News > News Releases

DRILLING RESULTS FROM MSASA GOLD PROJECT, TANZANIA

News Report
15 August 2005

African Eagle Resources ("the Company", ticker AFE) has received the results of a test drilling programme at its Msasa gold project in Tanzania. The mineralised intersections include one of 241g/t gold over 3m.

The Msasa gold project is located in the western Lake Victoria Goldfield, 15km southeast of the high-grade 700,000+ ounce resource at Tulawaka Gold Mine, which was commissioned by Barrick and Northern Mining in early 2005.

The new drill results from Msasa are encouraging, with one very high grade intersection of 81g/t gold over 9m, including 241g/t over 3m, associated with quartz veining. African Eagle's recently completed programme of 31 reverse circulation (RC) drill holes complements an earlier shallow rotary air blast (RAB) drilling programme which intersected a number of gold bearing quartz veins with grades up to 5.2g/t. The results show that the target area is gold-enriched and contains at least one zone of high grade gold in quartz veining like that at Tulawaka.

To follow up these promising indications, the Company intends to carry out step-out drilling to determine the extent of the high grade mineralisation, together with additional geochemical and geophysical surveys to develop further drilling targets. The cuttings from each individual metre of the mineralised RC intersections will also be assayed in order to define better the grades of the veins intersected, as the current results are for 3m composites.

African Eagle's Managing Director, Mark Parker, comments, "The Msasa project shows promise, especially now that we have a very high grade mineralised drill intersection. The geology and style of mineralisation show intriguing similarities to Tulawaka, which is close enough that even a modest deposit at Msasa could probably be processed cost-effectively through its plant".

A table of all the key intersections from the drilling to date and a map showing the geology of the area and the locations of the principal drill intersections may be viewed on the Company's web site at www.africaneagle.co.uk/projects-msasa.html

John Park
Chairman
African Eagle Resources plc