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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Aerte Grp | LSE:AER | London | Ordinary Share | GB0002683034 | ORD 1P |
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| 0.00 | 0.00% | 0.125 | 0.00 | 01:00:00 |
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Aerte Grp (AER) Share Charts1 Year Aerte Grp Chart |
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1 Month Aerte Grp Chart |
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| Date | Time | Title | Posts |
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| 30/3/2012 | 12:43 | Aerte plc - The Air cleaning and disinfection company | 7 |
| 08/2/2012 | 07:56 | Aerte Group PLC | 1 |
| 25/6/2003 | 14:24 | African Eagle: Charts & Fundamentals | 46 |
| 25/6/2003 | 07:41 | The London based Financial Times writes about AIM bound African Eagle Resources | 2 |
| 25/6/2003 | 07:40 | Another Gold Fields J.V. worth taking a closer look at ? | 12 |
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Posted at 30/3/2012 12:43 by callumross More production delays, more sales in the future blah blah blah. More shares to be issued no doubt! Seen it all before. Change of name but same old company. Sell at any price basically. |
Posted at 13/1/2012 08:30 by ih_317353 seller done now?up 2% 13/01/2012 08:05:22 AER 0.95 O 150,000 12/01/2012 15:35:06 AER 0.92 O 100,000 |
Posted at 25/11/2011 18:12 by ric5111 a quiet little one - I have a modest holdingIf they make some solid sales with the new distributors and refined product, there is promise for the share price.I like the fact that there target market seems to a large part to be far east/india where we can still expect good economic growth. In densely populated cities in those parts of the world this product must make sense if it does what it says. Might take a while for people to notice the potential in this tiny one though.. |
Posted at 16/6/2003 16:43 by interglobe Site services / Search Powersearch | Saved searches | FT Research | Help New search Modify search Back to results COMPANIES UK: African gold explorer identifies several deposits By Alex Skorecki Financial Times; Jun 16, 2003 African Eagle Resources, a seven-year-old gold prospecting company, is seeking a listing on Aim. AER hopes to raise £1.25m to pursue exploration work in Tanzania, Mozambique and Zambia through the flotation. The group would have a capitalisation of about £3.5m. In Tanzania, AER said it had identified "several potentially economic gold deposits" in the Lake Victoria gold field. The most advanced is the Miyabi project, where it is in partnership with Gold Fields, South Africa's second-biggest gold mining company. As part of the joint venture, Gold Fields has invested £820,000, with the option of up to 70 per cent of any earnings from the partnership on condition of further investment. At Miyabi two years ago, AER found a small deposit containing 140,000 ounces of gold. Mark Parker, managing director, said Gold Fields was attracted because they thought the deposit could turn out to be similar to a much bigger one at Geita in Tanzania, operated by Ashanti. In such deposits, gold and ore are found together occupying an elongated formation that is "like a string of pearls". In Zambia, AER has five exploration licences. This year it discovered the Eagle Eye iron-oxide-copper-go In northern Zambia, its partner is AngloVaal Mining, another South African miner. The Hampshire-based company changed its name from Twigg Minerals last year, after Twigg took over African Eagle Resources, an Australian group, which brought with it the Zambian operations. |
Posted at 13/6/2003 13:45 by sharestriker African Eagle Resources plc - Share Placing with 'Gold Fields' Completed African Eagle Resources plc Newstrack Announcements 13/06/2003 AFRICAN EAGLE RESOURCES PLC SHARE PLACING WITH GOLD FIELDS CONCLUDED African Eagle is pleased to announce the completion of a Placing by the Company with Orogen Holding (BVI) Limited, a subsidiary of Gold Fields. The terms of the Agreement were outlined in our News Release of 14 May 2003. The placing consists 3,200,000 Ordinary Shares at a price of 10p each, with 1,600,000 Warrants to purchase additional Ordinary Shares at a price of 11p each up to 31 March 2006. AER will apply at