AFRICAN EAGLE RESOURCES PLC 
By
30 April 2010
AFRICAN EAGLE RESOURCES plc: PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER
2009
African Eagle Resources plc ("African Eagle" or "the Company", ticker AIM: AFE,
AltX: AEA) today announces its preliminary results for the year ended 31
December 2009. The Company's annual consolidated financial statements have been
prepared in accordance with International Financial Reporting Standards ("IFRS")
as adopted by the European Union. The information in this preliminary
announcement has been extracted from the audited financial statements for the
year ended 31 December 2009 and as such, does not contain all of the information
required to be disclosed in the financial statements prepared in accordance with
IFRS. The Company will publish its full Annual Report and Financial Statements
to shareholders in May.
CHAIRMAN'S STATEMENT
Dear Shareholder
After three years as Deputy Chairman, I was honoured that your Board appointed
me Chairman following the retirement of John Park in October 2009. We must all
thank John for his tireless work and great enthusiasm for African Eagle during
his eleven years on the Board.
Following the Strategic Review carried out at the end of 2008 and announced in
January 2009 as well as the plans that we announced last October, our strategy
continues on track with its focus on the nickel oxide province that we
discovered in the north of Tanzania. We completed a positive scoping study on
Dutwa in July 2009 and in recent months we have been drilling the Ngasamo target
which is only 5km away. Results to date from this programme are matching our
expectations.
With the gold price reaching a new record high and copper prices firming up
after the global slowdown, some observers continue to question why we have
chosen to focus our efforts on nickel. I would like to take this opportunity to
reiterate why we believe nickel has a bright future.
Why Nickel?
Since 1950, nickel demand has grown tenfold; faster than that for any other
major base metal, by an average 4.7% year on year, compared to 3.3% for copper.
Some 65% of nickel production goes into stainless steel manufacturing, improving
strength and ductility while adding resistance to corrosion and high
temperatures. Most people are aware of the many uses for stainless steel in the
home but of greater importance is the wide ranging use of nickel in industrial
applications such as oil and chemical refineries, the food preparation industry,
construction and power generation not to mention in super alloys for the
aerospace and petrochemical industries.
With this wide range of applications, it is hardly surprising that nickel demand
is increasing with China outstripping every other geographical region. We are
also encouraged by the statement from a spokesman for leading global research
group Commodities Research Unit at the recent Mines and Money Conference in Hong
Kong that nickel was among the "hot" metals for the longer term.
Deposits like Dutwa are progressively dominating the nickel industry, as fewer
sulphide deposits are being discovered and developed. Laterites already provide
around 40% of the world's nickel and make up 70% of the world's nickel
resources. While we are not concerned with the short term price fluctuations, we
do note that the recovery of the nickel price, to around $11/lb (end March) from
its January 2009 low of $6/lb, is an indication of the positive market
fundamentals.
Admittedly, nickel laterites do not have an unblemished reputation. They can be
metallurgically tricky, and some developments have not delivered as predicted.
Most of these deposits have such a high iron content (30% to 50%) that they have
to be processed using high temperature, high pressure acid leaching (HPAL). This
is why Dutwa is so special: its unique low-iron metallurgy will allow the
nickel to be extracted efficiently from the ore by simple acid leaching, without
recourse to the hi-tech complications of HPAL. In fact, Dutwa is so different
from other surface nickel deposits, that we are now calling it an oxide rather
than a laterite deposit.
Nickel Projects
The latest metallurgical test results show just how special Dutwa is in contrast
to other nickel laterite deposits. Our column tests, a proxy for heap leaching,
show a fast initial leach which extracts about 60% of the nickel within 10 days,
followed by a rather more leisurely phase which brings the total extraction to
95% after 5 months. In comparison, at one of the few operating nickel heap
leach projects for which published data is available, almost one year of
leaching was required to extract 60% of the nickel from trial heaps and 540 days
to extract 80%. Tank leaching at Dutwa shows similarly fast leaching, with
almost the entire reaction occurring in the first hour.
These extremely fast leaching kinetics have important profitability
implications, especially for the heap leach method, as they mean that working
capital will not be tied up for many months while the heap reaches full
productivity.
