African Eagle Resources plc

DRILL RESULTS FROM IGURUBI GOLD PROJECT, TANZANIA

News Report
10 January 2005

11 out of 17 drill holes intersect gold mineralisation

6 intersections yield over 3g/t including 7m at 7.2g/t and 3m at 8.3g/t

African Eagle (the Company, Ticker: AFE) today announces that it has received assay results from a preliminary drilling programme at its Igurubi gold project in Tanzania. Intersections include 7m at 7.2 g/t and 3m at 8.3 g/t.

In mid-December 2004, African Eagle completed a 17-hole, 1,190m reverse circulation drilling programme at its Igurubi gold project, located in the eastern part of the Nzega greenstone belt 50km east of the Golden Pride Mine. The drilling focussed on the central 3km of a shear zone gold system which extends over a strike length of at least 6km along a granite-greenstone contact. Contact zones of this type are known to host significant gold deposits in the Lake Victoria Goldfield and other Archaean greenstone gold settings worldwide. Artisanal miners have worked high grade veins in the Igurubi system for many years and the current drill holes were directed at investigating the more promising of these veins beneath the artisanal workings. Click here to see a plan of the drill holes.

Commenting on the results today, African Eagle's Chairman John Park, said; "The Igurubi results demonstrate that the system contains significant gold mineralisation in the form of narrow but high-grade vein-like structures. African Eagle's geologists have identified other similar structures over a substantial strike length and it is highly likely that more remain to be found. In order to establish the resource more fully, African Eagle now plans to conduct geophysical, geochemical and geological surveys, including additional drilling, to investigate the disposition of mineralised veins through the area and to demonstrate the continuity of the mineralisation."

For these preliminary assays, samples of the drill cuttings were composited over downhole lengths of three metres or more. The table below sets out all of the intersections for which these composite samples assayed greater than 0.5 g/t gold. Samples of the RC cuttings from each individual metre of the mineralised intersections will now be submitted for assay in order to define better the grades of the veins intersected.

Drill Hole	From (m)	Intercept (m)	Gold (g/t)	Notes
IGRC-01	36	3	5.00	1m quartz vein
and	57	3	0.83	Granite
IGRC-02	36	3	2.06	Felsic greenstone
IGRC-03	48	3	4.02	3m quartz vein
and	60	3	0.54	Mafic greenstone
IGRC-04	48	9	2.13	Quartz veins
including	48	3	3.77
and	54	3	2.54
IGRC-05	60	3	8.31	3m quartz vein
IGRC-09	45	3	2.55	2m quartz vein
IGRC-10	51	3	0.97	Quartz and iron veins
and	60	9	1.09	7m quartz vein
IGRC-11	60	3	7.21	Weathered greenstone
IGRC-12	69	7	7.21	Mineralised vein open at end of hole
IGRC-16	51	9	0.64	3m quartz vein
IGRC-17	6	3	0.87	Granite

John Park
Chairman
African Eagle Resources plc