least 80% of the GBP320,000 proceeds of this placing to the advancement of the Miyabi gold project in the Lake Victoria Goldfields of Tanzania. The new placing agreement makes certain changes to the existing agreement between AER and Gold Fields regarding the Miyabi project: - The new licences acquired by AER around the existing Miyabi project area will become subject to the Agreement. These licences increase the area covered by the agreements by more than 150% to 576 sq km. - Gold Fields' exclusive right to enter into a joint venture with AER on the Miyabi gold project is extended until 31 December 2003. - On exercise of the right to joint venture, Gold Fields will be able to earn 51% of the Miyabi project by spending a further GBP2,000,000 on exploration, an increase of GBP500,000 over the GBP1,500,000 expenditure commitment originally agreed. The right to earn an additional 19% by completing a bankable feasibility study on the property remains unchanged. AER is delighted with the continuing confidence shown by Gold Fields in its projects, operations and management, and looks forward to continuing progress on the Miyabi gold project. Work completed at Miyabi so far, in collaboration with Gold Fields, has included deep regolith sampling with RAB and aircore drills, airborne geophysics, multi-element geochemistry and regolith mapping. An extensive drilling campaign to investigate targets identified by the work to date is programmed to start in June - July 2003. Gold Fields reports that it is the world's largest unhedged gold company, with annual attributable gold production of over 4.4 million ounces and attributable Mineral Resources of 187 million ounces and Mineral Reserves of 79 million ounces. It has operations in South Africa, Australia and Ghana (West Africa) and gold and platinum group metals exploration projects throughout the world. The principal trading market for the Company's ordinary shares is the Johannesburg Securities Exchange in South Africa (GFI). The company's American Depositary shares are listed on the New York Stock Exchange, also under the symbol GFI, as well as being listed on the London, Euronext, Paris, Brussels, and Swiss exchanges. AER is a UK-based minerals exploration company focussed on gold in East Africa with projects in Tanzania, Zambia and Mozambique. The table below shows the effects of this transaction on the numbers of shares and the percentages of the issued share capital that will be held by Directors and other significant shareholders. Number of shares in issue on 31 December 2002 29,631,775 Shares issued previously during 2003 1,401,000 Shares now placed with Orogen 3,200,000 TOTAL SHARES ISSUED TO DATE 34,232,775 -------------------- DIRECTORS' INTERESTS NUMBER % John Park (Note 1) 3,108,467 9.08 Mark Parker 2,086,087 6.09 Chris Davies 191,667 0.56 Euan Worthington 75,000 0.22 Herman Oehl 700,000 2.04 OTHER SIGNIFICANT SHAREHOLDERS Orogen Holding (BVI) Limited (Note 2) 6,903,703 20.17 Mr R. B. Rowan (Note 3) 3,043,286 8.89 JPMF Natural Resources Fund 2,750,000 8.03 Mr R Brown 1,477,319 4.32 Tiger Resource Finance 1,241,714 3.63 Kona Konsult Establishment 948,360 2.77 Note 1 The Company's previous statement of directors' interests contained data resulting from a typographical error for the number of shares held by John Park and connected persons, which is corrected here. Note 2 Orogen Holding (BVI) Limited is a 100% subsidiary of Gold Fields Limited. Note 3 Mr Rowan's interests include the holdings of Sunvest Corporation Ltd of which Mr Rowan is the majority shareholder. JOHN PARK CHAIRMAN, AFRICAN EAGLE RESOURCES PLC [END] PRESS CONTACTS Tel Fax John Park (Chairman) African Eagle 00 61 7 5528 6750 00 61 7 5528 750 Mark Parker (MD) African Eagle 01590 679 420 020 7691 7745 Carina Corbett 4C Communications Ltd 020 7907 4761 020 7907 4769 Jonathan Willis- Loeb Aron & Co Ltd 020 7628 1128 020 7638 0756 Richards THE DIRECTORS OF AFRICAN EAGLE RESOURCES PLC. ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT. LOEB ARON, WHICH IS REGULATED BY THE FINANCIAL SERVICES AUTHORITY, HAS APPROVED THIS ANNOUNCEMENT FOR RELEASE. LOEB ARON IS ACTING AS CORPORATE ADVISER TO AFRICAN EAGLE RESOURCES PLC AND TO NO-ONE ELSE AND WILL NOT BE RESPONSIBLE TO ANYONE OTHER THAN AFRICAN EAGLE RESOURCES PLC FOR PROVIDING THE PROTECTIONS AFFORDED TO CUSTOMERS OF LOEB ARON OR FOR PROVIDING ADVICE IN RELATION TO ANY INVESTMENT MADE PURSUANT TO THIS ANNOUNCEMENT. |
