African Eagle Resources plc : Update on Disposals of Zambian Copper Assets & Igurubi Gold Project

African Eagle Resources plc Update on Disposals of Zambian Copper Assets & Igurubi Gold Project
RNS

29 October 2012: African Eagle Resources plc ("African Eagle" or the "Company") (AIM: AFE; AltX: AEA) wishes to provide an update to the announcement made on 27 July 2012 in relation to a binding agreement with Elephant Copper Ltd. for the disposal of its Zambian copper assets.

The agreement is conditional on certain consents being granted and the Company believes that these will be received shortly.  In anticipation of the consents being granted, an extension to the original long stop date of 25 October to 9 November 2012 has been agreed with all the parties to the agreement.

The Company also announces that the agreement with Peak Resources Ltd. regarding its acquisition of the Igurubi Gold Project, as announced on 7 April 2010, has been terminated as certain conditions precedent were not met.

For further information, please visit www.africaneagle.co.uk or contact:

African Eagle Resources plc
Trevor Moss, CEO
Alex Buck
+44 20 7248 6059

Canaccord Genuity Limited (NOMAD)
Rob Collins or Andrew Chubb
+ 44 20 7523 8000

Ocean Equities Limited (Joint Broker)
Guy Wilkes
+44 20 7786 4370

Russell & Associates, Johannesburg
Charmane Russell or Marion Brower
+27 11 880 3924

About African Eagle
African Eagle Resources plc is a nickel development and exploration company listed on the London AIM (AFE) and Johannesburg AltX (AEA) stock exchanges. The Company's flagship project is the Dutwa Nickel project in Tanzania located about 25km south of Lake Victoria and 110km east of Mwanza within greenstone gold belts which host many of Tanzania's operating and developing gold mines. The Company is currently conducting a Bankable Feasibility Study, which is due for publication during 2013.