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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
African Eagle | LSE:AFE | London | Ordinary Share | GB0003394813 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.275 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8452S African Eagle Resources PLC 04 December 2003 AFRICAN EAGLE RESOURCES PLC Completion of Placing and Project Update With results from its Miyabi and Eagle Eye projects looking promising and drilling programmes totalling 12,000 metres currently underway at the two projects, African Eagle has decided to accelerate exploration at two additional target areas, the Muazua nickel and Kampumba copper-gold-silver projects. To help facilitate this, the Company has completed a #1.1 million fundraising with institutional investors. The placees include two funds managed by Carmignac, a major French investment institution and JP Morgan Fleming, which is already a significant shareholder. The Placing consists of 6,836,060 Ordinary Shares at a price of 16.5p per share, for a total of #1,127,950. The Company has also received notice of exercise of 10,000 warrants to subscribe for new Ordinary Shares at 6p each. Application has been made for all these new Ordinary Shares to be admitted to trading on AIM. African Eagle's board considers that the Muazua nickel project in Mozambique and the Kampumba copper project in Zambia are the most likely of its other existing projects to deliver results which will add value in the short term. At Muazua, a 1% nickel stream sediment anomaly led to discovery of extensive nickel-bearing gossans on the Mount Muazua ultramafic complex. Initial channel chip sampling across these gave grades up to 2% nickel. On the Kampumba exploration licence, a single diamond drill hole in the 1960's on the 5.5km long Tandalwe copper geochemical anomaly gave a copper mineralised intersection of 57m, with significant silver content. African Eagle also plans to recruit an exploration manager for Zambia and Mozambique. The following table sets out the shareholdings of the Company's significant shareholders and directors after the Placing and Exercise Significant shareholders: No of shares % RAB Capital managed funds 19,600,000 25.90 Orogen Holding (BVI) Ltd 6,903,703 9.12 JPMF Natural Resources fund 5,750,000 7.60 Carmignac managed funds 4,500,000 5.95 Mr R B Rowan 3,043,826 4.02 Directors: John Park 3,508,467 4.64 Mark Parker 2,256,087 2.98 Chris Davies 266,667 0.35 Euan Worthington 225,000 0.30 Geoffrey Cooper 669,300 0.88 Extension of Gold Fields Option Agreement African Eagle's current 8,000m drilling programme at Miyabi, follows on from the very good gold intersections obtained during July's RC and diamond drilling, reported in our news release of 3 September. The drilling is expected to be completed this month, but there has been some delay arising from the sale by the Company's drilling contractor of its Tanzanian business to Stanley Mining Services Pty Ltd. Gold Fields Limited, through its subsidiary Orogen Holding, has a right to enter into a joint venture with African Eagle on the Miyabi Project. Under the Company's agreements with Gold Fields, this right must be exercised before 31 December 2003, but to allow sufficient time for Gold Fields to evaluate the results of the current drilling, the last date for exercise has been deferred by one month to 31 January 2004. Avmin In Zambia, a subsidiary of Anglovaal Mining (Avmin) has been exploring the Lunga sediment-hosted base metals project under an option with the Company. Having spent more than US$720,000 on exploration at Lunga, Avmin has recently reviewed its Zambian activities and notified the Company that it does not wish to exercise its option to vest into the project. African Eagle is now reviewing all the data obtained by Avmin and will consider the options available, including bringing in a new partner. Five diamond drill holes and numerous air core holes were completed by Avmin, with intersections including 90m grading 0.3% copper and 0.7% zinc and 12m of 3.6% zinc. Current Exploration African Eagle is currently drilling on both its priority projects. In addition to its 8,000 metre programme at the Miyabi Gold Project, which is expected to be completed by mid-December, the Company is mid-way through a 4,000 metre programme at Eagle Eye to test the quality and continuity of the mineralised zone reported in our news release of 28 October. Results from these programmes will be released as they become available. For further information Tel Fax John Park (Chairman) African Eagle 00 61 7 5528 6750 00 61 7 5528 6750 Mark Parker (MD) African Eagle 01590 679 420 020 7691 7745 Leesa Peters Conduit PR 078 1215 9885 020 7936 9100 Hugh Oram Nabarro Wells 020 7710 7400 020 7710 7401 This information is provided by RNS The company news service from the London Stock Exchange END IOEUUGCGPUPWGBW
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