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Proactiveinvestors United Kingdom African Eagle Resources http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom African Eagle Resources RSS feed en Wed, 16 May 2012 17:15:53 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Shareholding Update - Allard ]]> http://www.proactiveinvestors.co.uk/companies/rns/120502afeh7773/ Wed, 02 May 2012 07:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120502afeh7773/ <![CDATA[RNS press release - Shareholding Update - IFC ]]> http://www.proactiveinvestors.co.uk/companies/rns/120501afeh7737/ Tue, 01 May 2012 15:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120501afeh7737/ <![CDATA[News - African Eagle Resources announces board changes ]]> http://www.proactiveinvestors.co.uk/companies/news/42025/african-eagle-resources-announces-board-changes-42025.html African Eagle Resources (LON:AFE) announced a series of board changes as it makes the transition from junior explorer to nickel miner.

As previously flagged by the company, Euan Worthington, formerly chairman, founder and former MD Mark Parker,and Chris Davies resigned from the board with effect from Tuesday (April 24)  - the date of general meeting.

Chief executive Trevor Moss paid tribute to the outgoing directors and said: "The process of change which was started by Mark Parker in late 2010 has now reached the point where the company is fully focused on the feasibility study and development of the Dutwa Nickel Project."

Parker will remain with the company, part time, to supervise the spin-out of the remaining non-nickel exploration assets, it added.

Chris Davies is also expected to remain involved with the spin- out of African Eagle's Zambian copper assets.

On Wednesday this week, the company said it had completed the placing and open offer announced three weeks ago, and raised £9.5 million before expenses which will be used to help fund the firm's bankable feasibility study (BFS) at its flagship Dutwa nickel project in Tanzania.

The company has allotted 200 million new shares at 4 pence each to institutional and other investors, raising £8 million. It has also issued 100 million warrants to the placees, which can be converted for 5.5 pence.

Shareholders qualifying for the open offer have received 38.92 million shares, also priced at 4 pence, raising a further £1.56 million.

African Eagle is aiming to complete the Dutwa BFS around the end of this year and publish it early in 2013.

The company also plans to upgrade resources from the Ngasamo and Wamangola deposits of the project - from the inferred to the higher indicated category.

]]> Fri, 27 Apr 2012 08:32:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42025/african-eagle-resources-announces-board-changes-42025.html <![CDATA[RNS press release - African Eagle Resources PLC : Board Changes ]]> http://www.proactiveinvestors.co.uk/companies/rns/120426afeh6480/ Thu, 26 Apr 2012 16:50:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120426afeh6480/ <![CDATA[News - African Eagle Resources raises £9.5 mln in placing and open offer ]]> http://www.proactiveinvestors.co.uk/companies/news/41926/african-eagle-resources-raises-95-mln-in-placing-and-open-offer-41926.html African Eagle Resources (LON:AFE) has completed the placing and open offer announced three weeks ago, and raised £9.5 million before expenses which will be used to help fund the firm's bankable feasibility study (BFS) at its flagship Dutwa nickel project in Tanzania.

The company has allotted 200 million new shares at 4 pence each to institutional and other investors, raising £8 million.  It has also issued 100 Million warrants to the placees, which can be converted for 5.5 pence.

Shareholders qualifying for the open offer have received 38.92 million shares, also priced at 4 pence, raising a further £1.56 million.

Cornerstone investor International Finance Corp, a member of the World Bank Group, has invested £1.3 in the placing, on the basis of the same agreements it entered into in relation to its previous £3.1 million investment in the company, announced in November 2011 and completed earlier this year.

The initial investment gave the IFC a 10 per cent stake in the company.

African Eagle is aiming to complete the Dutwa BFS around the end of this year and publish it early in 2013.

The company also plans to upgrade resources from the Ngasamo and Wamangola deposits of the project - from the inferred to the higher indicated category.

