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EXERCISES OF WARRANTS AND CHANGES TO SIGNIFICANT SHAREHOLDINGS

News Report
7 December 2004

African Eagle Resources plc (Ticker: AFE) announces that the holders of 10,142,499 warrants have exercised at a price of 6p per share. These exercises bring the total number of shares in issue to 87,757,837.

Of these, 5,000,000 warrants formerly held by Mr B. Rowan were acquired and exercised by funds managed by RAB Capital, bringing the total number of the Company's shares held by RAB funds to 21,605,312 or 28.04% of the new total of shares in issue.

In addition, 2,765,000 warrants formerly held by Mr Rowan were acquired and exercised by funds managed by Paris-based Carmignac, bringing the total number of the Company's shares held by Carmingac funds to 8,500,000 or 9.69% of the new total of shares in issue.

The Company has made application for the new shares to be admitted to trading on AIM.

John Park
Chairman
African Eagle Resources plc