AFRICAN EAGLE ANNOUNCES APPOINTMENT OF NEW CHAIRMAN
African Eagle Resources plc (AIM: AFE; AltX: AEA) today announces the
appointment of Euan Worthington as Non-Executive Chairman with effect
from 14 October 2009. John Park, who has served as African Eagle's
Chairman since 1998, has informed the Company of his intention to
retire from this position and from the Board from this date.
Managing Director Mark Parker said, "The Board acknowledges with
great appreciation John's many contributions during his eleven year
tenure on the Company's Board. John has been a very active Chairman
who has dedicated substantial time and effort to the Company. We will
miss him and wish him the best in his future endeavours.
"We are very pleased to announce that John's successor will be Euan
Worthington, who has been the Deputy Chairman of African Eagle since
October 2006 and a board member since 2003. Euan is well known in the
City of London, having worked in mining corporate finance and
research at Hoare Govett, Shearson Lehman, SGWarburg and ABN Amro. He
has extensive experience of mining finance and participated, as Team
Leader or Mining Adviser, in numerous deals, including advising
Sutton Resources in Tanzania and Falconbridge Gold in Zimbabwe. Euan
remains Chairman of DiamondCorp and a Non-Executive Director of
European Nickel. He will bring valuable knowledge and aptitude as the
development of Dutwa continues. "
For further information:
Mark Parker
Managing Director
African Eagle
+44 20 7248 6059
+44 77 5640 6899
Nicola Marrin
Seymour Pierce Limited, London
Nominated Adviser
+ 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 (0) 7733 363 501
About African Eagle
African Eagle is a mineral exploration and development company
operating in eastern and central Africa. The Company's principal
advanced project is the Dutwa nickel laterite discovery in Tanzania,
where the Company announced results of a positive scoping study in
July 2009, which indicated that Dutwa, if it were in production
today, would be profitable. African Eagle is also a partner in the
Mkushi Copper Mines project in Zambia, for which a draft Feasibility
Study was completed in Q4 2008.
African Eagle has also defined a gold resource estimated at half a
million ounces at the Miyabi gold project in Tanzania, and is
evaluating a second promising nickel laterite deposit which it
recently discovered in Tanzania. The Company holds a well-balanced
portfolio of promising earlier stage gold and base metal projects,
including the Ndola and Mokambo projects in the Zambian Copperbelt.
Zambia, Tanzania and Mozambique, the sites of African Eagle's
projects, are all countries which have highly prospective geology,
relatively low above-ground risks and track records of successful
major investments in the metals and minerals industries.
African Eagle specialises in project generation and exploration. To
take its discoveries into production, it seeks to sign up industry
partners with records of successful mine development. These joint
ventures and, in time, the revenue from advanced projects, will
finance future exploration and new discoveries.
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