Tanzania

African Eagle has an office in Mwanza, the main city of the Lake Victoria Goldfield area, and a representative office in the capital, Dar es Salaam. The Company’s operating subsidiary in Tanzania is Twigg Gold Limited, which has a staff complement of 12 people, including long-term contractors.

We have three advanced projects in Tanzania, namely Miyabi, Igurubi, and Dutwa.

Dutwa Project

African Eagle announced a JORC resource at the Dutwa laterite project in December 2008, amounting to 340,000t of contained nickel, and promoted Dutwa to become its top-priority project. The Company reported highly favourable metallurgical results in early 2009. The Project is located in the Kilimafedha greenstone belt of the Lake Victoria Goldfields, 100km east of Mwanza, and has potential for the gold and platinum group elements as well as the nickel.

Miyabi Project

The Miyabi Gold Project, in the Lake Victoria Goldfield of Tanzania, was discovered by African Eagle’s own geochemical prospecting team. Although African Eagle has drilled only part of the system to date, it has defined a JORC-compliant resource of 520,000oz of gold.

Zanzui Project

The latest drill results show that parts of the Zanzui layered basic complex have a nickel-enriched laterite blanket, with grades and thicknesses similar to those at Dutwa, suggesting that Zanzui may host another significant laterite deposit. The area also has potential for platinum.

Igurubi Project

The Igurubi Gold Project, located in the south eastern Lake Victoria Goldfields, contains several parallel gold-bearing shear zones in a contact between granites and greenstone rocks. From its widely-spaced drilling to date, the Company believes that the area has potential for at least 250,000oz of gold, probably much more.

Other projects in Tanzania

Following a strategic review of all projects in December 2008, the Company is reducing its exploration portfolio in Tanzania to a minimum number of top priority projects, as above.

In addition, the Company has a strategic alliance with Troll Mining Limited over exploration licences in southern Tanzania with known uranium, copper, gold and coal occurrences. African Eagle has an option to earn 80% interest on any discoveries it makes over these areas.

At Msasa, African Eagle’s partner MDN Northern Mining is re-evaluating the data amassed from their exploration carried out over the past two years.

About Tanzania

The United Republic of Tanzania is in East Africa, covering an area three times that of New Mexico. It is bordered by Uganda and Kenya to the north, the Indian Ocean to the east, Mozambique, Malawi, and Zambia to the south, and the Democratic Republic of the Congo (DRC), Burundi, and Rwanda to the west. Tanzania contains three of Africa's best-known lakes: Victoria in the north, Tanganyika in the west, and Nyasa in the south. Mount Kilimanjaro in the north (5,895 m) is the highest point on the continent.

Mineral regime

Together with tourism, the mining sector is the leading recipient of inward investment a key foreign exchange earner and 'growth sector' of the Tanzanian economy. Since 1998, Tanzania has gone from being an insignificant mineral exporter to the third biggest gold producer in Africa, with more than 50 million ounces of gold reserves and resources. The country’s successful economic and structural reforms have improved economic performance and led to sustained growth of about 6% over recent years.

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