Ive always said I would not start looking at the Gold Explorers untill POG broke through $420, well its done that today and this company in my mind is the best potential producer around, and heres why.

MANAGEMENT

Has two experinced Managers in mining in Mark Parker and John Park, both have extensive exploration management in Africa in mining and have proved themselfs in the past selling out small mines to the big boys.

THE MINES

ZAMBIA.

Here the company as 5 potential Block busters but the REAL GEM of the company Sasere, known as EAGLE EYE is an old Gold mine but recent sampling shows that it could provide massive deposits of Copper and Gold.

These are the drilling results we are waiting for. Estimations are fantastic and we could see that the company is sitting on deposits worth many times over of the market cap of the company of circa 12.2 million.

MOZAMBIQUE

Three sites here and Nickel is the one they are looking for. Dont forget Nickel is the highest commodity riser after Gold and is hitting new highs.


TANZANIA

Big prospect here is Miyabi.

African Eagle are carrying out a joint venture with the giant Miner Gold Fields. Drilling results are to be given to Goldfields by 31/January this year.

If results are expected what the management of Goldfields want, African Eagle retain a 30% stake in one massive deposit.

This is an exciting investment but one that is HIGH RISK like any other gold explorer.

We should have news very early on two fronts.

If this news is positive we are looking at one hell of an investment.

Please Dyor and remember your buying and selling actions are in your own hands.

Cheers GF.

ps, up 19% today waiting for the results.

Xmortal sorry no, not a big oil fan. Always seem to get burnt with oil stocks.

cheers GF.

African Eagle just been tipped by the analyst.com.............

Buy African Eagle at 22.5p
argues Dru Edmonstone

With gold breaking through US$420/oz to a fourteen year high driven by a combination of low interest rates, a falling US dollar and limited new mine supply the hunt is on for new sources of the yellow metal. In the years between 1997 and 2002 global expenditure on mineral exploration slumped from US$5.7bn to less than US$2bn in line with declining precious and base metal prices. This lack of investment in exploration has meant that not enough new gold has been discovered to replace that which has been mined.

African Eagle has a portfolio of assets in Tanzania, Zambia and Mozambique. The company successfully moved from OFEX to AIM in mid-2003 in conjunction with a 1.46m fund raising at 6.5p, with an additional 1.9m raised from two subsequent institutional placements. This has allowed African Eagle to accelerate work at its principal projects; the Miyabi gold project in the Lake Victoria goldfield in Tanzania, and the Eagle Eye copper and gold project in Zambia. The shares are currently trading at 22.5p with a market capitalization of 17m and an announcement is anticipated over the next two weeks on last years' exploration programmes.

Tanzania

The company has licences covering 900km2 of Tanzania's highly prospective Lake Victoria goldfield and its most advanced project is the 626km2 Miyabi property, where Gold Fields, the world's fourth largest gold miner, has an option to acquire 51% by spending a minimum of 2m, with a decision expected on whether to proceed before the end of this month. Since the mid-1990s mining has become an increasingly important sector of the Tanzanian economy and today it produces over 1Moz/y of gold from mines owned by major international companies including Barrick and AngloGold with over 40Moz of gold resources identified to date.

Recent drilling at Miyabi intersected broad zones of near surface mineralization at potentially economic grades that would be amenable to low-cost open pit mining. Further infill drilling is required to upgrade these results to resources and reserves, however, a 7km by 2km shear hosted gold system has been defined to date. One area within this, which was previously drilled by the company, was found to host an initial resource of 2.06Mt at 2.2g/t, 140,000oz Au. On the basis of the results generated so far, Miyabi has the potential to develop into a substantial gold deposit.

Zambia

The second string to the company's bow is its base and precious metal exploration licence at Sasare in Zambia where it has identified what appears to be an copper and gold deposit known as the Eagle Eye anomaly. The first phase of a 4,000m drilling programme was completed in December 2003 to test the continuity and grade of mineralization. Exploration at Eagle Eye is still at a comparatively early stage, however, preliminary results are extremely encouraging and it could develop into a major asset for the company.

