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EAGLE EYE & ZAMBIA UPDATE

News Report
19 November 2004

African Eagle Resources plc is pleased to announce further results from its continuing geochemical, geophysical and other surveys over the Eagle Eye copper and precious metals project in Zambia. The results show that zones of copper mineralisation and geochemically anomalous soils are considerably more extensive than previously considered. Newly defined zones identified from recent geochemical analysis of soils correspond to a major fold structure seen on the aeromagnetics and in the geological mapping. This fold structure is believed to be a favourable trap-site for potential mineralisation. The Company will soon begin a programme of induced polarisation and resistivity geophysical surveys over the fold hinge to determine priority targets for drilling in early 2005.

The latest results from the airborne geophysical survey and from recently completed detailed geochemical soil surveys show that a major north-east trending horse-shoe shaped fold structure is associated with zones of copper mineralisation and anomalous copper in soils. The hinge of the fold is defined by a magnetic high on the airborne imagery suggesting a large zone of iron alteration characteristic of Iron Oxide Copper Gold Deposits. First pass trenching along the northern limb of the fold structure near the hinge zone has returned 1.07% copper (Cu) over 6 metres. Taken in its entirety, these new zones of copper mineralisation and anomalous soil geochemistry define the entire fold structure, which extends for some 13km from the Eagle Eye/Mweze prospects on the north-western portion of the fold limb to the historic Sasare Gold Mine on the margin of the south-eastern limb.

Chris Davies, African Eagle's Operations Director said, "We now believe that the copper mineralisation in the soils extends over nearly 25 kms. The fold hinge is considered by our geologists to be a major exploration target as it represents a potential structural trap site suggesting the possibility for significant mineralisation".

IP electrical geophysical surveys combined with alteration mapping and trenching will be conducted over the fold hinge and at other areas within the fold limbs as a prelude to initiating a diamond drilling programme in early 2005. This will also include further evaluation of the Mweze prospect where drill intersections have included 60m at 0.75% Cu, 21m at 1% Cu, 6m at 5% Cu and 33m at 0.5% Cu. Davies further added that "defining higher priority targets within this large area of potential mineralization will be our primary focus in the short term".

Elsewhere in Zambia, African Eagle is currently mapping and sampling in the area of a series of old trenches at its Kampumba prospect where soil geochemical surveys undertaken in the late 1950's by Anglo American Corporation defined a 3km long copper anomalous zone associated with extensive surface mineralisation. This area was also flown during the recent aeromagnetic surveys and the Company is currently evaluating these results along with those from the Sasare and Lunga licences.

Plans are also underway to drill at the Company's Mkushi prospect near Kapiri Mposhi commencing in the first quarter 2005. Drilling will be centred on the Mushiwemba deposit, with a view to fast tracking the project to pre-feasibility status. Substantial resources are known to remain beneath and adjacent to the old open pit which was mined until the mid 1970's. Known resources include an in situ Indicated Resource of 6.4 million tonnes grading 1.36% Cu and an additional Inferred Resource of 24 million tonnes at 1.25% Cu.

Further information on all of African Eagle's projects including a map of the geochemical anomaly at Eagle Eye can be found on the Company's website www.africaneagle.co.uk

John Park
Chairman
African Eagle Resources plc