RNS Number:0131S
African Eagle Resources PLC
13 November 2003

                          African Eagle Resources plc

                    Letter to Shareholders and Notice of EGM

African Eagle has posted a letter to shareholders as part of its policy of
maintaining good investor relations and in order to convene an extraordinary
general meeting to make a change required by its articles of association. Set
out below is an extract from that letter, a full version of which, including the
notice of EGM, will be available on www.africaneagle.co.uk.


Since the successful listing in June of African Eagle's shares on AIM our
exploration teams have continued to make progress, especially at our priority
Eagle Eye copper / precious metals prospect in Zambia and Miyabi gold prospect
in Tanzania. The results to date have been promising.

At Eagle Eye, geological and other surveys have shown that the mineralisation is
far more extensive and potentially richer than we had previously anticipated.
The copper mineralised zone extends over at least 8km and appears to contain
many higher grade lenses. Gold, silver and other metals occur with the copper in
places, and evidence continues to mount that this is an iron-oxide-copper-gold
deposit. We will soon begin a drill programme to test the targets revealed by
these results.

At Miyabi, one of the most promising undeveloped prospects in the Lake Victoria
Goldfield, African Eagle's programme of diamond and RC drilling in July yielded
very good gold intersections. The Company has since completed its programme of
geophysical and geochemical surveys, including deep geochemical sampling using
RAB drilling. The results of all these surveys were used to plan a major
drilling programme which is now underway and expected to be completed early in

The third part of our asset base and, we hope, the source of future major
projects is the extensive portfolio of exploration licences we currently hold or
are evaluating. These include the mineralised zones we have identified in
Mozambique, where we will initiate exploration programmes shortly on the
nickeliferous gossans at Muazua; Kakumbi in Tanzania which is adjacent to
Resolute/Spinifex's Nyakafura gold project, and a number of other significant
licence areas in all 3 countries in which we operate.

On the corporate front, we welcomed Geoffrey Cooper onto our Board as a
non-executive director. Geoffrey is a commercial and contracts lawyer with 36
years experience, predominantly in international mining and the North Sea oil
and gas industry. He is currently a legal adviser to Vodafone, one of the UK's
largest companies. For twelve years, Geoffrey was in-house legal adviser to BP
Minerals, and played a significant role in many commercial and financial


Now that African Eagle is an AIM-listed company with a market capitalisation of
more than #10 million, your Board needs to ensure that it can retain the skills
it has and recruit any new skills it may come to need. Our Articles of
Association currently limit any director's remuneration to a maximum of #50,000
per annum. We are now seeking shareholders' consent though an Ordinary
Resolution to increase this maximum to #100,000 per annum and I enclose Notice
of an Extraordinary General Meeting to effect this change."

The EGM will be held at the Chamberlain Hotel, 130-135 Minories, London EC3 on 5
December 2003 at 2.30 p.m.

13 November 2003

For further information                               Tel                      Fax
John Park (Chairman)             African Eagle        00 61 7 5528 6750        00 61 7 5528 6750
Mark Parker (MD)                 African Eagle        01590 679 420            020 7691 7745
Leesa Peters                     Conduit PR           078 1215 9885            020 7936 9100
John Robertson                   Nabarro Wells        020 7710 7400            020 7710 7401

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