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SAMPLING RESULTS SHOW POTENTIAL FOR LARGE COPPER/GOLD DEPOSIT AT EAGLE EYE, ZAMBIA

News Report
28 October 2003

Since July, African Eagle Resources plc has been conducting geological and other surveys over its Eagle Eye copper and precious metals project in Zambia. The results show that the mineralisation is far more extensive and potentially richer than previously anticipated. The Company will soon begin a drill programme, which is expected to be completed by the end of the year, to test the targets revealed by these new results.

Chris Davies, African Eagle's Operations Director, says "These new results show that the copper zone is more than twice as long as we previously thought and appears to contain many high-grade pods. Gold, silver and other metals also occur, and evidence mounts that this is an Iron-Oxide-Copper-Gold discovery".

The Eagle Eye prospect lies within African Eagle's Sasare licence in Eastern Zambia. In February, a programme of sampling and geological traversing by African Eagle revealed the potential for a large copper deposit, probably of the "iron-oxide-copper-gold" type (IOCG), as described in the Company's news release dated 7 March 2003.

Since July, the Company has been investigating Eagle Eye as one of its priority projects. The fieldwork included geological mapping, soil geochemistry, ground magnetic surveys and sampling of outcrops and old trenches. Detailed surveys covered an inner 5km x 2km zone and reconnaissance surveys extended across a wider 11km x 7km region.

The soil geochemical survey, conducted for African Eagle by Lusaka-based Geoquest, defined two main copper zones: a 2.5km northwest trending zone at Eagle Eye proper and a northeast trending zone extending for at least 5km at nearby Mweze. Gold also occurs in association with the copper in places.

The geological mapping, by an independent consultant, covered the central target areas and confirmed the presence of an extensive copper mineralised system. The geological nature of the mineralised area shows many characteristics of IOCG deposits, including widespread alteration and hydrothermal breccia zones.

Channel chip sampling of old prospectors' trenches at both Eagle Eye and Mweze confirmed the potential for economic mineralisation. The trench results include an 8m width at 3.53% copper, 9m at 2.4%, 15m at 0.94% and 26m at 0.43%. The trench results also included 3 metres at 0.3 grams per tonne gold. Grab sampling of outcrops from newly discovered mineralization northeast of Mweze highlighted the potential for gold, with samples returning values of 8.7, 2.9 and 0.36 grams per tonne gold.

African Eagle will now drill test the mineralisation, extend the detailed surveys and dig trenches across the newly discovered target areas. The drilling results are expected to be announced early in 2004.

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John Park
Chairman
African Eagle Resources plc