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APPOINTMENT OF BROKER AND NOMAD AND NOTICE OF EXTRAORDINARY GENERAL MEETING

News Report
28 April 2003

African Eagle Resources plc, the East African focussed gold and minerals exploration company, announces its intention to seek admission for its shares to be traded on AIM by mid-year. At the same time the Company plans to raise additional finance in order to explore its properties including the recently acquired projects in Zambia.

The Company has engaged Nabarro Wells & Co. Limited as Nominated Adviser and Durlacher Ltd as Broker, in conjunction with VSA Resources Ltd as a placing agent.

To facilitate the raising of additional equity the Company seeks to increase its authorised share capital to £2 million, divided into 200 million ordinary shares of 1p each, and to empower the directors to issue and allot shares up to the increased nominal amount of the authorised but unissued share capital. The increase in share capital also requires a formal amendment to the Company's Memorandum of Association.

Resolutions to give effect to the increase in the Company's authorised share capital and the directors' authority to issue and allot shares will be put to shareholders at an Extraordinary General Meeting, to be held at Stanwell House Hotel, High Street Lymington on the 21st of May 2003 at 2:30pm.

Click here to download a copy of the Notice of the EGM and the form of proxy.

John Park
Chairman
African Eagle Resources plc