ABOUT AFRICAN EAGLE RESOURCES PLC
A Bankable Feasibility Study for the Dutwa nickel oxide project is underway and the Company anticipates completion in Q1 2013. The Dutwa project is expected to produce around 27,000 tonnes of nickel in concentrate at full production from an open pit mine using atmospheric tank leaching, a well proven technology which uses standard processes and equipment. First production is being aggressively targeted for 2015.
In addition to Dutwa, the company is evaluating Zanzui (another promising nickel deposit 70km South of Dutwa), for feasibility and holds significant interests in several "legacy" mineral ventures, acquired before it discovered Dutwa. These include copper in Zambia, gold in Tanzania and uranium in these two countries and Mozambique.
DIRECTORSTrevor Moss (Executive CEO)
David Newbold (Executive FD)
BOARD MEMBERSChristopher Pointon (Independent Non-Executive Chairman)
Julian McIntyre (Non-Executive)
Don Newport (Non-Executive)
Dutwa (nickel) - A Bankable Feasibility Study is currently being conducted on the Dutwa Project, which is due for completion in Q1 2013. The project is located in Northern Tanzania. Dutwa has a resource base of 98.6 million tonnes at 0.93% nickel; with a contained metal content of 948 000 tonnes of equivalent nickel (JORC inferred mineral resource) and a 20-year life of mine. The Dutwa ores, unlike other nickel laterites, have a low iron and high silica content which makes them amenable to leaching at atmospheric pressure. Atmospheric tank leaching is more favourable to the overall Dutwa project economics and operating environment, and possesses a lower risk profile than either high pressure acid leach ("HPAL") or heap leaching.
Dutwa consists of two deposits the Wamangola and Ngasamo deposits. The deposits consist of blankets of laterlite and weathered and oxidised rock located in the tops of low hills. The Wamangola deposit consists of a 60.3 million tonne JORC resource which comprises a 46.2 million tonne Indicated resource at 0.93% nickel and a 14.1 million tonne Inferred resource at 0.82% nickel. The Nagasamo deposit consists of a 38.2 million tonne JORC resource at 0.97% nickel equivalent.
African Eagle is focused on bringing the Dutwa nickel project into production and is currently assessing various options to unbundle and sell its various copper, uranium and gold assets.
Zanzui (nickel) - Currently in the exploration stage. Zanzui is an enriched nickel and cobalt laterlite blanket, the complex is a circular intrusion 12km in diameter which covers an area of approximately 140km˛. The mine is located 70km south of Dutwa, Tanzania. African Eagle’s latest drill results suggest that Zanzui has the potential of being a significant laterlite deposit.
Miyabi (gold) - Currently in the exploration stage. Miyabi is a gold mine which is undergoing a feasibility study, funded and managed by BrightStar Resources. The mine is located in Tanzania. Miyabi has strong potential for high grade gold mineralisation.
BrightStar, which is listed on the ASX as a joint venture partner of African Eagle, can earn up to a 75% interest in the project.
Igurubi (gold) - African Eagle has entered into a transaction to sell the Igurubi gold project to Peak Resources. However, the sale has been suspended due to the delay of the Tanzanian authorities re-issuing the prospecting license.
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STAGES OF DEVELOPMENT
MAJOR SHAREHOLDERS /FUND MANAGERSAllard 11%
Barclays Wealth 4%
Vestra Wealth 4%
Anglo Pacific 4%
Intervantage Investments 3%
Kilik & Co 3%
TD Direct Investing 3%