Aerte Grp Share Discussion Threads

[energyi] 13/6/2003 14:18

Tan Range:
Similar focus exploration company: has MktCap 10x AER!
Why?
Jim Sinclair's promotional efforts maybe...
Hard to see any Fundamental justification for such a High Price

[sharestriker] 13/6/2003 13:45

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.

[energyi] 13/6/2003 13:24

Here are my figures... As Revised (per Ofex)

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 must be Shedloads of warrants/options outstanding

[interglobe] 13/6/2003 13:22

Spoke with Durlachers who confirmed that with the placing having raised £1.4 Million, then fully diluted i.e. taking in to account all warrants and options that there would be just short of 95 Million shares in issue.

My question is if it is fair and reasonable in your view to value AER in this way, when some of these warrants/options are way out of the money i.e. 40p ?

[energyi] 13/6/2003 13:15

Confused by your numbers, IG...

[interglobe] 13/6/2003 13:10

energyi

Fully diluted {all warrants/options} at a £1.4 Million placing = approx 95 Million shares in issue. Is it fair and reasonable in your view to value AER in this way, when some of these warrants/options are way out of the money i.e. 40p ?

InterGlobe

[interglobe] 13/6/2003 09:24

energyi

Talk to me please !

InterGlobe

[interglobe] 12/6/2003 10:58

energyi

They reckon that they have got circa £1.4 Million Gross, so should be over £1+ Net post AIM listing.

Gone for quite a few extra myself. By the way, would you value AER on a fully diluted basis, eventhough not all the warrants and option might ever be exercisable due to being so out of the money i.e. 40p etc....?

Interested to know your thoughts on valuations for AER on AIM and when compared to other exploration plays on AIM etc....?

Many thanks in anticipation....

InterGlobe

[energyi] 12/6/2003 10:48

Cash of about £1mn post-placement, post AIM-listing cost?

[interglobe] 11/6/2003 15:15

energyi

Good luck !

InterGlobe

[energyi] 11/6/2003 15:08

IG,
I wish...

[interglobe] 11/6/2003 15:00

energyi

In your case that probably just means a cool 1,000,000 shares !

LOL !

InterGlobe

[energyi] 11/6/2003 14:58

Yes. Not a huge amount.
But enough to make it worthwhile to follow AER

[interglobe] 11/6/2003 14:50

energyi

Are you going for any ?

InterGlobe

[rambutan2] 11/6/2003 14:22

thanks, id missed that.

[energyi] 11/6/2003 14:18

6 June 2003

AFRICAN 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

[rambutan2] 11/6/2003 14:10

thanks energyi, this one of my long forgotten holdings, although not quite in the agr camp. have you heard anything promising?

[energyi] 11/6/2003 13:39

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........:?-Guess-? (purely guesswork: not reliable)
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: :

[sharestriker] 06/6/2003 15:01

rican Eagle Resources plc Newstrack Announcements 06/06/2003

AFRICAN EAGLE RESOURCES PLC

AFRICAN 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 GBP1.25 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.

John Park
Chairman

[sharestriker] 05/6/2003 08:37

African Eagle Resources plc Newstrack Announcements 30/05/2003

AFRICAN 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-gold deposit, (IOCG in
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.

[interglobe] 30/5/2003 23:05

News Story


Date : May 28, 2003



African Eagle's Two Announcements re Gold Fields in Tanzania And The Discovery In Zambia make It An Excellent Candidate For AIM.


It is sad for listed companies in the UK, and even sadder for those hoping to list in the UK, but the lunacy that has affected regulators in North America seems to have spread across the Atlantic. A prime example of the disease is on the NYSE which appears to have gone into panic mode following the scandals a few months back at Enron and Worldcom and more recently with leading investment houses. The result has been that the World Gold Council has virtually been put on total silence for a period of six months while it applied to list its new Equity Gold Fund, and now that it has actually managed to file its registration document it has been told that it can say nothing for another 30 days.

Something similar seems to be happening, albeit at a more modest level, with African Eagle, the company which listed on Ofex as Twigg Minerals and changed its name last year when acquiring assets in Zambia. The company is now engaged in raising some money and promoting itself to the AIM market. Just the sort of time, one might think, when a little bit of publicity would be no bad thing, especially as a similar exercise fizzled out before Christmas when its then brokers, Hoodless Brennan, had a few problems and time ran out in a dead market. This time round it is using VSA Associates in cahoots with stockbrokers Durlacher, new entrants to the mining scene.

Minews offered John Park and his team at African Eagle a platform at the coming 11th Minestie Mining Forum to bring London investors up-to-date with the company's progress. After all it is listed on Ofex until the moment it is moved up to AIM and its shares have advanced following two recent announcements. VSA and Durlacher, who are responsible for marketing the shares seemed in favour of the idea, but the lawyers took five days to decide that it was not on. No reason was given and that is what is so stupid. It is perfectly possible for a speaker to stick to a slide show presentation based on information in the public domain that has been vetted by its advisers. Still, it is simpler and safer to say No then Yes and grey men in grey suits always take the safe option whatever the impact on the company paying for their advice.

Just as background, African Eagle is exploring for gold and base metals in Tanzania, Zambia and Mozambique. It has a partnership with Gold Fields to evaluate its gold discovery at the Miyabi project on the Lake Victoria Goldfields of Tanzania and it has also made discoveries at Kakumbi and Msasa in the same country and has defined a nickel /platinum target in Zambia. Its Zambian projects include historic gold and copper mines at Sasare and Mkushi as well as extensive polymetallic deposits at Nyimba, Kampumba and at Lunga. Avmin is carrying out an exploration on the latter. In Mozambique gold and base metal deposits are being evaluated at Majele and a nickel discovery at Muaza. None of this information is new as it is all published on African Eagle's pages on Ofex.

