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GRANT OF SHARE OPTIONS

News Report
23 June 2006

African Eagle announces that it has granted 3,600,000 share options on the 22 June 2006 at an exercise price of 12.25p 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); 350,000 each to Mr Park (Chairman) and Mr Metcalf (Executive Director); and 250,000 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.

Bevan Metcalf
Company Secretary
African Eagle Resources plc