Drilling Report

10 Jan 2005 07:00

African Eagle Resources PLC10 January 2005 DRILL RESULTS FROM IGURUBI GOLD PROJECT, TANZANIA • 11 out of 17 drill holes intersect gold mineralisation • 6 intersections yield over 3g/t including 7m at 7.2g/t and 3m at 8.3g/t African Eagle (the Company, Ticker: AFE) today announces that it has receivedassay results from a preliminary drilling programme at its Igurubi gold projectin Tanzania. Intersections include 7m at 7.2 g/t and 3m at 8.3 g/t. In mid-December 2004, African Eagle completed a 17-hole, 1,190m reversecirculation drilling programme at its Igurubi gold project, located in theeastern part of the Nzega greenstone belt 50km east of the Golden Pride Mine.The drilling focussed on the central 3km of a shear zone gold system whichextends over a strike length of at least 6km along a granite-greenstone contact.Contact zones of this type are known to host significant gold deposits in theLake Victoria Goldfield and other Archaean greenstone gold settings worldwide.Artisanal miners have worked high grade veins in the Igurubi system for manyyears and the current drill holes were directed at investigating the morepromising of these veins beneath the artisanal workings. A plan of the drillhole locations may be viewed on the Company's web site www.africaneagle.co.uk/projects-igurubi Commenting on the results today, African Eagle's Chairman John Park, said; "TheIgurubi results demonstrate that the system contains significant goldmineralisation in the form of narrow but high-grade vein-like structures.African Eagle's geologists have identified other similar structures over asubstantial strike length and it is highly likely that more remain to be found.In order to establish the resource more fully, African Eagle now plans toconduct geophysical, geochemical and geological surveys, including additionaldrilling, to investigate the disposition of mineralised veins through the areaand to demonstrate the continuity of the mineralisation." For these preliminary assays, samples of the drill cuttings were composited overdownhole lengths of three metres or more. The table below sets out all of theintersections for which these composite samples assayed greater than 0.5 g/tgold. Samples of the RC cuttings from each individual metre of the mineralisedintersections will now be submitted for assay in order to define better thegrades of the veins intersected. Drill Hole From Intercept Gold Notes (m) (m) (g/t) IGRC-01 36 3 5.00 1m quartz vein and 57 3 0.83 Granite IGRC-02 36 3 2.06 Felsic greenstone IGRC-03 48 3 4.02 3m quartz vein and 60 3 0.54 Mafic greenstone IGRC-04 48 9 2.13 Quartz veins including 48 3 3.77 and 54 3 2.54 IGRC-05 60 3 8.31 3m quartz vein IGRC-09 45 3 2.55 2m quartz vein IGRC-10 51 3 0.97 Quartz and iron veins and 60 9 1.09 7m quartz vein IGRC-11 60 3 7.21 Weathered greenstone IGRC-12 69 7 7.21 Mineralised vein open at end of hole IGRC-16 51 9 0.64 3m quartz vein IGRC-17 6 3 0.87 Granite John ParkChairman, African Eagle Resources plc 10 January 2005 For further information Tel Mobile John Park (Chairman) or Mark African Eagle 020 7248 6059 077 7980 1159Parker (MD)Leesa Peters or Laurence Conduit PR 020 7618 8708 07979 955 923ReadMatthew Robinson Durlacher 020 7459 3600 This information is provided by RNS The company news service from the London Stock Exchange