African Eagle Resources plc

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.

African Eagle is investigating Eagle Eye as one of its priority projects. The new 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 surveys showed that the copper mineralised zone extends over at least 8km and appears to contain many high-grade lenses. Gold, silver and other metals occur with the copper in places, and evidence continues to mount that this is an iron-oxide-copper-gold deposit.

The Eagle Eye prospect lies within African Eagle's Sasare licence in Eastern Zambia, about 50km north of the Great East Road which links Lusaka with the Malawi border. 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.

The soil geochemical survey, conducted for African Eagle by Lusaka-based Geoquest, covered an inner 5km x 2km zone on a 100 x 50 metre grid, with reconnaissance surveys on a 400 metre offset grid extending across a wider 11km x 7km region. The ground magnetic survey covered the area of the detailed soil grid.

The soil geochemistry defined two main copper zones: a 2.5km x 350m northwest trending zone at Eagle Eye proper and a northeast trending zone up to 600m wide extending for at least 5km at nearby Mweze. Gold also occurs locally in association with the copper, including several samples with values of greater than 0.1 grams per tonne, with one sample of 0.82g/t. Other anomalous elements include lead, chrome and nickel.

The geological mapping, by an independent consultant, confirmed the presence of an extensive copper mineralised system associated with metavolcanic and volcanoclastic rocks of intermediate composition. Visible copper mineralisation occurs at five prospects at Mweze and two at Eagle Eye, where copper oxides in mineralised outcrops and old trenches can be traced for more than 1km along strike. The geological nature of the mineralised area shows many characteristics of IOCG deposits, including widespread sodic alteration and hydrothermal breccia zones. The alteration assemblages include albite-specularite breccias and replacement zones, pervasive silica, magnetite, epidote and carbonate alteration.

The copper mineralisation, biotite alteration and brecciation occur together and are associated with linear magnetic anomalies. The structural mapping identified a large elongate antiformal structure which appears to play an important controlling role in the location of the copper mineralisation.

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% Cu, 15m at 0.94% Cu and 26m at 0.43% Cu. The trench results also included 3 metres at 0.3 grams per tonne gold. The following table summarises the trench results.

Trench No	Location	Trench Length (m)	Copper	Gold
EE T 1A	Eagle Eye	28	26m at 0.43%
EET 3A	Eagle Eye	12	9m at 0.69%
EE T 5A	Eagle Eye	14	8m at 1.15%	1m at >1g/t
MZT 1A	Mweze	9	9m at 1.51%
MZT 2A	Mweze	8	8m at 3.53	3m at 0.3g/t
MZ T3A	Mweze	8	8m at 0.82%
MZ 4A	Mweze	9	9m at 2.40%
MZT 5A	Mweze	12	12m at 1.52%
MZ T6A	Mweze	8	8m at 0.57%
MZ T7A	Mweze	15	15m at 0.94%	1m @ 0.14g/t
MZ T1	Mweze	9	8m at 1.68%
MZT9A	Mweze	5	5m at 1.10%
MZ12A	Mweze	6	6m at 1.41%
MZW T1A	Mweze West	13	6m at 1.34%
MZW T2A	Mweze West	10	8m at 1.04%
MZW T3A	Mweze West	9	7m at 2.05%
MZW T1	Mweze West	10	10m at 1.57%
Geoquest T	Mweze East	13	11m at 0.84%

Grab sampling of outcrops, including samples collected from newly discovered mineralisation in the Mweze area and from old workings found 8km north west of Eagle Eye, highlighted the potential for accompanying gold, as shown in the following table.

Sample No	Description	Location	Cu %	Au g/t
P000 535	malachite rich gossan rock	Mweze North East	2.16	0.30
P000 536	breccia	Mweze North East	11.80	8.86
P000 537	biotite schist with malachite	Mweze North East	5.52	2.88
SA 38	Malachite rich sericite schist	Mweze	3.38	0.65
POOO 530	quartz vein with malachite	8 km north west of Eagle Eye	12.20	13.40
POOO532	mineralised tailings	8 km north west of Eagle Eye	7.71	9.83

African Eagle now plans a programme of reverse circulation drilling, scheduled to commence in early November, to test the mineralisation identified to date. In addition, new trenches will be dug and detailed soil sampling will be undertaken to investigate the copper soil anomaly northeast of Mweze.

John Park
Chairman
African Eagle Resources plc