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HOLDINGS IN COMPANY GRANTS UNDER EMPLOYEE SHARE SCHEME

News Report
3 October 2005

African Eagle Resources plc (the Company, Ticker: AFE.L) has been notified by JP Morgan Chase and Co that it has increased its total aggregate holding to 10,980,000 Ordinary Shares, equal to 9.72% of the issued share capital of the Company.

The Company has also been notified by RAB Capital plc that its holding is 32,105,312 ordinary shares, equal to 28.43% of the issued share capital, and not 33,105,312 shares as announced on 30th September.

African Eagle Resources plc is pleased to announce that the Inland Revenue has approved its Share Incentive Plan and that on 27 September the Company resolved to issue 180,899 ordinary shares to the Plan, representing an aggregate value of £36,858 at the average market price of 20.375p per share on the five working days prior to the issue.

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

Bevan Metcalf
Company Secretary
African Eagle Resources plc