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OPTION EXERCISES

News Report
12 Feb 2007

African Eagle ("the Company", ticker AFE) announces that employees have exercised share options to purchase ordinary shares of one pence each in the Company ("Shares") and the new Shares will rank pari passu with the existing Shares.

Following this exercise, the total number of Shares allotted and issued is 148,115,390 and the Company has made application for 55,000 new Shares to be admitted to trading on AIM, with dealings expected to commence on 15 February 2007.

Bevan Metcalf
Company Secretary
African Eagle Resources plc