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OPTION EXERCISES

News Report
14 Feb 2007

African Eagle ("the Company", ticker AFE) announces that an employee has 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 148,125,390 and the Company has made application for 10,000 new Shares to be admitted to trading on AIM, with dealings expected to commence on 20 February 2007.

Bevan Metcalf
Company Secretary
African Eagle Resources plc