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EXERCISE OF WARRANT AND OPTION HOLDINGS
RESULT OF ANNUAL GENERAL MEETING

News Report
10 July 2006

African Eagle Resources plc (the "Company", Ticker: AFE) announces that the holders of 264,103 warrants and 25,000 options have exercised at a price of 6p per share and 8p per share respectively.

Following this exercise, the total number of shares allotted and issued is 147,824,890 and the Company has made application for 289,103 new shares to be admitted to trading on AIM, with dealings expected to commence on 14 July 2006.

The Company is also pleased to announce that at the Company's Annual General Meeting held on 29 June 2006, all the resolutions were duly passed by shareholders.

Bevan Metcalf
Company Secretary
African Eagle Resources plc