Posted at 11/6/2003 14:18 by energyi 6 June 2003AFRICAN EAGLE TO MOVE FROM OFEX TO AIM African Eagle Resources plc ("AER") announces that it has submitted a ten day announcement to the London Stock Exchange in respect of its intention to seek admission for its ordinary shares to trade on the Alternative Investment Market ("AIM"). AER intends to raise a minimum of £1.25 million, via a placing, in conjunction with AIM admission for its mineral exploration projects in Eastern and Southern Africa. AIM admission is expected to take place on or about 25 June, 2003 at which time the ordinary shares of AER will be withdrawn from trading on OFEX. = = = Promising? The money they are raising now will be used for DRILLING and other expenditures which advance their projects |
Posted at 11/6/2003 13:39 by energyi NEWLY added to AIM: (on or around 25th June?).Recent: AER 8.25p-9.25p Mid: 8.75 (p) = Market Cap: £3.00 million H:15.5 /L:6 Three Month Chart Three Year Chart Chart channels Add later? - - Profile: AER - - African Eagle Resources plc, formerly Twigg Minerals plc, explores for and develops gold and other mineral resources in eastern and southern Africa. African Eagle's objective is to build asset value by using its strengths to explore for and develop mineral deposits. The Group's board and management team has experience in exploration and mining, excellent local knowledge of the region, a high-tech approach to exploration and an up-to-date understanding of the geology and economics of mineral deposits. Members of the team have prior track records of taking an exploration company from startup to takeover by a major mining group, and of taking projects from grassroots through evaluation and feasibility into operation. The Group is a cost-effective, low-overhead explorer and to date has applied more than 80p of every £1 directly to exploration. The Group's strategy is to identify and acquire promising licence areas, to evaluate their potential quickly and cost-effectively and to add value to resulting discoveries. The Board intends to realise the value of its discoveries through sales to, or joint ventures with, major mining companies. The Group is currently in partnership with Goldfields on its Miyabi project in Tanzania and with Avmin on its Lunga project in Zambia. ... In July 2002, the Company acquired Katanga Resources Limited which brought five prospective projects in Zambia into the Group. PROJECTS Main Projects: Miyabi Miyabi is a shear zone gold system covering an area of approximately 7km by 2km, discovered by the Group's geochemical prospecting team in late 1999. AER's geophysical, geochemical and geological surveys have revealed a number of gold-bearing structures within the area, of which five have so far been investigated by drilling. Although only a small part of the system has been drilled to date, the Group has determined an inferred gold resource of 2.2 million tonnes grading 2.13g/t, containing over 140,000 ounces of gold. The Directors believe that there is excellent potential to extend this initial resource by further drilling. - - - - - DIRECTORS' INTERESTS.. NUMBER Pct% John Park (Note 1). 3,108,467 9.08% Mark Parker........ 2,086,087 6.09 Chris Davies......... 191,667 0.56 Euan Worthington...... 75,000 0.22 Herman Oehl.......... 700,000 2.04 : Total:18.0% OTHER SIGNIFICANT SHAREHOLDERS Orogen Holding(BVI) 6,903,703 20.2% : GoldFields sub., last at 10P Mr R. B. Rowan..... 3,043,286 8.89 : see Note3 JPMF Natural Res.Fd 2,750,000 8.03 Mr R Brown......... 1,477,319 4.32 Tiger Resource Fin. 1,241,714 3.63 Kona Konsult Establ.. 948,360 2.77 AER.L: Shares Outstanding....: N.A.V.. / share : Price +MkCap At 05/31/2003.....: 34.2 Mn? :£?????mn / xx.xP : 8.75P=£ 2.99mn Placements: Jun.03: at 6.00P. : 23.3 Mn? :£ 1.40mn / Estimate (Min.£1.25mn) TOTAL : Apr.2003. : 57.5 mn? :£ x.xxmn / xx.xP : 8.75P=£ 5.03mn There may be Shedloads of warrants/& options outstanding Asset Cost/ Valuation........:?- Cash (after AIM listing exp?):£ 1.00 mn :Raised maybe £1.4mn, cost:£0.4mn? Miyabi (T: 90%.Au with Gflds):£ 1.00 mn :140K oz.