The "proof of concept" scoping study completed by GRD Minproc, delivered in July
2009, made a strong investment case for the project. Although the Study had to
adopt a fairly broad brush approach to many of the parameters, it showed that
the project would be viable at a base nickel price of $7/lb. This gave the Board
the confidence to go ahead with the project. If we use the current $11/lb nickel
price, we get a life of mine revenue of $3.6bn, for a deposit that has a metal
endowment equivalent in value to around 10 million ounces of gold.
It seems that the Company has identified a whole new province of oxide nickel
deposits which are uniquely amenable to low-cost leaching. As well as Dutwa and
Ngasamo, African Eagle holds the Zanzui nickel project, which is only 60km from
Dutwa and offers potential economies of scale. Zanzui is potentially twice as
large as Dutwa and preliminary metallurgical tests showed that it shares the
same fast, low-acid leaching characteristics.
Nickel Work Programme
We are making excellent progress towards our pre-feasibility study ("PFS") on
Dutwa. Our step-out and infill geostatistical drilling at Dutwa is close to
completion while drilling for an inferred resource and Phase 1 metallurgical
tests is complete at Ngasamo. To make the most of Dutwa's exceptional
metallurgy, we have recruited one of the world's top nickel laterite
metallurgists, Dr. Chad Czerny, to manage and implement the metallurgical
testwork and engineering design programmes.
Once we have a good idea of the best processing flow-sheet, we will commission
engineering design and costing, leading to an updated financial model and a
pre-feasibility report which we hope to complete around the end of 2010.
Non-core projects
We recently announced an agreement to vend the Igurubi gold project in Tanzania
to Australian quoted group Peak Resources ticker ASX: PEK, a transaction that
values the project at some £2.6m, or more if Peak's share price continues to
rise.
This is the first of several deals in progress or under negotiation over our
"non-core" assets. The other deals to be concluded involve our Zambian copper
projects including the advanced Mkushi mining joint venture and the Miyabi gold
project in Tanzania where we have a JORC resource of 520,000 ounces of gold
which has a gross value in the ground of $589 million at today's prices. Our
objectives in negotiating these deals are to obtain the best value for our past
investment and intellectual property, to ensure that the projects continue to be
explored and developed and in doing so share in their future success.
Looking Forward
It has been a frustrating year for the Board and management as the share price
continues to languish despite the growing value of our assets. I can promise you
as shareholders ourselves, we are working very hard to gain recognition for this
inherent value. We will push on with the PFS at Dutwa and with negotiations to
sell or farm-out our non-core assets.
I would like to thank our shareholders for their support shown during the fund
raising in 2009. The open offer was oversubscribed and together with the private
placement raised £3.4 million to progress Dutwa and cover corporate overheads.
On this topic, I am pleased to see that in the recent UK budget it is proposed
that AIM listed shares will be allowed in ISAs which should help to further
improve the liquidity of African Eagle's shares. Also, I note that The European
Parliament`s Economic and Monetary Affairs Committee is proposing that the
threshold for raising funds without a prospectus be raised from EUR2.5m to EUR5.0m
and the number of investors that can be approached is increased from 100 to 250
persons.
I would also like to recognise the hard work and commitment of all our employees
during the year. I expect 2010 to produce further positive developments which
will finally give us recognition in the eyes of the investment community.
Euan Worthington
Chairman
30 April 2010
Consolidated Statement of Comprehensive Income For The Year Ended 31 December
2009
Year to 31 December Year to 31 December
2009 2008
Note
£ £
Depreciation expense (60,659) (86,405)
Employee benefits expense (500,305) (979,613)
Impairment of deferred 3 (221,169) (4,442,563)
exploration expenditure
Impairment of goodwill - (103,188)
Share of loss in associate (7,476) (15,385)
Other expenses (453,200) (446,844)
--------------------------------------------------------------------------------
Operating loss (1,242,809) (6,073,998)
Finance income:
Bank interest receivable 29,887 228,856
Foreign exchange gain 23,328 363,183
--------------------------------------------------------------------------------
Loss before tax (1,189,594) (5,481,959)
Income tax expense - -
--------------------------------------------------------------------------------
Loss attributable to equity (1,189,594) (5,481,959)
owners for the year
--------------------------------------------------------------------------------
Other comprehensive
(loss)/income:
Exchange differences on (857,040) 1,907,024
translation of foreign
operations
Disposal of available for 13,694 (4,495)
sale investments
--------------------------------------------------------------------------------
Other comprehensive (843,346) 1,902,529
(loss)/income for the year
--------------------------------------------------------------------------------
Total comprehensive loss (2,032,940) (3,579,430)
attributable to equity
owners for the year
--------------------------------------------------------------------------------
Loss per share:
Basic/diluted loss per 1 (0.5p) (2.6p)
share from total and
continuing operations
Headline/diluted loss per 1 (0.4p) (0.4p)
share from total and
continuing operations
--------------------------------------------------------------------------------
All operations are continuing.