African Eagle's relatively strong cash position will also allow it to fund exploration at other projects. These include the Muazua project in Mozambique where stream sediment sampling has identified a nickel anomaly which has been confirmed by channel chip sampling, and at the Kampumba copper project in Zambia.

It is likely that even with increased exploration the positive conditions in the gold market are likely to persist for at least the next three years and that gold exploration companies such as African Eagle will be well positioned to take advantage of this environment as its projects progress towards either production or acquisition. With exploration results expected from Miyabi and a decision from Gold Fields due within the next month this is definitely a stock worth paying close attention to with the expectation of short term with the expectation of a rise to at least 30p on positive news. Buy

Key Data

EPIC: AFE
Market: AIM
Spread: 22 - 23p
NMS: 10,000
Market Cap: 17 million ENDS.

Tipped by Dru Edmonstone aswell, which makes it even better as he is one of the better pros around.

cheers GF.

GF....Thanks for the update. I have a good gut feeling in AFE. So far in a week I made 30% profits!!! Maybe you need to take a second look at Petrel Resources (PET) it has some good prospects in Iraq. It has risen almost 100% in a 1 1/2 month. It had encouraging reviews.

AFE looks really great, what about avocet mining, this looks really interesting as well, proven mines and t/o up significantly, looks very undervalued to me.

In avocet mining and Evolution beeson gregory updated a buy note on it wednesday, buy up to 105p. Basically they feel the best value gold miner around without any currency risk. Its on my list above.

Petrel, well they really could take off if we see a shortage of oil reserves in the World. Will be interesting to see what the next OPEC meeting turns out.

cheers and have a good weekend, GF.

Will we get news this week?.

GF.

Well no news today.

GF.

Come on wheres the news??????????????????????????.

GF.

patience... they will come b4 end of Jan....fingers cross GF!

Fingers crossed indeed XM.

cheers GF.

Tipped in Aim and Ofex tipsheet as one of four shares for the year 2004.

cheers GF.

I'll double my stake later.....have a good gut feeling about this one.

GF do rate this higher than AFG

Cheers

HT.

Well thats good news. dont know much about african gold other than malcolm Stacey as it as a ten bagger this week. Jammy devil.

cheers GF.

drilling report now in and shares up 7.5%.

rns report timed at 9.02


AFRICAN EAGLE RESOURCES PLC

DRILL RESULTS FROM MIYABI IN TANZANIA CONFIRM MINERALISED BODIES EXTEND TO DEPTH
WITH INTERSECTIONS UP TO 24 g/t GOLD


African Eagle has received the results from a programme of drilling completed in
December 2003 at its Miyabi gold project in the Lake Victoria Goldfield of
Tanzania. The results included some significant gold intersections, up to 24
g/t gold over a width of 3m.


Mark Parker, African Eagle's Managing Director, commented "As we expected, the
2003 Miyabi drilling has improved the definition of the known mineralised
structures and demonstrated their continued extension at depth. It has also
revealed some new mineralised structures. Most importantly, the results will
allow our geologists to generate a predictive model of the structure and geology
of the gold deposit at Miyabi. We have achieved the main aim of the drilling
programme, which was to understand the mineralisation and target the areas where
future drilling can quantify gold resources."


Miyabi is an extensive shear hosted gold system which the Company is exploring
together with a subsidiary of Gold Fields Limited. The new drilling results
have now been provided to Gold Fields, which has until 31 January 2004 to
exercise its option to enter a joint venture with African Eagle over the Miyabi
project.

____________________________________________________


The Miyabi project area contains a shear zone hosted gold system discovered by
African Eagle in 1999. The gold system lies within a 300 square km area of
poorly exposed Nyanzian greenstone rocks, over which African Eagle now holds
almost all the exploration rights. The current drilling programme focused on the
7km x 2km "Miyabi Mineralised Corridor" along the northwest of the greenstones,
which contains several distinct gold-bearing structures. The principal purposes
of the drilling were to demonstrate continuation of the known gold
mineralisation at depth and along strike, and to develop structural models.
These structural models will enable African Eagle to target specific areas for
future drilling to establish reliable estimates of the gold resources.