$12x90%= $1500K Sasare (Z:100%.Old Au mine..):£ 1.00 mn :old mine: IOCG deposit? Mkushi (Z:100%.Cu.Au Deposit):£ 1.50 mn :30Mt at 1.23% reported Others in T. and Z.......... :£ 2.50 mn :& Further Potential? Total Guess-timated Value... :£ 7.00 MN / 57.5= 12P w/o Dillution = = = - - COMPARABLE?: Tan Range?: - - - Expect for the Very High Mkt.Cap on TNX... C$1.57 x 73mn= C$115mn /1.34= US$ 86mn website: Similar strategy & location: 11 projects under option in Tanzania to Barrick Gold including Itetemia where the company has already expended approximately $4 million. Itetemia is ADJACENT to: Barrick's 16 million ounce Bulyanhulu mine. TNX.t: Shares Outstanding....: N.A.V.. / share :xPrice= MktCap At 05/31/2003.....: 72.9 Mn? :C$xxxxmn / xx.xP :C$1.57=C$114.5mn Options & Wts.: EndMay: $0.50-0.65: 11.5 Mn? :C$ 7.1mn / If exercised TOTAL : FullyDil. : 84.4 mn? :£ x.xxmn / xx.xP :C$1.57=C$132.5mn Asset Valuation, w/FullDil...: Cash, option &wt.exercise....: C$ 7.1 mn: Above Strike, see above Itetemia (JV with ABX).......:C$ xx.x mn: Other (JVs with ABX).........:C$ xx.x mn: Tulawaka (JV with No.Mining).:C$ xx.x mn: Other (JV with No.Mining)....:C$ xx.x mn: Says it all? BB posting: Folks, IMHO, those who sold today have no idea what TNX is all about. The co is not producing gold, so why would a drop in the POG make a someone automatically sell their shares? I do understand that people want to preserve their capital but if you sold for any other reason, I hope you do get a chance to buy back = = = = = = = = LINKS: AER Website: Twigg Threads: Thread on AER with Press Releases: OFEX: : |
Posted at 05/6/2003 08:37 by sharestriker African Eagle Resources plc Newstrack Announcements 30/05/2003AFRICAN EAGLE RESOURCES PLC PROGRESS REPORT AND ACCOUNTS OF THE AFRICAN EAGLE GROUP TO 31ST DECEMBER 2002 The last year was an exciting one for the Company. We made good progress on our exploration projects, acquired an extremely promising asset portfolio in Zambia through the share for share take over of an Australian junior exploration company, welcomed Gold Fields on board as a major shareholder and partner in the Miyabi project, changed the Company's name to reflect better its focus, and planned our move onto the AIM market. We would have liked to have completed this move in 2002, but because of the market situation during the latter part of the year, we decided to defer it until 2003. We added substantially to our Tanzanian licence portfolio during the year, more than doubling our land holdings around Miyabi. The quality of Miyabi, and our Tanzanian operations in general, was recognised by Gold Fields, one of the world's top five gold producers. In partnership with Gold Fields, our exploration at Miyabi adopted a wider perspective to improve our understanding of the geological structures and processes which produced the gold deposits. This understanding will help us to plan an effective drilling campaign in the coming months. Our acquisitions in Zambia are already bearing fruit, with Chris Davies' preliminary exploration early this year giving rise to some stunning early results which indicate that we have an iron-oxide-copper-go the parlance), at Eagle Eye. The chemistry of the samples and their geological setting show many similarities to the huge Olympic Dam deposit in Australia. TANZANIA In our Miyabi project area, Exploration Manager John McDonald negotiated 90% interests for AER over three additional licences which more than double the land area held, to 576 sq km. The Company has subsequently negotiated a second placing agreement with Gold Fields, under which Gold Fields will invest a further GBP320,000 in the equity of the Company and the new licences will become subject to a similar Agreement to that made originally. Gold Fields' exclusive right to enter into a joint venture with the Company on Miyabi will be extended until 31 December 2003. On exercise of that right, Gold Fields will be able to earn 51% of the Miyabi project by spending another GBP2,000,000 on exploration, an increase of GBP500,000 over the original GBP1,500,000 commitment. Gold Fields' other rights under the original Agreement remain unchanged, including the right to earn an additional 19% by completing a bankable feasibility study on the property. AER is delighted with the continuing confidence shown by Gold Fields in its projects, operations and management, and looks