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GRANT OF SHARE OPTIONS

News Report
19 July 2005

African Eagle announces that it has granted 3,250,000 options at an exercise price of 18p to employees and directors of the Group, under the Company's share option scheme. The grants included: 375,000 options each to Mr Davies and Mr Parker (executive directors); 300,000 each to Mr Park (Chairman) and Mr Metcalf (executive director); and 225,000 each to Mr Worthington and Mr Cooper (non-executive directors).

Under the rules of the scheme, the options may not normally be exercised before the first anniversary of the date of grant and may not in any event be exercised later than the fifth anniversary of the date of grant.

The total number of options now outstanding under the scheme is 9,620,500.

John Park
Chairman
African Eagle Resources plc