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HOLDING IN COMPANY

News Report
23 Feb 2007

African Eagle Resources plc ("African Eagle" or "the Company", ticker AIM: AFE) was notified on 16 February 2007 that as at 20 January 2007 JP Morgan Chase & Co., through one of its controlled undertakings, held a total of 14,427,361 voting rights in the Company which, as at that date, represented approximately 9.76% of the total voting rights of the Company. The 14,427,361 ordinary shares representing these voting rights are registered in the name of JP Morgan Asset Management (UK) Limited, a controlled undertaking of JP Morgan Chase & Co.

The above notification was made by JP Morgan Chase & Co. pursuant to the FSA's Disclosure and Transparency Rules.

Bevan Metcalf
Company Secretary
African Eagle Resources plc