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APPOINTMENT OF DEPUTY CHAIRMAN DRILL RESULTS FROM MSASA

News Report
30 October 2006

• African Eagle has appointed Euan Worthington as Deputy Chairman with key responsibility for Investor Relations.
• Farm-in partner MDN reports drill results from Msasa in Tanzania including 2 metres at 8.3g/t and 5m at 2.5g/t.

African Eagle's Chairman John Park commenting today said "Euan's City experience has always been an asset to African Eagle and we are delighted that he has agreed to increase his role in the Company.

"At Msasa, the results of our partner's first drilling programme confirm the promising indications of the gold-bearing nature of the area that we obtained from our previous drilling."

Appointment of Deputy Chairman

African Eagle Resources plc ("African Eagle" or "the Company") (AIM: AFE), the AIM quoted mining and exploration company, announces that Mr Euan Worthington, a non-executive director of the Company, has been appointed Deputy Chairman. In this role he will also take on responsibility for the Company's Investor Relations.

Mr Worthington has more than 20 years' experience in the City of London as a mining analyst and corporate finance specialist. A geology graduate with an MSc in mineral production management, Mr Worthington worked for three years in exploration and mining in Africa before coming to the City as a mining analyst. He has worked with Hoare Govett, Shearson Lehman and S.G. Warburg, and was head of the metals and mining corporate finance teams at BZW and ABN AMRO.

Euan has participated, as team leader or mining advisor, in numerous major corporate finance projects. Highlights include the sale of Anglo American's international assets to Minorco; the de-merger of Union Miniere from Societe Generale; the privatisations of Outokumpu, Austria Metall and Cerro Matoso and the acquisition of Billiton from Shell by Gencor. He was mining director on the team which raised US$630 million for Mercury World Mining Trust in 1993, at the time the largest ever IPO in the mining sector and the biggest UK investment trust issue.

Msasa, Tanzania

African Eagle's Toronto-listed partner MDN Northern Mining ("MDN") holds an option to farm in to the Company's 90 per cent owned Msasa gold project in the Lake Victoria Goldfields of Tanzania. The Msasa project area is 15km southeast of Tulawaka Gold Mine, which is operated by Barrick with MDN as a 30% partner. Pursuant to the terms of the option, MDN recently completed its first reverse circulation drilling programme at Msasa and the results confirm the gold-bearing nature of the area.

MDN conducted a programme of 63 reverse circulation drill holes in four fence lines at Msasa for a total of 2,677 metres. The drill holes revealed vein gold mineralisation oriented on a NW-SE axis over a distance of 250 metres with possible extensions in both directions. Nearly 1,000 samples were analysed by MDN according to conventional standards at the SGS laboratory at Mwanza in Tanzania. The rigorous programme of analytical grade verification implemented by MDN included 12% control samples.

These results confirm the nuggety nature of the gold, which occurs in quartz and pyrite veinlets within altered mafic and intermediate volcanic rocks, and compliment African Eagle's own drilling from 2005, which included a very high grade intersection of 241g/t over 3m.

John Park
Chairman
African Eagle Resources plc

Qualified Person

Information in this report relating to exploration results is based on data reviewed by Mr Christopher Davies BSc, MSc, DIC, Operations Director for African Eagle who is a Fellow of the Australasian Institute of Mining and Metallurgy, has in excess of 25 years experience in mineral exploration and is a Qualified Person under AIM rules. Mr Davies consents to the inclusion of the information in the form and context in which it appears.