forward to continuing progress on the Miyabi gold project. Work completed by Project Geologist Ben Clavery and Consultant Geologist Mark Davey at Miyabi so far, has included deep regolith sampling by RAB and aircore drilling, airborne geophysics, multi-element geochemistry and regolith mapping. An extensive drilling campaign to investigate targets identified to date is programmed to start in June or July 2003. Work has also progressed on our other Tanzanian holdings. We have acquired airborne geophysics over the Kakumbi and Msasa projects and added another licence to the Msasa holdings. At our Zanzui licence, where we are targeting platinum, a ground magnetic survey by Project Geologist Chanyari Mjanja and his team revealed strong concentric layering in the ultramafic complex, and we are negotiating with the operators of the northern half of the complex to explore the area jointly. ZAMBIA Our acquisition of AERL in August brought us five excellent projects in Zambia. Of these, two have already yielded results which have given rise to considerable internal optimism for the success of the exploration we are planning in Zambia. Early in 2003, prospecting by Chris Davies and Boniface Lefayi in the north of the Sasare licence led to recognition of the Eagle Eye IOCG deposit. The initial lab results, analysed in Zambia, showed copper values up to 35%. Three samples were brought back to the UK for specialised multi-element analysis and gave truly impressive results, with up to 44% copper, 5.7 grams per tonne (g/t) gold, 22g/t palladium, 13g/t platinum, 81g/t silver and 82g/t uranium. These are early results from a few samples and we have a lot of work to do before we can state that we have discovered an economic resource, but your directors are very excited by the indications so far. IOCG deposits can have very high grades and big tonnages, as at Olympic Dam and Ernest Henry in Australia, Candelaria in Chile and Salobo in Brazil. Meanwhile, at Lunga, where Avmin is exploring under an option to joint venture, drilling has also begun to yield some promising results, including intersections of 90m grading 0.3% copper and 0.7% zinc, 4m grading 1.4% copper and 12m of 3.6% zinc. Avmin has completed five diamond drill holes and numerous air core holes. MOZAMBIQUE In Mozambique, the 1% nickel stream sediment anomaly found last year led Dinis Napido's exploration team to discover extensive nickel-bearing gossans on the Mount Muazua ultramafic complex. Initial channel chip sampling across these gave results with grades up to 2% nickel. A full prospecting licence has now been awarded over the area. The Mozambique exploration team also demonstrated the southwest extension of the Majele sulphide unit, beneath the strong aeromagnetic anomaly which indicates that it may extend for more than 40km. A gold panning survey further narrowed down the location of the gold in the Majele streams, but the source continues to elude us. This year sees the introduction of Mozambique's new mining law. As one of the few juniors active in Mozambique, AER was able to contribute to the consultations that preceded the framing of this law, which provides better incentives for exploration and better licence terms. CORPORATE & FINANCIAL It was our intention during 2002 to move AER's share listing onto London's AIM, in order to take advantage of AIM's generally larger investor base, greater liquidity and better access to institutional investors. We completed a good deal of the preparatory work for this move but towards the end of the year, for a number of reasons, principally the decline in the state of the markets in general and for junior exploration companies in particular, we decided to defer our move to AIM until mid-2003. During the year 5,868,903 shares were placed and 183,760 shares were issued on exercise of warrants, raising in total GBP 736,434 for the Group's exploration activities. The placings included 3,703,703 shares with Gold Fields and 1,000,000 additional shares with J P Morgan Fleming Natural Resources Fund (formerly Save and Prosper Commodity Share Fund), bringing the Fund's total holding to almost 7%. During the year, Tiger Resources Fund acquired 1,241,714 shares, just over 4% of the issued capital. We also issued 2,500,000 shares to the original shareholders in AERL, the Australian junior we acquired, in full consideration for the Zambian properties and operating companies. After a significant 2002, and with 2003 well underway as I write this, I am already looking forward to the positive developments which I believe I will be able to report to you this time next year. John Park, Chairman. |
