AFRICAN EAGLE RESOURCES PLC - Update on Disposal of Zambian Copper Assets

Update on Disposal of Zambian Copper Assets

                                      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”)


                        UPDATE ON DISPOSAL OF ZAMBIAN COPPER ASSETS


African Eagle wishes to provide an update to the announcement made on 29 October 2012 in relation to the
extension to the binding agreement with Elephant Copper Ltd. for the disposal of its Zambian copper assets.

Subsequent to the previous announcement key government consents have been granted. The Company
expects the few remaining outstanding documents to be finalised in the next few days. In anticipation thereof,
a further extension to the long stop date of 9 November to 23 November 2012 has been agreed with all the
parties to the agreement.


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

Sponsor
Merchantec Capital

12 November 2012


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.

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