RNS Number:8993M
African Eagle Resources PLC
27 June 2003

                          AFRICAN EAGLE RESOURCES PLC

                               Holding in Company

African Eagle Resources plc ("African Eagle" or "the Company") announces that on
27 June 2003 it was notified by City Equities Limited ("City Equities") of its
interest in the ordinary share capital of the Company as follows:

Under the recent placing of new ordinary shares in the Company, which was
completed on 25 June 2003, City Equities subscribed for 3 million ordinary
shares representing 5.12% of the issued share capital of African Eagle.

Subsequently, City Equities sold 1,880,500 ordinary shares of the Company to
certain of its private customers. As a consequence, City Equities no longer has
a notifiable interest in African Eagle.

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