African Eagle Resources plc : Disposal of Zambian Copper Assets

African Eagle Disposal

Disposal of Zambian Copper Assets

27 July 2012: African Eagle Resources plc ("African Eagle" or the "Company")
(AIM: AFE; AltX: AEA) is pleased to announce that it has executed a binding
agreement with Elephant Copper Ltd. ("Elephant Copper") for the disposal of its
remaining Zambian copper assets, the wholly owned Katanga Resources Ltd.
("Katanga") and its 49.9% interest in Kujima Mining and Exploration Ltd. which
is conditional, amongst other things, on approval of the Zambian Minister of
Lands.

Both companies hold prospecting licences at varying stages of exploration and
Katanga also owns 49% of Mkushi Copper Joint Ventures Ltd., a joint venture with
Ratel Group Ltd., that holds a mining licence at the Mkushi Copper Mine. The
total consideration of the transaction will be 15 million shares in Elephant
Copper and a 2% Net Smelter Return on the Katanga assets, which will be
applicable once the assets reach production.  The book value of the assets, as
at 31 December 2011, was £4.2 million but this is subject to re-valuation for
the Company's upcoming interim accounts.

The transaction is expected to complete within three months. The structure of
the deal allows the Company to potentially enjoy future upside from the copper
assets, as these are further developed, whilst enabling the Company to focus
fully on the development of the flagship Dutwa Nickel Project.

Commenting on the announcement, African Eagle's CEO, Trevor Moss said "I am
pleased to announce the disposal of our Zambian copper assets to Elephant
Copper, which concludes the divestment of our non-core exploration assets. This
will now enable the management team to focus fully on the development of our
flagship asset, the Dutwa Nickel Project."

Elephant Copper is a private company, with a number of projects in Namibia,
Republic of Congo and Botswana, which is seeking to list on the TSX-V Exchange
via a transaction with Credent Capital Corporation (TSX-V:CCC), a Capital Pool
Company.  Upon completion of the proposed transaction with Credent African
Eagle's shareholding in Elephant Copper will be exchanged for an equivalent
shareholding in Credent Capital.


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 Q1 2013.

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






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Source: African Eagle Resources PLC via Thomson Reuters ONE
[HUG#1629440]




Unternehmen: African Eagle Resources PLC - ISIN: GB0003394813