]]> Wed, 25 Apr 2012 11:14:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41926/african-eagle-resources-raises-95-mln-in-placing-and-open-offer-41926.html <![CDATA[RNS press release - Placing and Open Offer Raises £9.5million ]]> http://www.proactiveinvestors.co.uk/companies/rns/120425afeh5770/ Wed, 25 Apr 2012 10:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120425afeh5770/ <![CDATA[RNS press release - Result of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/120424afeh5570/ Tue, 24 Apr 2012 16:44:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120424afeh5570/ <![CDATA[RNS press release - Placing and Notice of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/120405afeh0515/ Thu, 05 Apr 2012 13:36:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120405afeh0515/ <![CDATA[News - African Eagle Resources announces fundraising of up to £12 million ]]> http://www.proactiveinvestors.co.uk/companies/news/41211/african-eagle-resources-announces-fundraising-of-up-to-12-million-41211.html African Eagle Resources (LON:AFE) today announced a fundraising to raise up to £12 million to help fund the firm's bankable feasibility study at its flagship Dutwa nickel project in Tanzania.

The company is to raise the funds through a placing and open offer.

It has begun work on the BFS, which will take place in two phases and African Eagle is aiming to complete the report around the end of this year and publish it early next.

The proceeds from the placing are intended to fund the current phase, which includes further investigation of Dutwa's geology.

The company also plans to upgrade resources from the Ngasamo and Wamangola deposits of the project - from the inferred to the higher indicated category.

The company said it had obtained commitments to subscribe for up to 200 million new shares at 4 pence per share to raise gross proceeds of up to £8 million and to issue placing warrants for the subscription of up to 100 million new shares at 5.5 pence per share.

It also announced an open offer to eligible shareholders of up to 100 million new shares at 4 pence each to raise up to £4 million.

The placing and open offer are conditional on shareholder approval at the AGM on April 24 this year.

Chief executive Trevor Moss and directors Mark Parker, Christopher Pointon and Andrew Robertson plan to take part in the placing with 1,187,500, 750,000, 750,000 and 182,500 shares respectively on the same terms as other investors.

Non-exec director Julian McIntyre is interested in 46,030,761 company shares, through the shareholding of his family's trust company, Allard.

Allard intends to participate by subscribing for 32.5 million shares.

]]> Thu, 05 Apr 2012 12:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41211/african-eagle-resources-announces-fundraising-of-up-to-12-million-41211.html <![CDATA[RNS press release - Notice of AGM and Placing ]]> http://www.proactiveinvestors.co.uk/companies/rns/120405afeh0435/ Thu, 05 Apr 2012 10:51:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120405afeh0435/ <![CDATA[News - African Eagle Resources to begin Dutwa pilot plant test work in Q2 - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/40493/african-eagle-resources-to-begin-dutwa-pilot-plant-test-work-in-q2-update-40493.html ---Adds broker comment and share price---

African Eagle Resources (LON:AFE) will soon begin testwork, which will lead to the design of its pilot plant for the Dutwa nickel project in Tanzania.

The work, to begin in the second quarter in labs in Australia, will be an integral part of the bankable feasibility study (BFS).

It comes after positive results, released today, from extensive metallurgical tests on the Dutwa ore, which show that a two-stage leach process will achieve the best extraction method.

Earlier this year, the company told investors that it had selected atmospheric tank leaching as the desired method, after it ruled out the heap leaching process.

The test programme was carried out on bulk ore samples taken from a diamond drill campaign and one of its aims was to assess the various ore types found at two of the project's deposits.

African Eagle's chief executive Trevor Moss said: "These test work results continue to be very encouraging and reconfirm that Dutwa's unusual nickel laterite mineralogy is amenable to proven atmospheric leach technology, which is in operation at First Quantum's Ravensthorpe mine in Western Australia.

"The final step of our systematic metallurgical programme, to commence shortly, will demonstrate the Dutwa flow sheet through the pilot plant in order to confirm the final process selection and plant design for the BFS."

The predominant ore types at Dutwa have been named by the firm as Ferruginous Siliceous (FeSi) and Transitional.

The results demonstrate that both types of ore are amenable to atmospheric tank leaching using sulphuric acid, with nickel recoveries generally exceeding 70 per cent after 4 hours and around 80 per cent or higher after only 8 hours, the company said.

Dutwa was discovered in 2008 and has a JORC compliant resource of 99 million tonnes at 0.93 per cent nickel.

Asa Bridle, analyst at broker Seymour Pierce, said the findings announced today will be used to create the first process flow sheet for the project.

"Overall it looks like another positive step in the ongoing assessment of Dutwa and we look forward to the results from the scaled up, pilot plant work planned for next quarter," he said, rating the stock a 'buy' with a target price of 20 pence.

As at 1pm today, the shares were trading at 6.02 pence each.

