|
|
|||
From: Nigel
ArtDate: 30th October 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.94.128
Date: 21/11/06
Time: 00:05
30th October 2006
African Eagle - Drill results from Msasa, Tanzania and Appointment of Deputy Chairman
News Item - Conduit PR
African Eagle has appointed Euan Worthington as Deputy Chairman with key responsibility for Investor Relations. Farm-in partner MDN reports drill results from Msasa in Tanzania including 2 metres at 8.3g/t and 5m at 2.5g/t. African Eagle's Chairman John Park commenting today said "Euan's City experience has always been an asset to African Eagle and we are delighted that he has agreed to increase his role in the Company.
"At Msasa, the results of our partner's first drilling programme confirm the promising indications of the gold-bearing nature of the area that we obtained from our previous drilling."
Appointment of Deputy Chairman
African Eagle Resources plc ("African Eagle" or "the Company") (AIM: AFE), the AIM quoted mining and exploration company, announces that Mr Euan Worthington, a non-executive director of the Company, has been appointed Deputy Chairman. In this role he will also take on responsibility for the Company's Investor Relations.
Mr Worthington has more than 20 years' experience in the City of London as a mining analyst and corporate finance specialist. A geology graduate with an MSc in mineral production management, Mr Worthington worked for three years in exploration and mining in Africa before coming to the City as a mining analyst. He has worked with Hoare Govett, Shearson Lehman and S.G. Warburg, and was head of the metals and mining corporate finance teams at BZW and ABN AMRO.
Euan has participated, as team leader or mining advisor, in numerous major corporate finance projects. Highlights include the sale of Anglo American's international assets to Minorco; the de-merger of Union Miniere from Societe Generale; the privatisations of Outokumpu, Austria Metall and Cerro Matoso and the acquisition of Billiton from Shell by Gencor. He was mining director on the team which raised US$630 million for Mercury World Mining Trust in 1993, at the time the largest ever IPO in the mining sector and the biggest UK investment trust issue.
Msasa, Tanzania
African Eagle's Toronto-listed partner MDN Northern Mining ("MDN") holds an option to farm in to the Company's 90 per cent owned Msasa gold project in the Lake Victoria Goldfields of Tanzania. The Msasa project area is 15km southeast of Tulawaka Gold Mine, which is operated by Barrick with MDN as a 30% partner. Pursuant to the terms of the option, MDN recently completed its first reversecirculation drilling programme at Msasa and the results confirm the gold-bearing nature of the area.
MDN conducted a programme of 63 reverse circulation drill holes in four fence lines at Msasa for a total of 2,677 metres. The drill holes revealed vein gold mineralisation oriented on a NW-SE axis over a distance of 250 metres with possible extensions in both directions. Nearly 1,000 samples were analysed by MDN according to conventional standards at the SGS laboratory at Mwanza in Tanzania. The rigorous programme of analytical grade verification implemented by MDN included 12% control samples
Hole From m To m Length m Grade g/t Au MARC-33 10 11 1 2.03
MARC-34 17 18 1 1.27
MARC-46 42 47 5 2.51
MARC-52 29 31 2 8.26
MARC-63 32 33 1 2.01
These results confirm the nuggety nature of the gold, which occurs in quartz and pyrite veinlets within altered mafic and intermediate volcanic rocks, and compliment African Eagle's own drilling from 2005, which included a very high grade intersection of 241g/t over 3m.
John Park Chairman
Qualified Person
Information in this report relating to exploration results is based on data reviewed by Mr Christopher Davies BSc, MSc, DIC, Operations Director for African Eagle who is a Fellow of the Australasian Institute of Mining and Metallurgy, has in excess of 25 years experience in mineral exploration and is a Qualified Person under AIM rules. Mr Davies consents to the inclusion of the information in the form and context in which it appears.
About African Eagle
African Eagle is a mineral resources company with a focus on eastern and central Africa. The Company operates in Zambia, Tanzania and Mozambique, all countries with highly prospective geology and low above-ground risks, which have all been recent destinations for major successful investments in the metals and minerals industries.
The Company has a highly motivated team, proven management and an experienced board. Its principal operations are the Mkushi and Ndola copper projects in Zambia and the Miyabi gold project in Tanzania. African Eagle has discovered a large iron oxide copper gold (IOCG) system at Eagle Eye in Zambia and holds a well-balanced portfolio of promising early stage projects.
For further information, see the Company's web site www.africaneagle.co.uk or contact one of the following:
Mark Parker Managing Director +44 20 7248 6059 +44 77 5640 6899
Leesa Peters or Ed Portman Conduit PR +44 20 7429 6666
Edward Portman Conduit PR Ltd 76 Cannon St London EC4N 6AE Office: +44 (0) 20 7429 6666 Direct: +44 (0) 20 7429 6607 Fax: +44 (0) 20 7429 6699 Mob: +44 (0) 773 3363 501
www.conduitpr.com
|