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AFRICAN EAGLE APPOINTS FINANCE DIRECTOR

News Report
9 November 2004

African Eagle Resources plc (Ticker: AFE) is pleased to announce the appointment, with immediate effect, of Mr Bevan John Metcalf, aged 46, as Finance Director. Mr Metcalf, who has been working with the Company part time as Financial Controller since July 2004, is a Chartered Accountant with 25 years industry experience, principally in pharmaceuticals and animal health.

Mr Metcalf was born in New Zealand, where he graduated with a Bachelor of Management Studies degree. He started his career as a Management Accountant with ICI, where he spent two years before leaving to broaden his experience abroad. His first appointment in the UK was as Regional Accountant for Beecham Pharmaceuticals, where he stayed 11 years, holding a number of senior finance roles. Following the merger with SmithKline, Mr Metcalf was transferred to Belgium to establish the European Head Office. He remained in Belgium for 5 years, first as European Planning Manager and then as European Controller. Mr Metcalf returned to the UK in 1995 and was appointed Finance Director and Company Secretary for Orion Pharmaceuticals, a mid-size European pharmaceutical company.

Mr Metcalf was granted ACA membership of the Institute of Chartered Accountants of New Zealand in 1986. He is also a director of BM Financial Solutions Ltd.

African Eagle has granted 100,000 options to Mr Metcalf at an exercise price of 17.5p per share under the Company's Incentive Plan. 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 6,540,500.

African Eagle also announces that the holders of 340,000 warrants have exercised at a price of 6p per share and the holders of 15,000 options have exercised at a price of 8p per share, bringing the total number of shares in issue to 77,615,338. The Company has made application for the new shares to be admitted to trading on AIM.

John Park
Chairman
African Eagle Resources plc