Consolidated Statement of Financial Position For The Year Ended December 2009
31 December 2009 31 December 2008 31 December
2007
Note
£ £ £
ASSETS
Non-current assets
Property, plant and 80,706 122,246 156,337
equipment
Goodwill 2 - - 103,188
Available for sale - 1,967 6,462
investments
Investment in associates 2,319,435 2,123,371 1,809,901
Investment in joint 34,626 35,293 -
ventures
Deferred exploration costs 2 10,261,104 9,717,268 8,441,854
--------------------------------------------------------------------------------
Total non-current assets 12,695,871 12,000,145 10,517,742
--------------------------------------------------------------------------------
Current assets
Other receivables 124,063 137,636 383,339
Cash and cash equivalents 3,293,014 2,709,957 7,051,744
--------------------------------------------------------------------------------
Total current assets 3,417,077 2,847,593 7,435,083
--------------------------------------------------------------------------------
Total assets 16,112,948 14,847,738 17,952,825
--------------------------------------------------------------------------------
LIABILITIES
Current liabilities
Other payables (322,740) (269,218) (392,628)
--------------------------------------------------------------------------------
Total liabilities (322,740) (269,218) (392,628)
--------------------------------------------------------------------------------
Net assets 15,790,208 14,578,520 17,560,197
--------------------------------------------------------------------------------
EQUITY
Equity attributable to
owners of the parent:
Share capital 2,967,622 2,125,402 2,123,402
Share premium account 21,678,832 19,323,784 19,311,622
Merger reserve 705,723 705,723 705,723
Available for sale - (13,694) (9,199)
revaluation reserve
Foreign currency reserve (139,290) 717,750 (1,189,274)
Retained losses (9,422,679) (8,280,445) (3,382,077)
--------------------------------------------------------------------------------
Total equity 15,790,208 14,578,520 17,560,197
--------------------------------------------------------------------------------
Consolidated Statement of Changes in Equity For The Year Ended 31 December 2009
Share Share Merger Available Foreign Retained Total
Capital premium Reserve for sale currency Losses equity
account revaluation reserve
reserve
£ £ £ £ £ £ £
Balance 2,125,402 19,323,784 705,723 (13,694) 717,750 (8,280,445) 14,578,520
at 31
December
2008
--------------------------------------------------------------------------------------------
Loss for year - - - - - (1,176,876) (1,176,876)
Other
comprehensive
income/(loss):
Exchange - - - - (857,040) - (857,040)
differences on
translation of
foreign
operations
Available for - - - 976 - - 976
sales
investments -
fair value
adjustment
Disposal of - - - 12,718 - (12,718) -
available for
sale
investments
--------------------------------------------------------------------------------------------
Total - - - 13,694 (857,040) (1,189,594) (2,032,940)
comprehensive
income/(loss)
for the year
--------------------------------------------------------------------------------------------
Transactions
with equity
owners for
2009:
Issue of share 842,220 2,526,660 - - - - 3,368,880
capital
Share issue - (171,612) - - - - (171,612)
costs
Share-based - - - - - 47,360 47,360
payments
--------------------------------------------------------------------------------------------
Total 842,220 2,355,048 - - - 47,360 3,244,628
transactions
with equity
owners
--------------------------------------------------------------------------------------------
Balance at 31 2,967,622 21,678,832 705,723 - (139,290) (9,422,679) 15,790,208
December 2009
--------------------------------------------------------------------------------------------
Consolidated Statement of Changes in Equity For The Year Ended 31 December 2008
Share Share Merger Available Foreign Retained Total
Capital premium Reserve for sale currency Losses equity
account revaluation reserve
reserve
£ £ £ £ £ £ £
Balance 2,123,402 19,311,622 705,723 (9,199) (1,189,274) (3,382,077) 17,560,197
at 31
December
2007
----------------------------------------------------------------------------------------------
Loss for year - - - - - (5,481,959) (5,481,959)
Other
Comprehensive
income/(loss):
Exchange - - - - 1,907,024 - 1,907,024
differences on
translation of
foreign
operations
Available for - - - (4,495) - - (4,495)
