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African Eagle Resources PLC : Dutwa BFS Development Update

Released 07:00 22-Jan-2013

African Eagle Resources PLC : Dutwa BFS Development Update

22 January 2013: African Eagle Resources plc ("African Eagle" or the "Company") (AIM: AFE; AltX: AEA) is pleased to provide a development update regarding its flagship Dutwa project in Tanzania.  Over the past year the Company has achieved substantial advances in the project in accordance with its plan for the development of a Bankable Feasibility Study (the "BFS").  During 2012 the Company undertook a significant amount of work directed toward de-risking the project and takes this opportunity to update shareholders of developments and outline the near term plans for further activities.

Principal Advances Achieved in 2012:

Principal Conclusions and Near Term Plans:

Commenting on the development progress, African Eagle's CEO, Trevor Moss said "I am pleased with the solid progress we have made to date on the development of the Dutwa BFS and the definition of the project that we have been able to achieve.  We now have good confidence in the process method, with beneficiation and sequential leaching offering tangible benefits, and we have significantly improved the understanding of reagent supply and transportation.  We seek to extend that knowledge further via economical means such as the integrated test, which will provide meaningful additional data without incurring the significant cost of the main pilot plant.

 

It is important that the Company seeks maximum benefit for its shareholders and the early engagement of a strategic partner to assist in the development of Dutwa is a key objective in this regard.  With the assistance of CF&Co we plan to expand our activities toward this objective."

Technical terms
A glossary of technical terms used by African Eagle in this announcement and other published material may be found at www.africaneagle.co.uk/p/glossary.asp.

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 and Joint Broker)
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

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.




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: African Eagle Resources PLC via Thomson Reuters ONE

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African Eagle Resources PLC : Dutwa BFS Development Update - RNS