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HOLDINGS IN COMPANY

News Report
21 March 2005

African Eagle ("the Company", ticker AFE) announces that Orogen Holding BVI Ltd, a subsidiary of Gold Fields, today gave notice of exercise of warrants to purchase 3,703,703 shares at an exercise price of 16.9p and 1,600,000 shares at an exercise price of 11p. These transactions will raise £801,926 for the Company's exploration programmes. Orogen also notified the Company that it has disposed of 6,707,707 shares. On completion of the transactions Orogen's holding in the Company will be 5,303,703 shares, equivalent to 5.62% of the total issued shares.

The Company will make application for the new shares to be admitted to trading on AIM.

Mark Parker
Managing Director and Company Secretary
African Eagle Resources plc