African Eagle Resources plc
EXERCISE OF SHARE OPTIONS


African Eagle Resources plc ("African Eagle" or "the Company", ticker AIM: AFE; AltX: AEA) announces that employees have exercised share options over a total of 532,000 shares at a price of 6.5p to purchase ordinary shares of one pence each in the Company and the new shares will rank pari passu with the existing shares.

Following this exercise, the total number of shares allotted and issued is 385,294,128 and the Company has made application for 532,000 new shares to be admitted to trading on AIM, with dealings expected to commence on 20 January 2011.

Bevan Metcalf
Company Secretary


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

Bevan Metcalf
Finance Director
African Eagle Resources plc, London
+44 20 7248 6059
+44 77 5640 6899

Jeremy Stephenson
Nicola Marrin
Seymour Pierce Limited, London
Nominated Adviser and Co-Broker
+ 44 20 7107 8000

Guy Wilkes
Ocean Equities Limited, London
Co-broker
+ 44 20 786 4370

Ed Portman / Leesa Peters
Tavistock Communications, London
+44 20 7920 3150
+44 77 3336 3501

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

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: African Eagle Resources PLC via Thomson Reuters ONE


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