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AIM ADMISSION AND FUND RAISING

News Report
19 June 2003

African Eagle Resources plc (“African Eagle” or “the Company”) has applied to the London Stock Exchange for its ordinary share capital to be admitted to trading on AIM. Concurrently, the Company is raising £1.46 million before expenses by way of a placing at a price of 6p per share valuing the Company on AIM admission at £3.5 million. The net proceeds will be used to progress the Company’s minerals exploration programmes in eastern and southern Africa. Trading on AIM is expected to commence on or about 25th June, 2003 at which time the Company’s shares will be withdrawn from trading on OFEX.

African Eagle explores for and develops gold and other mineral deposits in the eastern and southern African countries of Tanzania, Zambia and Mozambique. In Tanzania, African Eagle is in partnership with major gold producer Gold Fields Ltd and in Zambia with AngloVaal Mining (Avmin).

The African Eagle Board and management combine considerable experience in minerals exploration and mining with excellent local knowledge of the region through direct involvement over many years, a high-tech approach to exploration and an up-to-date understanding of the geology and economics of mineral deposits. Members of the African Eagle team have track records of taking projects from grassroots exploration through evaluation and feasibility, then into operation or joint venture with major mining companies.

Nabarro Wells & Co. Limited is the Company’s Nominated Adviser, Durlacher Ltd. the Broker and VSA Resources the Placing Agent.

The AIM admission document is available from the Company’s registered office and may also be downloaded here. (PDF Format - 850kb)

John Park
Chairman
African Eagle Resources plc