]]> Tue, 20 Mar 2012 13:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/40493/african-eagle-resources-to-begin-dutwa-pilot-plant-test-work-in-q2-update-40493.html <![CDATA[News - African Eagle Resources to begin Dutwa pilot plant test work in Q2 ]]> http://www.proactiveinvestors.co.uk/companies/news/40465/african-eagle-resources-to-begin-dutwa-pilot-plant-test-work-in-q2-40465.html African Eagle Resources (LON:AFE) will soon begin testwork, which will lead to the design of its pilot plant for the Dutwa nickel project in Tanzania.

The work, to begin in the second quarter in labs in Australia, will be an integral part of the bankable feasibility study (BFS).

It comes after positive results, released today, from extensive metallurgical tests on the Dutwa ore, which show that a two-stage leach process will achieve the best extraction method.

Earlier this year, the company told investors that it had selected atmospheric tank leaching as the desired method after it ruled out the heap leaching process.

The test programme was carried out on bulk ore samples taken from a diamond drill campaign and one of its aims was to assess the various ore types found at two of the project's deposits.

African Eagle's chief executive Trevor Moss said: "These test work results continue to be very encouraging and reconfirm that Dutwa's unusual nickel laterite mineralogy is amenable to proven atmospheric leach technology, which is in operation at First Quantum's Ravensthorpe mine in Western Australia.

"The final step of our systematic metallurgical programme, to commence shortly, will demonstrate the Dutwa flow sheet through the pilot plant in order to confirm the final process selection and plant design for the BFS."

The predominant ore types at Dutwa have been named by the firm as Ferruginous Siliceous (FeSi) and Transitional.

The results demonstrate that both types of ore are amenable to atmospheric tank leaching using sulphuric acid,with nickel recoveries generally exceeding 70 per cent after 4 hours and around 80 per cent or higher after only 8 hours, the company said.

Dutwa was discovered in 2008 and has a JORC compliant resource of 99 million tonnes at 0.93 per cent nickel.

]]> Tue, 20 Mar 2012 07:33:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/40465/african-eagle-resources-to-begin-dutwa-pilot-plant-test-work-in-q2-40465.html <![CDATA[RNS press release - Dutwa Leaching Test Work Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/120320afeh5505/ Tue, 20 Mar 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120320afeh5505/ <![CDATA[News - African Eagle says drilling shows good gold grades at Miyabi ]]> http://www.proactiveinvestors.co.uk/companies/news/40184/african-eagle-says-drilling-shows-good-gold-grades-at-miyabi-40184.html African Eagle Resources’ (LON:AFE)  latest drill results from its joint venture gold project at Miyabi in Tanzania showed high grades, the Africa-focused group said today.

African Eagle’s partner BrightStar reported grades of 9m at 1.45g/t gold from 28m, 2m at 1.83g/t from 53m, 2m at 5.4g/t from 81m, 4m at 1.78g/t from 1m and 5m at 1.34g/t from 1m.

The results, which were from the contact and Ndagalu areas and followed up results from earlier shallow rotary air blast drilling, confirm broad zones of gold mineralisation near the granite-greenstone contact, African Eagle said.

In all, 31 reverse circulation (RC) holes for 2,605m were completed on sections spaced 200m to 400m apart, with results from about half having been announced previously.

The drilling revealed broad zones of gold mineralisation in sheared and brecciated greenstones close to the granite contact. 

BrightStar said these broad zones of primary gold mineralisation needed more work, which will be done in conjunction with testing of a high grade zone discovered during 2011.

A new rig has arrived in Mombasa, Kenya and is expected to be drilling at Miyabi in May.

BrightStar can earn up to 75% of the Miyabi project by completing exploration and a feasibility study.

]]> Tue, 13 Mar 2012 16:32:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/40184/african-eagle-says-drilling-shows-good-gold-grades-at-miyabi-40184.html <![CDATA[RNS press release - Miyabi Drilling Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120313afeh3685/ Tue, 13 Mar 2012 16:12:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120313afeh3685/ <![CDATA[News - African Eagle Resources poised for Ngasamo nickel cobalt resource upgrade - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/39925/african-eagle-resources-poised-for-ngasamo-nickel-cobalt-resource-upgrade-update-39925.html ---Adds broker comment----

African Eagle Resources (LON:AFE) is set to upgrade the nickel and cobalt resource at the Ngasamo deposit, which is one part of the Dutwa project in Tanzania.

