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GRANT OF SHARE OPTIONS

News Report
22 October 2003

African Eagle announces that it has granted 1,500,000 options at an exercise price of 11p to employees and directors of the Group, under the Company’s share option scheme. The grants included 250,000 options each to Mr Park, Mr Davies, Mr Parker and Mr Worthington, directors.

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.

The total number of options now granted under the scheme is 4,413,000.

John Park
Chairman
African Eagle Resources plc