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SIGNIFICANT SHAREHOLDINGS AND DIRECTOR'S SHAREHOLDING

News Report
20 April 2007

In accordance with Chapter 5 of the Financial Services Authority's Disclosure and Transparency Rules, the Company was informed on 6 February 2007 that J Park, a Director of the Company, is interested in 5,626,801 ordinary shares in the capital of the Company, representing approximately 3.65 per cent of the Company's issued voting share capital.

The Company was also advised on 16 February that JP Morgan Asset Management (UK) Ltd is interested in 14,427,361 ordinary shares in the capital of the Company, representing approximately 9.37 per cent of the Company's issued voting share capital.

The Company was further notified on 20 March 2003 that RAB Special Situations (Master) Fund Ltd is interested in 38,522,778 ordinary shares in the capital of the Company, representing approximately 25.01 per cent of the Company's issued voting share capital.

The Company also confirms that Phelps Dodge Mining Zambia Limited confirmed on 26 February that it had received the 5,908,754 shares for which it had subscribed, representing approximately 3.84 per cent of the Company's issued voting share capital.

For further information, see the Company's web site www.africaneagle.co.uk or contact one of the following:

Mark Parker
Managing Director
African Eagle Resources plc

Catherine Leftley / Nicola Marrin
Seymour Pierce
+44 020 7107 8000