Posted at 16/5/2003 09:18 by sharestriker News Release 14 th May 2003AFRICAN EAGLE RESOURCES plc NEW SHARE PLACING African Eagle Resources plc ("AER") is pleased to announce that the Company has reached agreement regarding a second placing of equity in the Company to Orogen Holding (BVI) Ltd, a subsidiary of Gold Fields Limited ("Gold Fields"). The placing will consist of 3,200,000 units, each comprising one AER Ordinary Share and one half Warrant, at a price of 10p per unit, with a total value of £320,000. Each two half warrants will entitle Gold Fields to purchase one additional Ordinary Share at a price of 11p at any time up to 31 March 2006. AER will apply at least 80% of the proceeds of this placing to the advancement of the Miyabi gold project in the Lake Victoria Goldfields of Tanzania. The new placing agreement makes certain changes to the existing agreement between AER and Gold Fields regarding the Miyabi project: New licences acquired by AER within an agreed area of mutual interest around the existing Miyabi project area will become subject to the Agreement. These licences increase the area covered by the agreements by more than 150% to 576 sq km. The exclusive right granted by AER to Gold Fields to enter into a joint venture with AER on the Miyabi gold project is extended until 31 December 2003. On exercise of the right to joint venture, Gold Fields will be able to earn 51% of the Miyabi project by spending a further £2,000,000 on exploration, an increase of £500,000 over the £1,500,000 expenditure commitment originally agreed. The right to earn an additional 19% by completing a bankable feasibility study on the property remains unchanged. The agreement has been approved by AER's Board and Gold Fields' Executive Committee, subject to drafting and execution of the relevant instruments and completion of due diligence. AER is delighted with the continuing confidence shown by Gold Fields in its projects, operations and management, and looks forward to continuing progress on the Miyabi gold project. Work completed at Miyabi so far, in collaboration with Gold Fields, has included deep regolith sampling with RAB and aircore drills, airborne geophysics, multi-element geochemistry and regolith mapping. An extensive drilling campaign to investigate targets identified by the work to date is programmed to start in June July 2003. AER will make a full announcement of resulting shareholdings after the placing has been completed. Gold Fields reports that it is the world's largest unhedged gold company, with annual attributable gold production of over 4.4 million ounces and attributable Mineral Resources of 187 million ounces and Mineral Reserves of 79 million ounces. It has operations in South Africa, Australia and Ghana (West Africa) and gold and platinum group metals exploration projects throughout the world. The principal trading market for the Company's ordinary shares is the Johannesburg Securities Exchange in South Africa (GFI). The company's American Depositary shares are listed on the New York Stock Exchange, also under the symbol GFI, as well as being listed on the London, Euronext, Paris, Brussels, and Swiss exchanges. AER is a UK-based minerals exploration company with a focus on gold in East Africa. Current projects are located in Tanzania, Zambia and Mozambique. John Park Chairman, African Eagle Resources plc |
