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Company Information for African Eagle Resources

AIM-AFE

www.africaneagle.co.uk

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AIM; AFE

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Company Statement

African Eagle is a UK-incorporated mineral exploration and development company operating in Zambia, Tanzania and Mozambique. These countries all have highly prospective geology, low above-ground risks and track records of successful major investments in the metals and minerals industries.

Since discovering a major nickel laterite deposit at Dutwa in Tanzania, African Eagle is in transition from an explorer into a nickel mining company. The Company completed a positive scoping study on the Dutwa deposit in July 2009 and is now working towards a full feasibility study.

Current Operations

ZAMBIA
The Company’s operating subsidiary in Zambia is Katanga Resources Limited, which has a staff complement of about 20 people, including long-term contractors. Katanga’s office is in the capital, Lusaka.

Our projects in Zambia are Mkushi Copper Mines; Mokambo and Ndola in the Copperbelt; Sasare Eagle Eye; and Lunga.

Mkushi Project
African Eagle is developing former open pit and underground mines at Mkushi Copper Mines in central Zambia in joint venture with CGA Mining Limited. A pre-feasibility report was completed in January 2008 and the components of a definitive feasibility study were in place in Q4 2008. The decision to develop the mine has been deferred, however, in view of the turbulent global markets and uncertain fiscal regime in Zambia.

Mokambo Project
The Mokambo Project contains mineral deposits which were discovered in the 1950s. It is situated 90km northeast of Ndola in the Zambian Copperbelt and forms a narrow strip running along the border between Zambia and the Democratic Republic of Congo (DRC). African Eagle has conducted surface surveys and drilling, and has computerised all the previous exploration data.

Ndola Project
African Eagle has identified four copper targets within the large Ndola Project, which is located in the southern part of Central African Copperbelt in Zambia. One of these is a deposit known since the 1960s; the other three were identified from the Company’s own exploration results.

Sasare Eagle Eye Project
The Sasare Eagle Eye Copper-Gold Project, which lies in eastern Zambia, 450km from the capital city, Lusaka, contains a large iron-oxide-copper-gold (IOCG) system and Karoo-hosted uranium mineralisation.

Lunga Project
The Lunga Project contains multiple targets including copper-gold and uranium mineralisation. The project is located in the Lunga Basin in Central Zambia, approximately 320km northwest of the capital city, Lusaka and 200km southwest of the Zambian Copperbelt.

TANZANIA
African Eagle has an office in Mwanza, the main city of the Lake Victoria Goldfield area, and a representative office in the capital, Dar es Salaam. The Company’s operating subsidiary in Tanzania is Twigg Gold Limited, which has a staff complement of 12 people, including long-term contractors.
We have three advanced projects in Tanzania, namely Miyabi, Igurubi, and Dutwa.

Dutwa Project
African Eagle announced a JORC resource at the Dutwa laterite project in December 2008, amounting to 340,000t of contained nickel, and promoted Dutwa to become its top-priority project. The Company reported highly favourable metallurgical results in early 2009. The Project is located in the Kilimafedha greenstone belt of the Lake Victoria Goldfields, 100km east of Mwanza, and has potential for the gold and platinum group elements as well as the nickel.

Miyabi Project
The Miyabi Gold Project, in the Lake Victoria Goldfield of Tanzania, was discovered by African Eagle’s own geochemical prospecting team. Although African Eagle has drilled only part of the system to date, it has defined a JORC-compliant resource of 520,000oz of gold.

Zanzui Project
The latest drill results show that parts of the Zanzui layered basic complex have a nickel-enriched laterite blanket, with grades and thicknesses similar to those at Dutwa, suggesting that Zanzui may host another significant laterite deposit. The area also has potential for platinum.

Igurubi Project
The Igurubi Gold Project, located in the south eastern Lake Victoria Goldfields, contains several parallel gold-bearing shear zones in a contact between granites and greenstone rocks. From its widely-spaced drilling to date, the Company believes that the area has potential for at least 250,000oz of gold, probably much more.

Mozambique
African Eagle has an office in Cidade de Manica. The Company’s operating subsidiary in Mozambique is Twigg Exploration and Mining Limitada and has a staff complement of 9 people (including contractors).
African Eagle has 5 projects in Mozambique, two of which are being explored by farm-in partners.

The Majele Project, in the Alto Ligonha pegmatite belt, was recently optioned to Pacific Wildcat Resources Corporation, which can acquire an 80% interest in the project by exploring for tantalum, tin and niobium deposits. Sampling in late 2008 identified several promising targets.

Work on the Fingoe Project in western Mozambique is continuing with partner African Queen Mining, formerly Pan African Mining Corporation. Skarn-like copper-gold mineralisation and iron occurrences are reported in the area, suggesting that the area may be prospective for intrusion related or IOCG type mineralisation.

The Sena project area in central Mozambique is prospective for uranium. A radon emanation survey, still underway, has already identified significant anomalies.

Geographical Spread

African Eagle has exploration projects in Tanzania, Zambia and Mozambique

Board of Directors and Key Management

Euan Worthington	Chairman
Mark Parker	Managing Director
Bevan Metcalf	Finance Director & Company Secretary
Geoffrey Cooper	Non-Executive Director
Chris Davies	Operations Director
Clive Arthur	Manager, Zambian Operations
John McDonald	Manager, Tanzanian Operations
Dr Chad Czerny	Project Manager (Metallurgy), Dutwa Oxide Nickel Project in Tanzania
Dinis Napido	Manager, Mozambiquan Operations
Anna Whitehouse	Administrative Manager, Overseas Operations

Company Address

2nd Floor, 6-7 Queen Street
London, United Kingdom EC4N 1SP


Telephone:	+44 20 72 48 60 59
Facsimile:	+44 20 76 91 77 45
Email:	info[at]africaneagle.co.uk
Website:	http://www.africaneagle.co.uk

Additional Address/Key Contact

Tanzanian Office
Twigg Gold Ltd
PO Box 1866
Mwanza
Tanzania
Tel/Fax: +255 282 500 727
Mob: +255 74 4500 727

Zambian Office
Katanga Resources Limited
79/2 Lukanga Road
Roma
PO Box 39233
Lusaka
Zambia
Tel/Fax: +260 211 291 879
Mob: +260 211 405 199

Mozambique Office
Twigg Exploration and Mining Limitada
Rua Macekece
No. 84
Cidade de Manica
Mozambique
Tel/Fax: +258 251 228 72
Mob: +258 825 540 440

Capital

Issued ordinary shares; 296,762,128

Annual General Meeting

June

Year End

31 December

Nominated Brokers

Seymour Pierce
20 Old Bailey
London
EC4M 7EN

Nominated Advisors