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AEA - African Eagle Resources plc - Board Changes

Release Date: 26/04/2012 17:50
Code(s): AEA
Wrap Text

AEA - African Eagle Resources plc - Board Changes 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) ("African Eagle" or the "Company") BOARD CHANGES African Eagle Resources plc (AIM: AFE; AltX: AEA) announces changes to its Board of Directors following the General Meeting on 24th April 2012. Euan Worthington (formerly Chairman), Mark Parker (founder of the Company and formerly Managing Director), and Chris Davies resigned from the Board with effect from the General Meeting. Geoffrey Cooper resigned in early April. The African Eagle Resources Board now comprises Chris Pointon (Interim Chairman), Don Newport and Julian McIntyre (non-Executive Directors), Trevor Moss (Chief Executive Officer) and Andrew Robertson (Finance Director) These changes mark another step in the Company`s transition to a nickel mining company from a diversified junior explorer. African Eagle`s CEO Trevor Moss paid tribute to the outgoing Directors. "The process of change which was started by Mark Parker in late 2010 has now reached the point where the Company is fully focused on the feasibility study and development of the Dutwa Nickel Project. On behalf of the Company, I thank the outgoing directors, who founded African Eagle and identified Dutwa`s promise." Mark Parker will remain with African Eagle in a part-time role for the purposes of continuity and to supervise the spin-out of the remaining non-nickel exploration assets. He will continue to pursue his mineral exploration interests as a director of Equator Gold Limited and Andiamo Exploration Limited. Chris Davies is expected to remain involved with the spin out of African Eagle`s Zambian copper assets. About Dutwa Dutwa was discovered in 2008 and has a JORC resource of 99 million tonnes at 0.93% Ni. The project is a nickel laterite project with unusually beneficial geometallurgical properties, which makes it amenable to straightforward atmospheric acid leaching with comparatively low acid consumption. This combined with ready mining from two hilltop deposits leads to strong project economics. A Bankable Feasibility Study is currently underway and due around the end of 2012. About African Eagle African Eagle Resources plc is a junior mining explorer and developer with development projects in Tanzania and Zambia. 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 quoted on the AIM market of the London Stock Exchange (AIM: AFE) and on the AltX of the Johannesburg Stock Exchange (AltX: AEA). For further information: Please visit the Company`s website: www.africaneagle.co.uk or contact: African Eagle Resources plc Trevor A. Moss (CEO) Yasumi Toyoda +44 20 7248 6059 Canaccord Genuity Limited Rob Collins Andrew Chubb + 44 207 523 8000 Ocean Equities Limited Guy Wilkes +44 20 7786 4370 Russell & Associates, Johannesburg Charmane Russell Marion Brower +27 11 8803924 Sponsor Merchantec Capital Date: 26/04/2012 17:50:01 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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