AEA - African Eagle Resources Plc - Close of IFC Funding

AEA - African Eagle Resources Plc - Close of IFC Funding                        
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)                                  
CLOSE OF IFC FUNDING                                                            
African Eagle Resources plc (AIM: AFE; AltX: AEA) is pleased to announce that   
further to its announcements of 9 November 2011 and 4 January 2012, the Company 
has closed the subscription agreement and issued and allotted 45,509,570        
ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") to 
IFC, a member of the World Bank Group, at a placing price of 6.8 pence per share
to raise GBP3.1 million (approximately US$5 million). Funds will primarily be   
used to finance the evaluation of the Company`s Dutwa Nickel Project.           
Application to the London Stock Exchange has been made for these new Ordinary   
Shares to be admitted to trading on the AIM market of the London Stock Exchange 
("Admission"). It is expected that Admission will become effective on or around 
8.00 a.m. on 9 February 2012.                                                   
The new ordinary shares will rank pari passu with the existing Ordinary Shares  
of the Company.                                                                 
Following Admission of the new Ordinary Shares, the Company will have           
455,095,698 fully paid Ordinary Shares in issue and IFC will have an interest in
45,509,570 Ordinary Shares, representing 10.0% of the Company`s total voting    
rights.                                                                         
About Dutwa                                                                     
Dutwa was discovered in 2008 and is a nickel laterite project with unusually    
beneficial geometallurgical properties. Since discovery, the progress of        
development has been rapid. Dutwa is defined by a JORC resource of 99 million   
tonnes at 0.93% Ni, offering ready mining from two hilltop deposits and         
straightforward low consumption atmospheric acid leaching, leading to strong    
economics. The most recent financial modelling, prepared in early 2011,         
projected cash operating costs of approximately $3.50/lb., a post tax NPV10 of  
$630M at $9/lb. nickel and a projected capital payback period between three and 
five years. The current BFS and ESIA development is directed toward defining the
full environmental, social, technical and economic performance of Dutwa.        
About African Eagle                                                             
African Eagle Resources plc is a junior mining developer and explorer with      
development projects in Tanzania and Zambia. The Company`s flagship project is  
the Dutwa Nickel project, located about 25 kilometres south of Lake Victoria and
140 kilometres east of Tanzania`s second city, Mwanza, within greenstone gold   
belts which host many of Tanzania`s operating and developing gold mines. The    
Company is quoted on the AIM market of the London Stock Exchange (AIM: AFE) and 
on Johannesburg`s AltX.                                                         
Technical terms                                                                 
A glossary of technical terms used by African Eagle in this announcement and    
other published material may be found at www.africaneagle.co.uk/p/glossary.asp  
Sponsor                                                                         
Merchantec Capital                                                              
6 February 2012                                                                 
Date: 06/02/2012 09:00:02 Supplied by www.sharenet.co.za                     
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