a further 8 licences, 3 in Tanzania and 5 in Mozambique, forming twoproject areas with a total of 6467 km2. The Company is reviewing the regionalairborne spectrometer data for these new licences, which are expected to begranted in Q3, 2007. Commenting today, Mark Parker, Managing Director of African Eagle, said "Theseassets are another string to our bow and although we are fully focused onbringing Mkushi and Miyabi into production as quickly as possible, these uraniumprospects represent exciting opportunities which could considerably enhanceshareholder value." Project Geological setting Prior Exploration Licence Status Sasare, Sandstone hosted Uranium anomaly on 100 sq km of KarooZambia uranium in Karoo rift airborne survey, north of rocks within 100% system, e.g. Eagle Eye IOCG. owned licence. Kayelekera, Malawi Lunga, Calcrete type Uranium anomaly on 100% owned. MinExZambia mineralisation e.g. airborne survey. Projects has earn-in Langer Heinrich, right. Namibia Shikula, Sandstone hosted Geological model. Redbed Two licences - oneTanzania uranium in Karoo copper reported. Airborne held 100% and the sediments data under review. other 80% via Troll Mining Ltd. Msankwi, Vein type uranium Uranium geochemical Five licences, 80%Tanzania anomaly from 1980s held via Troll Mining exploration, pitchblende Ltd. occurrence reported. Nondwa, Calcrete / playa type Uranex reports anomalies Single licence heldTanzania mineralisation on adjacent ground. 100%. Wembere, Calcrete / playa type RTZ detailed magnetic and Two contiguousTanzania mineralisation radiometric airborne licences of 2000 sq survey in late 1990's, km, 100% held. data held. Qualified PersonInformation in this announcement relating to exploration results is based ondata reviewed by Mr Christopher Davies BSc, MSc, DIC, FSEG, Operations Directorfor African Eagle, who is a Fellow of the Australasian Institute of Mining andMetallurgy, has more than 26 years relevant experience in mineral explorationand is a Qualified Person under AIM rules. Mr Davies consents to the inclusionof the information in the form and context in which it appears. Technical termsA 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 For further information, see the Company's web site www.africaneagle.co.uk or contact one of the following: Mark ParkerManaging Director+44 20 7248 6059+44 77 5640 6899 Ed Portman/ Leesa PetersConduit PR+44 20 7429 6607 Nicola MarrinSeymour Pierce Limited+ 44 20 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange