News

August 26, 2008

All Eyes Are Now On African Eagle’s Dutwa Nickel Laterite Discovery In Tanzania

By Charles Wyatt

It is not often one gets a call first thing in the morning from Euan Worthington, deputy chairman of Aim-listed African Eagle Resources, so it will be worth checking the colour of the moon this evening. Euan cannot be described as a promoter by any stretch of the imagination, so there is clearly more to the nickel laterite discovery that African Eagle has made at Dutwa in the north east of Tanzania than first meets the eye. Doubtless the company’s brokers and Nomad crawled all over the press release to make it as anodyne as possible, but chairman John Park tries to set the tone by saying that reverse circulation drilling has progressed considerably since the 10 holes announced were completed and that “given the early grades and the project area’s location I look forward to receipt of the next and subsequent results,and being able to build considerably on this early success.”

John is an old and experienced hand in Africa with a strig of successes to his name, ncluding SAMAX’s Geita properties and Golden Pride, which became Tanzania’s first gold mine. Euan did nine years with Warburg as head of global mining research and later as part of the corporate finance team. He then headed the metals and mining corporate finance team at BZW before moving to the same position at ABN AMRO. So he also knows a bit about mining. He knows about Tanzania too, as he advised Sutton...