Aerte Grp Share Discussion Threads

[energyi] 17/6/2003 00:34

SS,
Durlacher is organsing/has orgainised a placement at 6P.
Raising something like an estimated £1.4 Mn.
It will be announced shortly, I if I am not mistaken ...

The price is a bargain, I believe. And was set at this level, I understand,
because one large institutional buyer insisted on this price and the
company decided they wanted them in

[energyi] 17/6/2003 00:33

LIFTED BY ITS JV?:
This was announced last week:
"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."
...
That's: 3200K x 10P: £ 320 K
Placing now:
at 6P: xxxxxK x 6 P: £1400 K (estimated)

It's great to see the new placement shareholders may be getting a better deal than GoldFields. Why would GF tolerate this? Because they value the exploration expertise, and relative cost advantage that will be delivered by AER. Even after the AIM listing cost, which I will estimate at £350K, this suggests that AER may have about £1070 Mn in the bank to advance its projects

[sharestriker] 17/6/2003 00:26

are you sure 6p is correct seems low to me as gold fields just
paid 10p although i have not followed the company that closely recently

[energyi] 17/6/2003 00:12

up today:
African Eagle Resources plc 8. 75 9. 75 +0. 50p +5.71%

NICE STEADY RISE:


update?:

[interglobe] 16/6/2003 18:56

Aye to that !

[energyi] 16/6/2003 18:05

regards, Paul.
Hope that we all make some money!

[sharestriker] 16/6/2003 17:44

energyi
thanks for your posts today as this enabled me to be part
of the placing. I only just made the deadline.
Regards
Paul

[energyi] 16/6/2003 17:36

SS,
AER will fall only if there are "loads of shareholders waiting
to sell into the (supposed) AIM liquidity". (I have seen that happen
a few times in the past)

If instead, the company has found some institutions who have been
waiting for the chance to buy AER after it achieves its AIM quote,
then it will hold up.

The good thing is that there is likely to be some news in coming
weeks asd their drilling etc gets underway. And that may help to
sustain the price.

ARE looks an absolute Bargain in comparison with Tange Range.
But that one gets some enormous hype out of the J.Sinclair stable

[interglobe] 16/6/2003 16:50

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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-gold deposit at Sasare in eastern Zambia, where Mr Parker said there were similarities with Australian mining sites.

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.

[interglobe] 16/6/2003 16:46

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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-gold deposit at Sasare in eastern Zambia, where Mr Parker said there were similarities with Australian mining sites.

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.

[interglobe] 16/6/2003 16:45

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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-gold deposit at Sasare in eastern Zambia, where Mr Parker said there were similarities with Australian mining sites.

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.

[interglobe] 16/6/2003 16:43

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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-gold deposit at Sasare in eastern Zambia, where Mr Parker said there were similarities with Australian mining sites.

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.

[sharestriker] 16/6/2003 14:52

will they therefore reduce in share price when they transfer to aim

[energyi] 16/6/2003 11:52

ss,
Good collection of Press Releases here.
I will add a Link from my new "Charts& Fundamentals" thread on AER:

[sharestriker] 16/6/2003 11:36

For those who may have an interest in AER there has been
a small increase this morning of 6%

[interglobe] 15/6/2003 21:19

Fingers Crossed for AIM !

[energyi] 15/6/2003 20:53

yes it is.
6P was also the original OFEX flotation price, I believe.
It rose smartly from there (see chart)

[simonevans] 15/6/2003 08:02

Thanks, 6p is quite a discount. I'll look again when floated on AIM.

[energyi] 14/6/2003 19:57

The placing has been done at 6P.
You can try Durlachers, but I think it is closed now

[simonevans] 14/6/2003 19:43

I have sent for the prospectus, but nothing has arrived yet. Is it an offer for subscription or just a placing?

[energyi] 14/6/2003 19:29

John Park
& Mark Parker hold 15%, prior placement

[interglobe] 14/6/2003 15:52

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.

[interglobe] 14/6/2003 15:50

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.

[interglobe] 14/6/2003 15:49

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] 14/6/2003 00:05

sorry. just saw your message, IG

here's a comparable: Tan Range, maybe?:
Expect for the Very High Mkt.Cap on TNX...
C$1.57 x 73mn= C$115mn /1.34= US$ 86mn
website:
Business and Strategy
The Company's acknowledged expertise in project generation, grass roots and advanced exploration techniques, and deal structuring, offers investors significant leverage to gold prices with minimal risk and limited shareholder dilution. Our ability to value-add projects and make them attractive to industry partners such as Barrick Gold continues to reinforce our business model and lays the groundwork for significant long-term share capital appreciation and/or investment returns to shareholders.

Mitigating risk remains a priority and we achieve this by entering into partnerships with major companies who fund work on our properties while we retain a significant royalty interest in future gold production. Ours is a variation of the strategy employed by Franco Nevada Mining which merged with Newmont Mines and Australia's Normandy Mining in 2002 to form the world's largest gold producer.

Our business model does not at present include any investment in producing mines which are typically very expensive and beyond our financing capabilities. Nonetheless, we remain an effective proxy for major gold companies seeking to replenish reserves depleted by mining. Our royalty interest in projects achieving commercial production provides us with a direct interest in a mine's cash flow, with exposure to new discoveries and production growth, yet without the capital obligations or environmental liabilities associated with direct ownership.

At present, we have 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 which is expected to produce approximately 362,000 ounces of gold this year at a cash cost of $191 per ounce. Also in the Victoria Lake greenstone belt, the AngloGold/Ashanti joint venture operates the Geita Mine which produced 138,819 ounces gold in the first quarter of 2002 at a cash operating cost of US$146 per ounce

--- developing...
- - - - -
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