Recently the company made two significant announcements. The first confirmed that Gold Fields, one of the biggest gold producers in the world, had topped up its holding in African Eagle to the tune of £320,000 in shares and warrants. Most of this will be spent by African Eagle on exploration at Miyabi where an extensive drilling campaign to investigate targets identified by the work to date will start in June-July of this year. Gold Fields has until the end of December to decide whether it will take up its right to a full JV with African Eagle, and , if it does, will be able to earn a 51 per cent interest in Miyabi by spending a further £2 million on exploration. Miyabi, in this instance, covers a total of 576 sq kms to include some neighbouring licences acquired by African Eagle.

The other bit of news is that specialist analysis carried out on three rock samples collected from the Eagle Eye and Mweze prospects at the Sasari prospecting licence in Zambia confirms evidence from the previous 29 chip, channel and grab samples that the mineralisation is of the Iron Oxide Copper Gold type and age which characterises a number of major polymetallic deposits around the world including Olympic Dam. These rock samples were taken from prospects which are 2.5 kms apart along strike and confirm that the mineralised system is extensive. All the directors will say at the moment is that they are encouraged that the samples show potential for ore grade polymetallic mineralisation containing platinum group elements, copper, gold, and perhaps silver and uranium. African Eagle has an experienced team and the timing of these two announcements should ensure that the placing is successful whatever hurdles are introduced by lawyers.

[interglobe] 30/5/2003 23:04

News Story


Date : May 28, 2003



African Eagle's Two Announcements re Gold Fields in Tanzania And The Discovery In Zambia make It An Excellent Candidate For AIM.


It is sad for listed companies in the UK, and even sadder for those hoping to list in the UK, but the lunacy that has affected regulators in North America seems to have spread across the Atlantic. A prime example of the disease is on the NYSE which appears to have gone into panic mode following the scandals a few months back at Enron and Worldcom and more recently with leading investment houses. The result has been that the World Gold Council has virtually been put on total silence for a period of six months while it applied to list its new Equity Gold Fund, and now that it has actually managed to file its registration document it has been told that it can say nothing for another 30 days.

Something similar seems to be happening, albeit at a more modest level, with African Eagle, the company which listed on Ofex as Twigg Minerals and changed its name last year when acquiring assets in Zambia. The company is now engaged in raising some money and promoting itself to the AIM market. Just the sort of time, one might think, when a little bit of publicity would be no bad thing, especially as a similar exercise fizzled out before Christmas when its then brokers, Hoodless Brennan, had a few problems and time ran out in a dead market. This time round it is using VSA Associates in cahoots with stockbrokers Durlacher, new entrants to the mining scene.

Minews offered John Park and his team at African Eagle a platform at the coming 11th Minestie Mining Forum to bring London investors up-to-date with the company's progress. After all it is listed on Ofex until the moment it is moved up to AIM and its shares have advanced following two recent announcements. VSA and Durlacher, who are responsible for marketing the shares seemed in favour of the idea, but the lawyers took five days to decide that it was not on. No reason was given and that is what is so stupid. It is perfectly possible for a speaker to stick to a slide show presentation based on information in the public domain that has been vetted by its advisers. Still, it is simpler and safer to say No then Yes and grey men in grey suits always take the safe option whatever the impact on the company paying for their advice.

Just as background, African Eagle is exploring for gold and base metals in Tanzania, Zambia and Mozambique. It has a partnership with Gold Fields to evaluate its gold discovery at the Miyabi project on the Lake Victoria Goldfields of Tanzania and it has also made discoveries at Kakumbi and Msasa in the same country and has defined a nickel /platinum target in Zambia. Its Zambian projects include historic gold and copper mines at Sasare and Mkushi as well as extensive polymetallic deposits at Nyimba, Kampumba and at Lunga. Avmin is carrying out an exploration on the latter. In Mozambique gold and base metal deposits are being evaluated at Majele and a nickel discovery at Muaza. None of this information is new as it is all published on African Eagle's pages on Ofex.

Recently the company made two significant announcements. The first confirmed that Gold Fields, one of the biggest gold producers in the world, had topped up its holding in African Eagle to the tune of £320,000 in shares and warrants. Most of this will be spent by African Eagle on exploration at Miyabi where an extensive drilling campaign to investigate targets identified by the work to date will start in June-July of this year. Gold Fields has until the end of December to decide whether it will take up its right to a full JV with African Eagle, and , if it does, will be able to earn a 51 per cent interest in Miyabi by spending a further £2 million on exploration. Miyabi, in this instance, covers a total of 576 sq kms to include some neighbouring licences acquired by African Eagle.

The other bit of news is that specialist analysis carried out on three rock samples collected from the Eagle Eye and Mweze prospects at the Sasari prospecting licence in Zambia confirms evidence from the previous 29 chip, channel and grab samples that the mineralisation is of the Iron Oxide Copper Gold type and age which characterises a number of major polymetallic deposits around the world including Olympic Dam. These rock samples were taken from prospects which are 2.5 kms apart along strike and confirm that the mineralised system is extensive. All the directors will say at the moment is that they are encouraged that the samples show potential for ore grade polymetallic mineralisation containing platinum group elements, copper, gold, and perhaps silver and uranium. African Eagle has an experienced team and the timing of these two announcements should ensure that the placing is successful whatever hurdles are introduced by lawyers.

[interglobe] 18/5/2003 14:23

My understanding is that AER/VSA/DUC hit the "fund raising" road from next week in preparation for AIM.