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EXERCISES OF WARRANTS AND CHANGE TO SIGNIFICANT SHAREHOLDINGS

News Report
3 February 2005

African Eagle Resources plc (Ticker: AFE) announces that the holders of 1,000,000 warrants and 27,500 Options have exercised at a price of 11p per share and the holders of 274,103 warrants have exercised at a price of 6p per share. These exercises bring the total number of shares in issue to 94,176,257 and together raised £129,471 for the Company's exploration activities.

Of the total, 1,000,000 warrants were exercised by funds managed by RAB Capital, bringing the total number of the Company's shares held by RAB funds to 23,605,312 or 25.07% of the new total of shares in issue.

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

Mark Parker
Managing Director and Company Secretary
African Eagle Resources plc