African Eagle has granted Orogen Holding Ltd, a subsidiary of Gold Fields
Limited, an exclusive right until 31 January 2004 to enter into a joint venture
with African Eagle on the Miyabi project. If Gold Fields exercise this right, it
can acquire 51% of the project by spending 2 million on exploration and 70% by
completing a bankable feasibility study.


The recent drilling programme, completed on the 6 December, consisted of 53
reverse circulation (RC) holes for a total of 6461 metres. Samples were
collected over 1m intervals and composited over 3m for assay. Laboratory results
now received include the following intersections:


From Intercept Au
Prospect Hole (m) (m) (g/t)

Kilimani MBRC 123 90 18 1.1
MBRC 124 72 3 9.7
and 93 3 24.0
MBRC 125 120 12 2.7
incl 129 3 7.3
MBRC 151 27 12 2.0
MBRC 152 84 6 3.9
and 93 3 8.0

Shambani MBRC 80 82 18 3.4
incl 91 3 15.9
MBRC 81 93 3 3.2
MBRC 139 33 3 3.8
MBRC 155 51 6 3.4

Ngaya MBRC 143 51 6 10.2
incl 51 3 19.8
and 93 15 1.6
MBRC 144 102 3 6.0
and 123 12 2.4

Faida MBRC 156 66 39 1.5
incl 66 3 2.2
incl 90 3 7.1
MBRC 157 42 39 1.3
incl 57 9 2.1


The Company's geologists are now analysing and interpreting these new results,
together with the data, maps and sections from previous drilling and other
exploration, and will then prioritise future drilling targets to establish
reliable estimates of the gold resources


John Park
Chairman, African Eagle Resources plc

For further information Tel Fax

John Park (Chairman) African Eagle 00 61 7 5528 6750 00 61 7 5528 6750

Mark Parker (MD) African Eagle 015 9067 9420 020 7691 7745

Leesa Peters or Laurence Conduit PR 078 1215 9885 020 7936 9100
Read

Matthew Robinson or Martin Potts Durlacher 020 7459 3600

John Robertson Nabarro Wells 020 7710 7400 020 7710 7401

This information is provided by RNS
The company news service from the London Stock Exchange
END

BJ, we will see the shares really take off if Goldfields agree to the joint venture before the 31st of this month.

cheers GF.

lets hope so. Apart from this drilling report and the deal with Gold fields, what else is in the pipeline to keep the shares moving up??

Well this positive broker note I have just received from Seymour Pierce.

"African Eagle has today announced the results of a drilling programme at the company’s Miyabi project in the Lake Victoria Goldfield of Tanzania. The focus of the company’s work at the project has been on a 7km by 2km area known as the Miyabi corridor, where shear hosted gold mineralization has been intersected within several discrete structures. The results from this drilling have been made available to Gold Fields, which has an option over the project, and who are expected to make a decision about whether to proceed with a full joint venture at Miyabi before the end of this month.

The current drilling programme was completed in December 2003 and consisted of approximately 6,500m of reverse circulation drilling from 53 holes. The results confirm our view that mineralization at the project is more extensive than that which had been previously identified and that it is also likely to extend at depth. Some of the better results included 18m at 3.4g/t from 82m, 39m at 1.5g/t from 66m and 39g/t at 1.3g/t from 42m.

We believe that these results increase the probability Gold Fields will exercise its option to proceed with a full joint venture. At this stage it would require them to expend 2 million on exploration at the project to obtain a 51% interest in Miyabi. With a short term target price of 30p we continue to rate the company as a SPECULATIVE BUY."

cheers GF.

Not long to go before we get the Goldfields decision.

cheers Gf.

Still some news to come from their drilling projects at Eagle Eye. This hopefully come in different dates. If both are good then we can make some nice dosh. There are some speculative comments on Shares Mag today.