Eagle Nickel

African Eagle Resources plc Nickel Laterite Discoveries in Tanzania African Eagle Resources plc Disclaimer THIS IS NOT AN OFFER The furnishing of the information contained in this presentation or the slides, by any duly authorised representative of African Eagle Resources plc ("the Company") to any intended recipient does not constitute "advice" or "an intermediary service" in respect of a "financial product", as defined in the Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002) ("FAIS"). Reliance upon this presentation by any person for the purposes of engaging in any investment activity may expose such person to a significant risk of losing all property invested or occurring additional liability. If any person is in any doubt as to the contents of this presentation, they should seek independent advice from a person who is an authorised financial services provider (as defined in FAIS) and who specializes in advising in investments of this kind. These slides and the presentation of which they form part do not constitute an offer to the public as such terms is utilized in terms of the Companies Act, No. 61 of 1973, nor do they form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities (as defined in the Securities Services Act, No. 36 of 2004) nor shall they or any part of them form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. LIMITATIONS OFTHIS INFORMATION No reliance may be placed for any purpose whatsoever on the information or opinions contained in these slides or the presentation or on any other document or oral statement or on the completeness, accuracy or fairness of any such information and/or opinions therein. The information contained in this presentation is confidential and has been prepared by duly authorised representatives of the Company. The information in these slides, and the presentation made to you verbally, are subject to updating, completion, revision, further verification and amendment without notice. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company or any of its directors, officers, employees, agents, advisers or subsidiary undertakings or any other person as to the accuracy or completeness or fairness of the information or opinions contained in these slides or the presentation and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise or for any other communication written or otherwise contained or referred to in this presentation. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any undertaking, representation, warranty or other assurance made fraudulently. These slides are confidential and are being supplied to you solely for your information and may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose whatsoever. The distribution of these slides in jurisdictions other than South Africa may be restricted by law and a failure to comply with any of those restrictions may constitute a violation of the securities law of any such jurisdiction. FORWARD-LOOKING STATEMENTS Many of the statements included in this presentation are forward-looking statements that involve risks and uncertainties. Forward-looking statements may generally be identified by the use of terminology such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, or similar phrases. Other than statements of historical facts, all statements, including, among others, statements regarding the future financial position of the Company, business strategy, projected levels of growth in its market, projected costs, estimates of capital expenditures and plans and objectives of management for future operation, are forward-looking statements. The actual future performance of the Company could differ materially from these forward-looking statements. Important factors that could cause actual results to differ materially from these expectations include known and unknown risks. Undue reliance should not be placed on these forward-looking statements. African Eagle Resources plc African Eagle: Company Overview • Diversified exploration company Tanzania • Experienced board and management Zambia • Focus on copper and gold; nickel discovery • Projects in Zambia, Tanzania, Mozambique • AIM listed since June 2003 • AltX listed since August 2007 Mozambique African Eagle Resources plc Projects Feasibility • Mkushi Copper, Zambia Resource definition • Miyabi Gold, Tanzania • Dutwa nickel, Tanzania • Mokambo Copper, Zambia Advanced exploration • Ndola Copper, Zambia • Eagle Eye Copper-Gold, Zambia • Zanzui nickel, Tanzania Earlier-stage projects • 18 precious metals • 13 base metals • 8 uranium African Eagle Resources plc African Nickel Laterites Dutwa/Zanzui, Tanzania Sipilou, Cote d’Ivoire Ambatovy, Madagascar Nkamouna, Cameroon Musongati, Nyabikere, Waga; Burundi African Eagle Resources plc African Eagle’s Nickel Laterites MUSOMA " Lake Victoria Dutwa Nickel Laterite Discovery MWANZA " Geita " SHINYANGA " Kahama " 50km Zanzui Nickel Laterite Discovery Urban Areas " District Centre REGIONAL CENTRE NZEGA " " Geology Ultramafic Greenstone Granite ¹ African Eagle Resources plc Dutwa Nickel Discovery Possible blind ultramafic intrusion 5km nickel geochemical anomaly African Eagle Resources plc Dutwa Nickel Discovery Scale = 1: 15,000 0 250 500 m # ! RC Drillhole AC Drillhole Diamond Drillhole ! A E # # A !# # # # # # # # # # # # # ! # Background: Ground Magnetics - Reduc ed to Pole ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! # # # A # # # # # ### # #A # !# # # # # # # # # !# # #A # # # # # # # # # # # # # # # # # # # # # #! # # # ! A # # # # # A # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # !# A # # # #A # # ! # #A# # ! # # #! # A # # # # # # # # # # # Ultramafic intrusion outlined by ground magnetic survey African Eagle Resources plc Dutwa Nickel Discovery Leg en d * # ! A ! RC Drillhole Diamond Dr illhole AC Drillhole Contour 5m Inte rval 50 m In terva l ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! E 0.5 km * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * !* # A# * # * # * # * # ! A * # * # * * # 00 # * !# * * * * # A 14 # # # # * ** * ## # * * !# * # #A # * * # # * * * # # * # * # * # * # ! ! * # * # # * # * * #! * # * *# # #A * * * * * # # # # * * # # * # * # * ! * #A# 140 0 * # * # * # * # *! * #A # * # * # * # * * # # * *! # # A * # * # * # * * # # * # * # * # * # * # * # * # * # 140 0 # * * *! # # A * * * # # # * # * # * # * # 135 0 * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # * # *! * #A # * # * * # # 0 130 130 0 Drill programme completed African Eagle Resources plc Dutwa Nickel Discovery Drill results Nickel • • • • • 57m at 2.57% from surface, including 15m at 6.9% 30m at 2.53% from 15m depth, including 12m at 3.19% 54m at 1.35% from 6m depth, including 12m at 2.43% 30m at 2.26% from 12m depth, including 15m at 3.60% 63m at 1.07% from surface, including 30m at 1.35% Cobalt • • • 30m at 0.47% from 6m depth, including 21m at 0.64% and 6m at 1.68% 24m at 0.56% from 9m depth, including 6m at 1.08% 24m at 0.36% from surface, including 3m at 1.57% African Eagle Resources plc The cobalt intersections coincide with high nickel values. Dutwa Nickel Discovery 2.5km SRK- 3D view of the solid mineralisation wireframe (>0.5% Ni) African Eagle Resources plc Dutwa Nickel Discovery Mineral Resource Statement (0.5% Ni cut-off) CATEGORY INFERRED (JORC) VOLUME (m3) 19 TONNES (Mt) 31 DENSITY (t/m3) 1.6 Ni % 1.1 Co % 0.034 Fe % 8.5 Mg % 3.5 340,000 tonnes contained nickel & 11,000 tonnes contained cobalt SRK Dutwa Resource Model (>0.5% Ni) red = internal waste, green = mineralised envelope blue = external waste African Eagle Resources plc Dutwa Nickel Discovery Cut here…. African Eagle Resources plc Zanzui Nickel Prospect Image of magnetic field, VTEM, nickel soil geochemistry with scout drill hole locations African Eagle Resources plc Zanzui Nickel Prospect Elevation and nickel soil geochemistry Showing scout drilling programme (reverse circulation) African Eagle Resources plc Summary and timeline • • • • • • • • Two Major Nickel Laterite Discoveries 150-hole drill programme completed Up to 60m at 2.6% nickel Cobalt as significant by-product Dutwa Resource Announced Dutwa East and Zanzui: Exploration Upside Metallurgical testing underway (Mintek) Scoping Study 2009 African Eagle Resources plc African Eagle Resources plc Nickel Laterite Discoveries in Tanzania African Eagle Resources plc