Today the firm revealed its latest batch of results from the 2011 drill programme.

The best nickel grades came in a 66 metre intersect which had 2.09 per cent nickel, and included 15 metres with 5.01 per cent nickel. The best cobalt result came in a 21 metre drill intersect with a grade of 0.31 per cent, and also included 6 metres at 0.58 per cent.

"With these results, we expect to be able to upgrade the bulk of the Ngasamo deposit into JORC Indicated category and to extend the resource beyond previous drilling,” said Mark Parker, director for corporate development.

“The results confirm the exceptional thickness and local high grade zones of the deposit, which is one of the two nickel-bearing oxide hill caps which make up the Dutwa project. 

“Since drilling at Ngasamo, the rig has completed a resource drill programme at Wamangola, drilled several water bores, (including one for our new development camp) and has now begun a wide-core drilling programme to obtain bulk ore sample 3 (BOS3) for the forthcoming pilot plant tests."

Overall, today’s highlight nickel results had lengths between 51 and 81 metres at grades of 2.09 per cent nickel. The highlight cobalt results had lengths between 9 and 21 metres with grades of 0.27-31 per cent.

In all, the Ngasamo resource drilling programme comprised just over 8,000 metres of drilling in 122 holes.

A resource statement is now expected for Ngasamo in the second quarter. Subsequently the firm will be able to increase its stake in the asset to 50 per cent, from 35 per cent.

After that, the completion of a feasibility study will see African Eagle increase its stake up to 75 per cent of the project.

Broker Seymour Pierce, which rates the stock a 'buy' with a target price of 20 pence, said that the new resource estimate will be an important milestone for African Eagle.

Meanwhile, Ocean Equities said: "We have great confidence in the company’s ability to increase and upgrade the resource at Dutwa and at the current drill densities we think it should be a relatively easy task.

"The biggest implications for the upgrade to the resource is that African Eagle will be able to construct an accurate mine plan. Given the confirmation that there are several high grade zones within the resource there is good potential for African Eagle to present high grade ore to the process plant at an early stage of mining and so maximise the early cash flow from the plant to accelerate capital payback."

]]> Wed, 07 Mar 2012 15:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39925/african-eagle-resources-poised-for-ngasamo-nickel-cobalt-resource-upgrade-update-39925.html <![CDATA[News - African Eagle Resources poised for Ngasamo nickel cobalt resource upgrade ]]> http://www.proactiveinvestors.co.uk/companies/news/39896/african-eagle-resources-poised-for-ngasamo-nickel-cobalt-resource-upgrade--39896.html African Eagle Resources (LON:AFE) is set to upgrade the nickel and cobalt resource at the Ngasamo deposit, which is one part of the Dutwa project in Tanzania.

Today the firm revealed its latest batch of results from the 2011 drill programme.

The best nickel grades came in a 66 metre intersect which had 2.09 per cent nickel, and included 15 metres with 5.01 per cent nickel. While the best cobalt result came in a 21 metre drill intersect with a grade of 0.31 per cent, and also included 6 metres at 0.58 per cent.

"With these results, we expect to be able to upgrade the bulk of the Ngasamo deposit into JORC Indicated category and to extend the resource beyond previous drilling,” said Mark Parker, director for corporate development.

“The results confirm the exceptional thickness and local high grade zones of the deposit, which is one of the two nickel-bearing oxide hill caps which make up the Dutwa project.  

“Since drilling at Ngasamo, the rig has completed a resource drill programme at Wamangola, drilled several water bores, (including one for our new development camp) and has now begun a wide-core drilling programme to obtain bulk ore sample 3 (BOS3) for the forthcoming pilot plant tests."

Overall today’s highlight nickel results had lengths between 51 and 81 metres at grades of 2.09 per cent nickel. The highlight cobalt results had lengths between 9 and 21 metres with grades of 0.27-31 per cent.

In all, the Ngasamo resource drilling programme comprised just over 8,000 metres of drilling in 122 holes.

A resource statement is now expected for Ngasamo in the second quarter. Subsequently the firm will be able to increase its stake in the asset to 50 per cent, from 35 per cent.

After that, the completion of a feasibility study will see African Eagle increase its stake up to 75 per cent of the project.

