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HOLDINGS IN COMPANY ISSUE OF SHARES

News Report
31 May 2005

African Eagle Resources plc (the Company, Ticker: AFE.L) has been notified that Morgan Stanley Securities Limited (MSSL) has disposed of an interest in shares, with the result that MSSL no longer holds a notifiable interest in the Company.

The Company has also been informed by RAB Capital that following an internal reorganisation the interest in shares previously beneficially owned by RAB Special Situations is now beneficially owned by RAB Special Situations (Master) Fund Limited.

The Company also announces that shares have been allotted to the holders of 70,000 warrants who have exercised at a price of 6p per share. These exercises bring the total number of shares in issue to 103,934,962.

The Company has made application for the new shares to be admitted to trading on AIM

Bevan Metcalf
Company Secretary
African Eagle Resources plc