sale
investments
----------------------------------------------------------------------------------------------
Total - - - (4,495) 1,907,024 (5,481,959) (3,579,430)
comprehensive
income/(loss)
for the year
----------------------------------------------------------------------------------------------
Transactions
with equity
owners for
2008:
Issue of share 2,000 14,000 - - - - 16,000
capital
Share issue - (1,838) - - - - (1,838)
costs
Share-based - - - - - 583,591 583,591
payments
----------------------------------------------------------------------------------------------
Total 2,000 12,162 - - - 583,591 597,753
transactions
with equity
owners
----------------------------------------------------------------------------------------------
Balance at 31 2,125,402 19,323,784 705,723 (13,694) 717,750 (8,280,445) 14,578,520
December 2008
----------------------------------------------------------------------------------------------
Consolidated Statement of Cash Flows For The Year Ended 31 December 2009
Year to 31 December Year to 31 December
2009 2008
Note
£ £
Operating activities
Loss before taxation (1,189,594) (5,481,959)
Adjustments for:
Depreciation 60,659 86,405
Exchange gain (3,251) (8,141)
Loss on disposal of property, 705 1,839
plant and equipment
Interest received (29,887) (228,856)
Impairment of deferred 3 221,169 4,442,563
exploration expenditure
Share-based payments 47,360 583,591
Share of loss in associate 7,476 15,385
venture
Impairment of goodwill 2 - 103,188
Decrease in other receivables 8,544 273,662
Increase/(decrease) in other 3,797 (116,230)
payables
Share of joint venture 630 (1,540)
loss/(gain)
Disposal of available for sale 12,718 -
investments
--------------------------------------------------------------------------------
Cash flows from operating (859,674) (330,093)
activities
--------------------------------------------------------------------------------
Investing activities
Payments to acquire property, (26,505) (43,892)
plant and equipment
Payments for deferred (1,458,630) (4,020,510)
exploration expenditure
Interest received 29,887 228,856
Investments in associates (290,308) (185,718)
Investments in joint ventures - (33,753)
Sale of investment for resale 2,943 -
--------------------------------------------------------------------------------
Cash flows used in investing (1,742,613) (4,055,017)
activities
--------------------------------------------------------------------------------
Financing activities
Proceeds from issue of share 3,197,268 14,162
capital
--------------------------------------------------------------------------------
Cash flows from financing 3,197,268 14,162
activities
--------------------------------------------------------------------------------
Net increase/(decrease) in 594,981 (4,370,948)
cash and cash equivalents
Cash and cash equivalents at 2,709,957 7,051,744
beginning of year
Exchange (gain)/loss (11,924) 29,161
--------------------------------------------------------------------------------
Cash and cash equivalents at 3,293,014 2,709,957
end of year
--------------------------------------------------------------------------------
Notes to the Consolidated Statements For The Year Ended 31 December 2009
1. Loss per Share
Basic loss per share
The calculation of basic loss per share is based on the loss for the year
divided by the weighted average number of shares in issue during the year. In
calculating the diluted loss per share potential ordinary shares such as share
options and warrants have not been included as they would have the effect of
decreasing the loss per share. Decreasing the loss per share would be
antidilutive.
2009 2008
£ £
Loss for the year (1,189,594) (5,481,959)
------------------------------------------------------------------------
Weighted average number of shares in issue 246,459,673 212,467,525
------------------------------------------------------------------------
Basic & diluted loss per share (0.5p) (0.6p)
------------------------------------------------------------------------
Headline loss per share
Headline loss per share has been calculated in accordance with the Institute of
Investment Management and Research's ("IIMR") Statement of Investment Practice
No. 1 entitled 'The Definition of Headline Earnings' and The South African
Institute of Chartered Accountants Circular 8/2007 entitled 'Headline Earnings'.
