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EXERCISE OF WARRANTS HOLDINGS IN COMPANY

News Report
30 September 2005

African Eagle Resources plc (the Company, Ticker: AFE.L) has been notified today by RAB Capital plc ("RAB") that on 29 September 2005 it disposed of 7,000,000 ordinary shares of 1 penny each ("Ordinary Shares"). Following this disposal, RAB gave notice of exercise of 9,000,000 warrants, providing the Company with additional capital of £990,000.

As a result of these transactions RAB Capital plc have an interest in 33,105,312 Ordinary Shares which represents 29.31% of the issued share capital of the Company. The new shares are registered in the name of Credit Suisse First Boston Client Nominees Limited.

Following the warrant exercise, the total number of Ordinary Shares in issue by the Company is 112,934,962. The Company has made application for the new shares to be admitted to trading on AIM.

Bevan Metcalf
Company Secretary
African Eagle Resources plc