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 explores and develops copper, gold and other mineral resources in east and central Africa. Within the substantial portfolio of exploration licences in Zambia, Tanzania and Mozambique, the Company has projects at all stages of development from economic feasibility stage to grass roots. The Zambian assets include not only areas of the renowned Central African Copper Belt, but also the historic Mkushi Copper Mines and the Eagle Eye iron-oxide-copper-gold province. In neighbouring Tanzania, African Eagle holds more than 2000 square kilometres2 in the highly prospective Lake Victoria Goldfields, where six new multi-million ounce mines have opened in the last decade.

African Eagle’s strategy is to acquire and evaluate promising properties and to advance these projects to cash-generation through development partnerships with other companies. This strategy will bring projects to account as quickly as possible; effectively leverage the Company’s investment, with partners investing several dollars for every dollar it spends; maintain portfolio diversity and ensure a stream of new projects to provide future upside. The target is to have significant (30 to 50%) interests in several revenue generating mines in 3-5 years time.

Current Operations

Mkushi Copper Mines, Zambia (JV with CGA Mining – AFE 49%, CGA 51%)

An historic mining area with significant resources remaining, benefiting from straightforward metallurgy and excellent infrastructure. A bankable feasibility study is underway, funded and conducted by JV partner CGA. A pre-feasibility study completed in Q4 2007 demonstrated the viability of project, a Definitive Feasibility Study is set to be completed in Q4 this year. The current resource estimate is 10.7Mt at 1.11% copper. Beyond the feasibility study in the old mines area, African Eagle is exploring a wider concession, jointly funded by CGA.

Miyabi Gold Project, Tanzania (100% owned)

Miyabi, in Tanzania’s Lake Victoria Goldfields, contains a JORC resource of 520,000 ounces gold (12.4 Mt at 1.3 g/t Au). Metallurgical tests have confirmed that the gold can be extracted successfully by conventional leaching. The Company believes there is the potential to expand the resource to at least 1 million ounces. Randgold is funding and performing a pre-feasibility study to earn a 50% interest. African Eagle can then co-funding a full feasibility study, or dilute to a 35% stake if Randgold funds the study in full.

Ndola Copper Project, Zambia (AFE 100%, Phelps Dodge has option to earn 70%)

Located at the heart of the Zambian Copper Belt, the licence surrounds the historic Bwana Mkubwa Mine and lies midway between First Quantum Minerals’ Frontier Mine (290Mt @ 1.15% copper) and Lonshi Mine (5.9Mt @ 4.6% copper). Past explorers reported a deposit estimated to contain 40Mt at 0.8% copper in the northwest of the licence. The Company has signed an Earn-in Agreement with Phelps Dodge Mining Zambia Limited (PD) under which PD will subscribe US$2.27 million for shares in African Eagle, who will use 75% of the funds on an agreed 15-month aggressive exploration programme. PD can earn up to 70% in the project by completing a bankable feasibility study.

Eagle Eye IOCG Project, Zambia (100% owned)

The Iron Oxide Copper Gold discovery in eastern Zambia extends over some 25km and may be part of a much larger copper-gold province. Extensive geochemical and geophysical surveys and limited drilling to date has shown the potential for economic mineralisation. Intercepts include 60m at 0.75% copper, 21m at 1.06% copper and 6m at 5% copper. The Company is currently looking for a farm-in partner to explore and develop this promising region.

Other Projects
African Eagle holds a number of copper, gold, uranium and other properties under early-stage evaluation, with assets in the Lake Victoria Goldfields and the copper-gold provinces of Fingoe, Mozambique and Mokambo & Lunga, Zambia. Many of these are being explored by farm-in partners.

Outlook
African Eagle and its JV partners programme for 2008 will focus on the projects which have the most immediate development potential; and on important earlier stage projects. After its AltX listing in August 2007, African Eagle’s 2008/9 exploration programme is fully funded.

Geographical Spread

African Eagle has exploration projects in Tanzania, Zambia and Mozambique

Board of Directors and Key Management

John Park - Chairman

Mark Parker - Managing Director

Bevan Metcalf - Finance Director

Euan Worthington - Non-Executive Deputy Chairman

Geoffrey Cooper - Non-Executive Director

Chris Davies – Operations Directors

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

Capital

207,506,454 Ordinary Shares (20 September 2007)

Annual General Meeting

June

Year End

31 December

Nominated Brokers

Seymour Pierce
Nedbank (SA)

Nominated Advisors

Seymour Pierce

Broker/Analyst Reports

28/09/07 - Growth Equities & Company Research
13/09/07 - Loeb Aron

Major Shareholders

RAB Europe Fund Limited	(17.6%)
Stanlib	(14.58%)
JP Morgan Asset Management	(9.63%)
Directors	(4.88%)
Peregrine Capital	(4.22%)
Merck Finck	(3.25%)

Most Recent Statement

09/01/09 - Strategic Review
02/12/08 - African Eagle increases stake in Mokambo Copperbelt Project to 87%
27/11/08 - Initial Resource Estimate at Dutwa Nickel Project in Tanzania
11/11/08 - Project Update - Dutwa
05/11/08 - FURTHER ENCOURAGING DRILL RESULTS FROM AFRICAN EAGLE'S DUTWA NICKEL PROJECT IN TANZANIA
29/10/08 - Mkushi Project Update

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