Circular 8/2007 contains various rules on IFRSs which were issued before June
2007. Many amendments to IFRSs have been issued since June 2007 and as a result
Circular 3/2009 - Headline Earnings has been issued to revise Circular 8/2007.
Circular 3/2009 has amended the rules table of Circular 8/2007 to take into
account all amendments to IFRSs issued from June 2007 to April 2009. Circular
3/2009 is effective for interim and/or annual financial periods ending on or
after August 31, 2009.
The calculation of headline loss per share is based on the headline loss for the
year divided by the weighted average number of shares in issue during the year.
No diluted headline loss per share has been calculated as it would be
antidilutive by reducing the headline loss per share.
2009 2008
£ £
Headline loss
Loss for the year (1,189,594) (5,481,959)
Adjusted for:
Plus loss on sale of fixed assets 705 1,839
Plus impairment of deferred exploration assets 221,169 4,442,563
Plus Group share of associated loss 7,476 15,385
Plus/(less) Group share of joint venture 630 (1,540)
Plus impairment of available for sale financial 12,718 -
assets
Plus impairment of goodwill - 103,188
--------------------------------------------------------------------------------
Headline loss for the year (946,896) (920,524)
--------------------------------------------------------------------------------
Weighted average number of shares in issue 246,459,673 212,467,525
--------------------------------------------------------------------------------
Basic and diluted headline loss per share (0.4p) (0.4p)
--------------------------------------------------------------------------------
2. Intangibles
The Group 2009
Goodwill on Deferred Total
Consolidation Exploration costs
£ £ £
Cost:
At 1 January 2009 - 9,717,268 9,717,268
Foreign currency exchange differences - (746,873) (746,873)
Additions - 1,511,878 1,511,878
Impairment charge - (221,169) (221,169)
--------------------------------------------------------------------------------
At 31 December 2009 - 10,261,104 10,261,104
--------------------------------------------------------------------------------
The Group 2008
Goodwill on Deferred Total
Consolidation Exploration costs
£ £ £
Cost:
At 1 January 2008 103,188 8,441,854 8,545,042
Foreign currency exchange - 1,758,217 1,758,217
differences
Additions - 3,959,760 3,959,760
Impairment charge (103,188) (4,442,563) (4,545,751)
--------------------------------------------------------------------------------
At 31 December 2008 - 9,717,268 9,717,268
--------------------------------------------------------------------------------
The Group 2007
Goodwill on Purchased Deferred Total
Consolidation goodwill Exploration costs
£ £ £ £
Cost:
At 1 January 2007 103,188 3,000 7,172,869 7,279,057
Foreign currency exchange - - 260,330 260,330
differences
Additions - - 2,954,342 2,954,342
Transfers - - (1,814,019) (1,814,019)
Impairment charge - (3,000) (131,668) (134,668)
--------------------------------------------------------------------------------
At 31 December 2007 103,188 - 8,441,854 8,545,042
--------------------------------------------------------------------------------
3. Impairment of Deferred Exploration
During the year a number of projects were impaired on the grounds they were not
economically feasible. The geographical location of these projects is shown
below:
2009 2008
£ £
Tanzania 91,801 657,597
Zambia 2,964 2,918,989
Mozambique 126,404 865,977
---------------------------------------------------------------
221,169 4,442,563
---------------------------------------------------------------
Reason for
Project Country Mineral Impairment £ impairment
+-------+----------+------------------+------------+-------------------+
|Fingoe |Mozambique|Gold | 80,393|Not prospective |
+-------+----------+------------------+------------+-------------------+
|Majele |Mozambique|Gold, base metals | 35,140|Not prospective |
+-------+----------+------------------+------------+-------------------+
|Rupa |Tanzania |Gold | 42,234|Not prospective |
+-------+----------+------------------+------------+-------------------+
|Other* |Tanzania |Gold | 49,567|Not prospective |
+-------+----------+------------------+------------+-------------------+
|Other* |Mozambique|Gold, silver | 10,871|Not prospective |
+-------+----------+------------------+------------+-------------------+
|Other* |Zambia |Base metals | 2,964|Not prospective |
+-------+----------+------------------+------------+-------------------+
|Total | | | 221,169| |
+-------+----------+------------------+------------+-------------------+
* Final cost of projects impaired in
2008
The projects impaired in 2008 are detailed below.
