AFRICAN EAGLE (AFE)

AFRICAN EAGLE (AFE)

African Eagle Resources plc announces that Randgold Resources, its joint venture (JV) partner on the Miyabi Gold Project in Tanzania, has given the Company notice of withdrawal from the JV.

Commenting, African Eagle’s Managing Director Mr Parker said:

“Randgold has indicated that this decision is part of its intention to focus exploration efforts on West Africa.  We are pleased with the investment and progress made at Miyabi by Randgold under the JV. Now that African Eagle has regained full control and ownership of the project, we will now resume work building on the existing gold resources, using the extensive results of the regional exploration, geological drilling and structural modelling generated by Randgold’s team over the past 15 months, together with the gold mineralised targets identified from our own exploration.

“Randgold’s exploration at Miyabi was directed principally at testing their conceptual deposit model and was not intended to increase the existing 0.5Moz resource in the Miyabi Gold Corridor. This will now be our focus, as African Eagle’s geologists remain convinced that there is good potential for a deposit of 1Moz or more at Miyabi. A number of targets in the Corridor, including intercepts of 3m at 6.94 g/t gold, 3m at 6.70 g/t and 9m at 0.8 g/t from previous African Eagle drilling outside the current resource, were not evaluated systematically under Randgold’s management. African Eagle will consider new partners for Miyabi and will follow up a number of approaches which it could not pursue until now”.

For more information please go to www.africaneagle.co.uk

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