African Eagle Resour : Share Option Scheme

African Eagle Resources plc
Share Option Scheme

African Eagle Resources plc ("African Eagle" or "the Company", ticker AIM: AFE, AltX: AEA) announced today that the Board had approved an Enterprise Management Incentive (EMI) Plan. Share options currently held by UK tax resident employees under the Company's Unapproved Share Option Scheme will be cancelled and re-issued under the EMI Plan which offers UK tax advantages. The rules of the EMI Plan are not materially different from the rules of the Company's Unapproved Share Option Scheme. The total number of options granted by the Company and the exercise price of these options is unaffected by the EMI Plan. The existing Unapproved Share Option Scheme is not affected for employees who are non UK tax payers.

Managing Director, Mark Parker comments, "Our existing incentive option scheme has been good for the Company, helping us to recruit, retain and motivate employees with the skills to help the Company grow and succeed. The transfer of UK taxpaying staff from the existing scheme into an EMI Plan will allow them to take advantage of UK tax concessions."

Following the issue of the Placing Shares there will be 384,762,128 Ordinary Shares in issue. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, African Eagle under the FSA's Disclosure and Transparency Rules.

For further information on African Eagle, see the Company's web site www.africaneagle.co.uk or contact one of the following:

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

David Banks
Seymour Pierce Limited, London
Corporate Broking
+ 44 20 7107 8000

Guy Wilkes
Ocean Equities Limited, London
Corporate Broking
+ 44 20 786 4370

Charmane Russell / Marion Brower
Russell & Associates, Johannesburg
+ 27 11 8803924
+27 82 8928052

Ed Portman / Leesa Peters
Conduit PR, London
+44 20 7429 6607
+44 77 3336 3501