Impairment Reason for
Project Country Mineral £ impairment
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Not |
|Fingoe |Mozambique |Gold | 165,996|prospective |
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Not |
|Majele |Mozambique |Gold, base metals | 518,494|prospective |
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Not |
|Tambara |Mozambique |Gold, silver | 166,145|prospective |
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Not |
|Kakumbi |Tanzania |Gold | 132,784|prospective |
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Not |
|Kiwasi |Tanzania |Gold | 78,866|prospective |
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Not |
|Kisamamba|Tanzania |Gold | 65,760|prospective |
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Not |
|Mabale |Tanzania |Gold | 53,426|prospective |
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Not |
|Mabeya |Tanzania |Gold, | 70,453|prospective |
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Licence not |
|Sasare |Zambia |Iron-Oxide-Copper-Gold| 1,737,829|renewed** |
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Licence not |
|Kampumba |Zambia |Copper | 554,208|renewed** |
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Licence not |
|Lunga |Zambia |Copper, gold, uranium | 626,952|renewed** |
+---------+-------------------+----------------------+-----------+-------------+
| | | | |Not |
|Other* |Tanzania/Mozambique|Mainly gold | 271,650|prospective |
+---------+-------------------+----------------------+-----------+-------------+
|Total | | 4,442,563| |
+---------+------------------------------------------+-----------+-------------+
* Impairments less than £50,000.
** The three Zambian licences were dropped as under new government rules
prospecting licences cannot be held for more than seven years. Certain areas
within these licenses have been applied for by Kujima, a joint venture company
set up between African Eagle and a local Zambian partner.
4. Going Concern
It is the prime responsibility of the Board to ensure the Company remains a
going concern. At the year ended 31 December, 2009 the Company had cash and cash
equivalents of £3.3 million and no borrowings. The Board considers this is
sufficient to maintain the Company as a going concern for a period of twelve
months from the date of signing the annual report and accounts. The Company has
used various methods to fund its operations in the past. Over the past year the
Company has been speaking to prospective partners about its copper, gold and
uranium projects with the view of joint venturing these projects or selling them
outright. In 2009 the Company successfully raised gross proceeds of £3.4 million
with the majority of funds coming from existing shareholders through an open
offer. Although African Eagle has been successful in raising finance in the
past, there is no assurance that it will be able to obtain adequate finance in
the future. However, the directors have a reasonable expectation that they will
secure additional funding when required to. For this reason, the directors
continue to adopt the going concern basis in preparing the financial statements.
5. Summary Accounts
The summary accounts set out above do not constitute statutory accounts as
defined in Section 435 of the Companies Act 2006 in respect of the 2009 Accounts
or by Section 240 of the Companies Act 1985 in respect of the 2008 Accounts. The
summarised consolidated statement of comprehensive income together with the
consolidated statement of financial position, the summarised consolidated
statement of changes in equity and the summarised consolidated statement of cash
flow for the year then ended have been extracted from the Group's 2009 audited
statutory financial statements. The auditor's report on the statutory financial
statements for the years ended 31 December 2009 and 2008 were unqualified and
did not contain any statement under Section 498(2) or (3) of the Companies Act
2006.
6. Preliminary Statement
Copies of the Annual Report will be sent to shareholders that have elected to
receive hardcopy documents in May and will be available from the Company at 2nd
Floor, 6-7 Queen Street, London, EC4N 1SP. The full financial statements will be
made available on the Company's website www.africaneagle.co.uk
<http://www.africaneagle.co.uk/> at the same time they are mailed to
shareholders.
For further information, see the Company's website www.africaneagle.co.uk
<http://www.africaneagle.co.uk/> or contact one of the following:
Bevan Metcalf
African Eagle
+44 20 7248 6059
Nicola Marrin
Seymour Pierce Limited, London
+44 20 7107 8000
Charmane Russell
Russell & Associates, Johannesburg
+27 11 8803924
+27 82 8928052
Ed Portman / Leesa Peters
Conduit PR, London
+44 20 7429 6607
+44 7733 363 501
[HUG#1410142]
AFRICAN EAGLE RES : Preliminary Results
April 30, 2010 at 02:05 am EDT
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© GlobeNewswire - 2010
