RNS Number:3625U
African Eagle Resources PLC
19 January 2004

                          AFRICAN EAGLE RESOURCES PLC

                      WITH INTERSECTIONS UP TO 24 g/t GOLD

African Eagle has received the results from a programme of drilling completed in
December 2003 at its Miyabi gold project in the Lake Victoria Goldfield of
Tanzania.  The results included some significant gold intersections, up to 24 
g/t gold over a width of 3m.

Mark Parker, African Eagle's Managing Director, commented "As we expected, the
2003 Miyabi drilling has improved the definition of the known mineralised
structures and demonstrated their continued extension at depth.  It has also
revealed some new mineralised structures.  Most importantly, the results will
allow our geologists to generate a predictive model of the structure and geology
of the gold deposit at Miyabi.  We have achieved the main aim of the drilling
programme, which was to understand the mineralisation and target the areas where
future drilling can quantify gold resources."

Miyabi is an extensive shear hosted gold system which the Company is exploring
together with a subsidiary of Gold Fields Limited.  The new drilling results
have now been provided to Gold Fields, which has until 31 January 2004 to
exercise its option to enter a joint venture with African Eagle over the Miyabi


The Miyabi project area contains a shear zone hosted gold system discovered by
African Eagle in 1999. The gold system lies within a 300 square km area of
poorly exposed Nyanzian greenstone rocks, over which African Eagle now holds
almost all the exploration rights. The current drilling programme focused on the
7km x 2km "Miyabi Mineralised Corridor" along the northwest of the greenstones,
which contains several distinct gold-bearing structures. The principal purposes
of the drilling were to demonstrate continuation of the known gold
mineralisation at depth and along strike, and to develop structural models.
These structural models will enable African Eagle to target specific areas for
future drilling to establish reliable estimates of the gold resources.

African Eagle has granted Orogen Holding Ltd, a subsidiary of Gold Fields
Limited, an exclusive right until 31 January 2004 to enter into a joint venture
with African Eagle on the Miyabi project. If Gold Fields exercise this right, it
can acquire 51% of the project by spending #2 million on exploration and 70% by
completing a bankable feasibility study.

The recent drilling programme, completed on the 6 December, consisted of 53
reverse circulation (RC) holes for a total of 6461 metres. Samples were
collected over 1m intervals and composited over 3m for assay. Laboratory results
now received include the following intersections:

                                                     From       Intercept                Au
Prospect             Hole                             (m)             (m)             (g/t)

Kilimani             MBRC 123                          90              18               1.1
                     MBRC 124                          72               3               9.7
                             and                       93               3              24.0
                     MBRC 125                         120              12               2.7
                             incl                     129               3               7.3
                     MBRC 151                          27              12               2.0
                     MBRC 152                          84               6               3.9
                             and                       93               3               8.0

Shambani             MBRC 80                           82              18               3.4
                             incl                      91               3              15.9
                     MBRC 81                           93               3               3.2
                     MBRC 139                          33               3               3.8
                     MBRC 155                          51               6               3.4

Ngaya                MBRC 143                          51               6              10.2
                             incl                      51               3              19.8
                             and                       93              15               1.6
                     MBRC 144                         102               3               6.0
                             and                      123              12               2.4

Faida                MBRC 156                          66              39               1.5
                             incl                      66               3               2.2
                             incl                      90               3               7.1
                     MBRC 157                          42              39               1.3
                             incl                      57               9               2.1

The Company's geologists are now analysing and interpreting these new results,
together with the data, maps and sections from previous drilling and other
exploration, and will then prioritise future drilling targets to establish
reliable estimates of the gold resources

John Park
Chairman, African Eagle Resources plc

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               015 9067 9420          020 7691 7745

Leesa Peters or     Laurence     Conduit PR                  078 1215 9885          020 7936 9100

Matthew Robinson or Martin Potts Durlacher                   020 7459 3600

John Robertson                   Nabarro Wells               020 7710 7400          020 7710 7401

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