]]> Wed, 07 Mar 2012 07:24:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39896/african-eagle-resources-poised-for-ngasamo-nickel-cobalt-resource-upgrade--39896.html <![CDATA[RNS press release - Dutwa Nickel Exploration Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/120307afeh1768/ Wed, 07 Mar 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120307afeh1768/ <![CDATA[News - African Eagle gets boost to copper assets disposal plan - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/39534/african-eagle-gets-boost-to-copper-assets-disposal-plan-update-39534.html ---Adds broker comment----

African Eagle’s (LON:AFE) plans to spin–off its Zambian copper assets have received a boost after latest assays showed grades and thickness comparable to the nearby Mufulira Mine.

The results were from 1,367 samples cut from the Mokambo project’s archive drill cores and showed intercepts ranging from 3.34 per cent copper to 1.84 per cent.

African Eagle added that the results generally improved on the historic assays and showed that the mineralisation at Mokambo, like that at the nearby Mufulira Mine, extends to a depth of many hundreds of metres and suggests that underground mining could be viable.

The samples were from boreholes drilled at Mokambo between 1929 and 1969 by Roan Selection Trust.

African Eagle also said it intends to rationalise its ground holdings in Zambia to focus on key prospective tenements with those considered non-prospective to be handed back to the government.

The spin–off of Mokambo is part of African Eagle’s move to focus on its Dutwa nickel project in Tanzania.

Chris Davies, the firm’s operations director, said the assay results at Mokambo showed mineralisation extended to considerable depth and at similar grades to Mufulira.

“This work is in line with our efforts to add value to our Zambian copper assets at minimum cost in advance of signing up a strategic investor to finance a drilling programme to expand and formalise
the Mokambo resource," he said.

The Mokambo project comprises two prospecting licences, Mokambo North and Mokambo South, which occupy a narrow 17 kilometre long strip of land along the border with the Democratic Republic of Congo.

The Mokambo area is on the eastern limb of the Mufulira syncline, 15 kilometres east of Glencore's (LON:GLEN) Mopani Mine.

Analyst Matthew McDonald, of broker Seymour Pierce, said the results tended to suggest that underground mining was a possibility at the site and will go some way to assist African Eagle in the hope of signing up a strategic investor to finance a further drilling programme to expand and formalise the Mokambo resource.

Seymour Pierce rates the stock a 'buy' with a target price of 20 pence.

]]> Tue, 28 Feb 2012 15:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39534/african-eagle-gets-boost-to-copper-assets-disposal-plan-update-39534.html <![CDATA[News - African Eagle gets boost to copper assets disposal plan ]]> http://www.proactiveinvestors.co.uk/companies/news/39503/african-eagle-gets-boost-to-copper-assets-disposal-plan-39503.html

African Eagle’s (LON:AFE) plans to spin–off its Zambian copper assets have received a boost after latest assays showed grades and thickness comparable to the nearby Mufulira Mine.

The results were from 1,367 samples cut from the Mokambo project’s archive drill cores and showed intercepts ranging from 3.34 per cent copper to 1.84 per cent.

African Eagle added that the results generally improved on the historic assays and showed that the mineralisation at Mokambo, like that at the nearby Mufulira Mine, extends to a depth of many hundreds of metres and suggests that underground mining could be viable.

The samples were from boreholes drilled at Mokambo between 1929 and 1969 by Roan Selection Trust.

African Eagle also said it intends to rationalise its ground holdings in Zambia to focus on key prospective tenements with those considered non-prospective to be handed back to the government.

The spin–off of Mokambo is part of African Eagle’s move to focus on its Dutwa nickel project in Tanzania.

Chris Davies, the firm’s operations director, said the assay results at Mokambo showed mineralisation extended to considerable depth and at similar grades to Mufulira.

“This work is in line with our efforts to add value to our Zambian copper assets at minimum cost in advance of signing up a strategic investor to finance a drilling programme to expand and formalise the Mokambo resource," he said.

The Mokambo project comprises two prospecting licences, Mokambo North and Mokambo South, which occupy a narrow 17 kilometre long strip of land along the border with the Democratic Republic of Congo.

The Mokambo area is on the eastern limb of the Mufulira syncline, 15 kilometres east of Glencore's (LON:GLEN) Mopani Mine.

]]> Tue, 28 Feb 2012 07:47:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39503/african-eagle-gets-boost-to-copper-assets-disposal-plan-39503.html