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NEW RESULTS FROM THE EAGLE EYE IRON OXIDE COPPER GOLD DISCOVERY IN ZAMBIA CONFIRM POTENTIAL FOR ORE GRADE POYMETALLIC MINERALISATION

News Report
23 May 2003

Following African Eagle’s recent discovery of an Iron Oxide Copper Gold deposit on its Sasare licence in Zamba, three rock samples collected from the Eagle Eye and Mweze Prospects were brought back for specialist analysis. The results confirm that all three samples are highly mineralised and show potential for ore grade polymetallic mineralisation containing platinum group elements, copper, gold and perhaps also silver and uranium.

The overall geochemical signature of the samples resembles other IOCG type deposits, including the world class Olympic Dam deposit in Australia, which occur in rocks of similar age to those at Sasare.

During February 2003, African Eagle collected 29 chip channel and grab samples of the mineralisation at Eagle Eye and Mweze prospects on its Sasare prospecting licence in eastern Zambia. As reported in the Company’s news release of the 7th March, analyses of these samples, coupled with the Company’s geological fieldwork and review of past exploration data by other companies revealed that the mineralisation is of Iron Oxide Copper Gold (“IOCG”) type.

Portions of three of the samples were brought to the UK for examination by the Company’s independent geological advisers, Steffen, Robertson & Kirsten (UK) Ltd (SRK). The samples were submitted by SRK to Cardiff University for geochemical characterisation, to check whether the mineralization and overall chemistry confirmed the IOCG model. The university laboratory used specialised leaching and analytical techniques to ensure that all the key metals in the sample were correctly recorded.

The Company has now received results from the samples which show high grades of copper (Cu), gold (Au), palladium (Pd) and platinum (Pt). Silver (Ag), uranium (U) and zinc (Zn) values are also significant and the analyses also show elevated rare earth elements. The results for the major metals of economic interest are as follows:

Samples were collected from both the Eagle Eye and Mweze Prospects, which are 2.5km apart along strike, indicating that the mineralised system is extensive.

The geological characteristics of the prospects and overall chemistry of the samples conform to IOCG type deposits including the world class Olympic Dam deposit in Australia, which occurs in rocks of similar age.

The new results must be treated with caution because they relate to only three samples, which cannot be considered representative. Nonetheless, African Eagle’s directors and advisers SRK are very encouraged by the presence of significant PGE-Cu-Au with Ag and U in the samples, coupled with the geological and chemical similarities of the Eagle Eye mineralisation to that of other IOCG deposits worldwide. AER’s directors are also encouraged by archive reports of a limited drilling programme carried out at Mweze during the early 1970’s. Several mineralised intersections were reported, including one of 45m at 2.34% copper, equating to a true thickness of around 30m. No gold assays or other analyses were carried out at that time.

African Eagle is planning a programme of geological mapping, trenching, gravity and magnetic surveys to be undertaken in the dry season months of July and August, in preparation for a drilling programme later this year, to determine the extent of the deposit.

African Eagle is a UK-based minerals exploration company with a focus on gold in East Africa. Current projects are located in Tanzania, Zambia and Mozambique.

John Park
Chairman
African Eagle Resources plc