African Eagle Resources Regulatory News (AFE)

30 Nov 2005 07:00

African Eagle Resources PLC30 November 2005 African Eagle Resources plc REPORT ON THE NDOLA PROJECT, ZAMBIA African Eagle Resources ("the Company", ticker AFE) has taken delivery of areport on past exploration and archive data at its Ndola project area in theCopperbelt of northern Zambia. The report draws attention to known copper, leadand zinc resources within the licence and highlights the likely highprospectivity for economic copper deposits in the east of the licence. The Ndola licence lies in a prospective region of the Zambian Copperbelt betweenthe town of Ndola and the international border with the Democratic Republic ofCongo (DRC). The Bwana Mkubwa Mine, one of the first of the Copperbelt mines,operated until the late 1970s just south of the licence and is now the site of acopper smelter operated by First Quantum Minerals. The licence was awarded tothe Company in July 2005 and covers an area of 428 square kilometres. Prior to starting field exploration, African Eagle contracted Lawrence Robb,Professor of Geology at Witwatersrand University, through consultants TheMineral Corporation to conduct a thorough review of existing information on themineral resources of the area and to report on the potential of the licence. The review concluded that the Ndola Licence is highly prospective for copperdeposits, particularly in the east near the DRC border, as it occupies alittle-explored gap between the recent discoveries by First Quantum Minerals inthe DRC at Lufua (88 million tonnes, 1.1% copper) and Lonshi (6 million tonnes,4.6% copper). The report also provided more detailed descriptions of two known mineralresources within the licence, • 40 million tonnes of 0.75% copper just east of Ndola town • 3 million tonnes of 3.5% combined lead and zinc near the centre of the licence These deposits were sketchily explored in the past and have potential forfurther development. African Eagle now plans to fly a high resolution airborne geophysical surveyover the entire licence, and to conduct geological and geochemical surveys inthe eastern part of the licence to identify targets for drilling. The two knownresources will also be re-evaluated and if appropriate, drilling will beundertaken to verify the archive data and to increase the resources. African Eagle's Operations Director Chris Davies comments, "Professor Robb'sreview has enabled African Eagle to prioritise target areas within the licencearea for immediate exploration. We are especially excited by the prospectivityfor a major copper discovery in the eastern part of the area". John Park ChairmanAfrican Eagle Resources plc 30 November 2005 For further information Tel MobileJohn Park (Chairman) African Eagle 020 7248 6059 077 7980 1159 or Mark Parker (MD)Leesa Peters or Pam Spooner Conduit PR 020 7618 8534 079 0032 2022 This information is provided by RNS The company news service from the London Stock Exchange