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GRANT OF SHARE OPTIONS
EXERCISE OF WARRANTS

News Report
16 July 2004

African Eagle Resources plc announces that it has today granted 2,000,000 options at an exercise price of 17.5p per share to directors and employees of the Group, under the Company's share option scheme. The grants include 250,000 options each to Mr Davies and Mr Parker, (executive directors); 200,000 options to Mr Park (Chairman), and 150,000 options each to Mr Worthington and Mr Cooper, (non-executive 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 outstanding under the scheme is 6,440,500.

African Eagle also announces that the holders of 425,000 warrants have exercised at a price of 6p per share and the holders of 20,000 options have exercised at a price of 8p per share, bringing the total number of shares in issue to 77,260,338. The Company has made application for the new shares to be admitted to trading on AIM.

John Park
Chairman
African Eagle Resources plc