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AFE - African Eagle Resources plc - Finance Director Appointment

Release Date: 18/10/2011 08:00
Code(s): AEA
Wrap Text

AFE - African Eagle Resources plc - Finance Director Appointment African Eagle Resources plc Incorporated in England and Wales (Registration number 3912362) (AIM share code: AFE AIM ISIN: GB0003394813) (JSE share code: AEA JSE ISIN: GB0003394813) FINANCE DIRECTOR APPOINTMENT African Eagle Resources plc ("African Eagle" or "the Company"; AIM: AFE; AltX: AEA) is pleased to report that it has appointed Andrew Robertson as Finance Director and Company Secretary. Andrew will join the Board of Directors as an executive director with immediate effect and will become full-time Finance Director and Company Secretary on 1 December 2011, replacing Bevan Metcalf who resigns as Finance Director and Company Secretary with effect from 25 November 2011. Andrew has a wide range of operational experience at senior finance levels in the mining, downstream chemicals, and engineering sectors. He has extensive experience in fund raising and brings valuable project finance experience to the Company in support of the Dutwa development. Andrew has been CFO of Ecometals Limited (gold exploration) since 2008, and was CFO of White Tiger Gold Limited, both listed on the Toronto Stock Exchange. He was also CFO for Maple Minerals Corp, a private company. Andrew has already resigned from the last two positions consequent to his appointment with African Eagle and will step down from Ecometals shortly after taking up his new role. Andrew commenced his career with Laporte Plc as a mine controller, mining and processing ilmenite (titanium) and bentonite. He left to become Group controller at Laird PLC and then joined Jardines as Group Finance Director. Andrew re- joined Laporte as Finance Director of their organic chemicals business and managed the financing of some large construction projects. He co-led a venture capital backed management buy-in of Bayer`s global mineral processing business, managing the fund raising before an eventual disposal. The Company`s Chairman, Euan Worthington commented, "The Board is very pleased to have secured the services of such an experienced FD as Andrew to work alongside our newly appointed CEO Trevor Moss. We have full confidence that together, they have the skills to successfully bring the Dutwa Nickel Project into production. Bevan Metcalf, our existing FD, will be leaving the Company to take up a new role and I would like to thank him for his financial guidance over the past seven years. The Board wishes him well in his new role." Andrew John Stuart Robertson is a UK Chartered Accountant aged 60 with a Business Economics degree from University College London. Save as set out above, there are no details in relation to the appointment which need to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules. Sponsor Merchantec Capital 18 October 2011 For further information: Please see the Company`s web site at www.africaneagle.co.uk or contact one of the following: African Eagle Resources plc Mark Parker (Managing Director) Euan Worthington (Chairman) Sandra Spencer (PR Consultant) +44 20 7248 6059 +44 77 5640 6899 +44 75 1535 7790 Canaccord Genuity Limited Andrew Chubb Bhavesh Patel +44 20 7050 6500 Ocean Equities Limited Guy Wilkes +44 20 7786 4370 Russell & Associates, Johannesburg Charmane Russell Marion Brower +27 11 8803924 +27 82 8928052 About Dutwa Dutwa is a unique nickel project with a JORC resource of 99 million tonnes at 0.93% Ni, in two hilltop deposits which are expected to be readily mined and to be amenable to straightforward, low acid consumption atmospheric leaching, supporting world class economics. The updated independent financial modelling prepared for the feasibility study by Simulus in March 2011 indicated a net present value post tax for a 3Mtpa project of $385M based on a nickel price of $8/lb, increasing to $870M using a nickel price of $10/lb. Cash operating costs are approximately $3.40/lb with a projected capital payback of between three years and five years. The Company`s intention is to deliver a definitive feasibility study ("DFS") on Dutwa by the end of Q4 2012 - the pre-feasibility stage of this is on track for late 2011. Mineral processing and metallurgical testwork, key components of the DFS, are currently underway on carefully chosen bulk samples of each of the ore types. The new testwork will build on the results of past tests which demonstrated that the Dutwa ore can be treated by atmospheric leaching at low acid consumption, with no requirement to employ costly and challenging HPAL (high pressure acid leaching) technology. The new tests will help to optimise the process flow-sheet and investigate various ways to cut operating costs to improve the favourable economics already demonstrated by the scoping studies. Date: 18/10/2011 08:00:03 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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