African Eagle Resources plc

CHANGES IN SIGNIFICANT SHAREHOLDINGS

News Report
21 July 2003

African Eagle Resources plc (African Eagle) announces that following the recent placing of new shares and admission to AIM, the holdings of the directors and significant shareholders in the enlarged share capital of African Eagle are as follows:

Shares in issue	58,563,508

Director’s interests:	No of shares	%
John Park	3,508,467	5.99
Mark Parker	2,256,087	3.85
Chris Davies	266,667	0.46
Herman Oehl	700,000	1.20
Euan Worthington	225,000	0.38
Total directors' interests	6,956,221	11.88

Significant shareholders:	No of shares	%
RAB Europe Fund Limited	9,600,000	16.39
Orogen Holding (BVI) Ltd	6,903,703	11.79
J P M F Commodity Share fund	4,450,000	7.60
Mr R B Rowan	3,043,826	5.20

Note 1 Orogen Holding (BVI) Limited is a 100% subsidiary of Gold Fields Limited
Note 2 Mr Rowan's interests include the holdings of Sunvest Corporation Ltd of which Mr Rowan is the majority shareholder.

John Park
Chairman
African Eagle Resources plc