Posted at 10/2/2003 21:34 by bankside investments Date : February 11, 2003 African Eagle Makes Encouraging Progress At Miyabi JV With Gold Fields In Tanzania. It takes people time to get used to a change of name so African Eagle still does not slip off the tongue as easily as Twigg Minerals. Change of name or not, this company had an up-and-down year in 2002. A year ago outlines of two crucial deals were agreed at the annual Indaba mining conference in Cape Town and these were the joint venture with Gold Fields on the Miyabi project in Tanzania and the acquisition of African Eagle with its five projects in Zambia including a jv with Avmin. As a result Twigg, now African Eagle, wanted to promote itself to AIM and raise some more money. Unfortunately the tail end of 2002 was not a great time for corporate activity in London's mining sector following the demise of Navan Mining and the collapse of the Minmet share price and African Eagle's broker, Hoodless Brennan, had problems of its own. The company therefore put its plans on hold and is now waiting to see if London has recovered its nerve and is prepared to back exploration stocks. Certainly there is money for these in Canada and to a lesser extent in Australia, but London is seeking advanced projects, preferably within a year or so of actual production. As investors get used to the new price regime in gold more funds will start to take an interest and this will encourage private investors. At the moment, however, brokers are remaining wary of taking on new clients. This is not a great problem for African Eagle as it is already listed on Ofex and is preparing to raise a modest amount of money with some help from Loeb Aron. What it really needs to do is get its share price moving in token of the real potential of its exploration portfolio in Tanzania, Zambia and Mozambique. The latest news from Tanzania where African Eagle is exploring the Miyabi project in collaboration with Gold Fields is very encouraging. Gold Fields has an initial right to earn up to 51 per cent of the project by completing agreed work programmes and expenditures to a total value of £ 1.5 million. Subsequently Gold Fields can earn up to a total of 70 per cent of the project by completing a bankable feasibility study to a maximum value of an additional US$ 10 million. Although it is a feather in any junior's cap to have such a partner, there is always the problem that a major works to its own agenda. Big companies want big deposits. Gold Fields is an excellent partner and very meticulous, but it is hunting elephants and is not interested in releasing news on early resource estimates as a junior has to do to keep the attention of its shareholders. In its last Annual Report Gold Fields divulged the parameters it sets itself for any exploration project in which it becomes involved. These targets are known as the 'Stategy of 2s' as the projects have to have a minumum of 2 million ounces of reserves, production rates greater than 200,000 ounces/year, a payback of capital investment within 2 years, a double digit rate of return and a commodity price 2 x the cash cost of production. This is a demanding agenda, but if achieved at Miyabi the project would be a company maker for African Eagle provided it could maintain its interest when contributing the required development capital. It is still early days at Miyabi, but the Lake Victoria gold field on which it is situated is a prolific gold district. At the moment African Eagle is just starting a second programme of shallow drilling.. The drill targets have resulted from its multi-element soil geochemical survey over the gold mineralised areas. These surveys, and the use of relatively low cost shallow RAB and aircore drilling together with continuing geological mapping, will provide a much better overall understanding of the numerous gold-bearing structures within the Miyabi licences and enable the identification and prioritisation of drill targets for a subsequent resource definition drilling programme which will involve deeper RAB and diamond drilling later this year. The current drilling programme is designed to sample the weathered greenstone below the thick iron duricrust which covers a large part of the gold field and tends to conceal gold mineralisation from geological and geochemical surveys. What has already been established from earlier drilling is that the bedrock gold mineralisation extends through a major part of the previously identified 7 kms geochemical anomaly and a large number of good gold values up to 6.94 g/t have been obtained. Clearly the partners have been encouraged by this progress and African Eagle will soon announce that it has acquired a significant number of new licences around what it described as this "area of interest." It would surely only have done this with the approval of Gold Fields. |
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