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GRANT OF SHARE OPTIONS

News Report
30 October 2007

African Eagle Resources plc ("African Eagle" or "the Company", ticker AIM: AFE, AltX: AEA) today announces that it has granted 10,050,000 share options at an exercise price of 15p to employees and directors under the Company's share option scheme. The share options will become exercisable after 25 October 2008 and will expire on 25 October 2012. The grants to directors included 875,000 share options each to Mr Davies and Mr Parker; 850,000 share options each to Mr Park and Mr Metcalf; 800,000 share options to Mr Worthington; and 750,000 share options to Mr Cooper.

Under the rules of the scheme, the options may not normally be exercised before the first anniversary of the date of grant and may not in any event be exercised later than the fifth anniversary of the date of grant.

Bevan Metcalf
Company Secretary
African Eagle Resources plc

30 October 2007