African Eagle Resources plc
APPOINTMENT
OF A NEW CEO
African Eagle Resources plc
("African Eagle" or "the Company"; AIM: AFE; AltX: AEA) is pleased to announce that it has appointed
Trevor A. Moss as a Director and CEO designate. Trevor will join the Board of
Directors immediately and will become full-time CEO of the company on 1
December, when Mark Parker will switch from Managing Director to Director for
Business Development.
Trevor Moss is a seasoned mining executive with over
30 years experience in the international minerals
industry. Most recently, he was responsible for the construction, completion
and successful start up of the Bisha
mine in Eritrea, as Chief Operating Officer and Executive Vice President of the
Canadian company Nevsun Resources Limited. He holds
an MSc in Civil Engineering from Arizona State University and an Honours degree in Civil Engineering from the University of
Bradford in the UK, and is a registered engineer in the US State of Arizona.
Mr. Moss will be responsible for completing the
bankable feasibility study, mine construction and commissioning of the proposed
nickel/cobalt mine at Dutwa. The appointment is a
landmark in African Eagle's development of the Dutwa
nickel project in Tanzania and a major milestone in the Company's transition
from explorer to nickel producer.
African Eagle's Managing Director Mark Parker
commented
"This is a key appointment for African Eagle and Trevor's impressive
background in project development and mine construction is exactly what we need
to advance the Dutwa project. I am thrilled to be
handing over to such an experienced and capable successor."
The Company's Chairman, Euan
Worthington added
"I am very pleased that we have been able to entice an executive of
Trevor`s calibre to join us to drive African Eagle
forward, after an extensive international search in a very competitive market.
I can also report that we are making good progress in our search for a full
time Finance Director to work with Trevor and the Board. I'm pleased that Mark
Parker will remain on the Board to ensure a smooth handover to Trevor and to
guide the evaluation of Zanzui and other promising
nickel projects in East Africa."
Trevor Moss
further commented
"I am delighted to be joining African Eagle at this important time for
the Company and am excited about the opportunity to advance the Dutwa nickel project. I have enjoyed the privilege of
developing several world class projects and will be pleased to be able to add Dutwa to that list."
Trevor A Moss Biography
Trevor Antony Moss, aged 54, has more than 30 years experience in the international minerals industry.
From 2008 until recently, Moss served as Chief Operating Officer and Executive
Vice President of TSX-listed Nevsun Resources Limited,
where he was responsible for the construction, completion and successful start up of the Bisha mine in
Eritrea, a pioneering effort resulting in the development of the country's
first modern mining facility.
Trevor Moss is a corporate and project management
executive with significant experience over the breadth of the international
minerals industry, including roles with senior mining corporations such as Barrick, Newmont and Cyprus Amax, and with emerging
producers including Nevsun Resources, Tiberon Minerals and Gabriel Resources. In addition Trevor
has extensive experience within the mining industry services sector, having
held senior positions in consulting and contracting companies such as Aker
Kvaerner and the Trafalgar House Group.
Trevor has held the positions of CEO and director in a
number of private companies and has held corporate officer positions and
directorships in several public companies. Currently he sits on the board of
FGBI LLC, a private US resource company, and is director and president of HAWM
Consulting Inc. Until July 2008, he was a director of TSX-V listed Fury
Explorations Ltd and the private company Cuthill
Copper Corporation.
Save as set
out above, there are no details in relation to the appointment which need to be
disclosed under paragraph (g) of Schedule 2 of the AIM Rules.
For further information please see the Company's web
site at www.africaneagle.co.uk or
contact one of the following:
African Eagle Resources plc
Mark Parker (Managing Director)
Euan Worthington (Chairman)
Sandra Spencer (PR Consultant)
+44 20 7248 6059
+44 77 5640 6899
+44 75 1535 7790
Canaccord Genuity Limited
Andrew Chubb
Bhavesh Patel
+44 20 7050 6500
Ocean Equities Limited
Guy Wilkes
+44 20 7786 4370
Russell
& Associates, Johannesburg
Charmane Russell
Marion Brower
+27 11 8803924
+27 82 8928052
About Dutwa
Dutwa is a unique nickel project with
a JORC resource of 99 million tonnes at 0.93% Ni,
readily mined from two hilltop deposits and amenable to simple, low consumption
atmosphericacidleaching, leading to world class
economics. The updated independent financial modelling
prepared for the feasibility study by Simulus in
March 2011 indicated a net present value for a 3Mtpa project of $870M at
today's nickel price of $10/lb, with cash operating
costs of approximately $3.40/lb and a projected
capital payback of between three and five years.
The African Eagle board's intention is to deliver a
definitive feasibility study ("DFS") on Dutwa
by the end of Q4 2012. Mineral processing and metallurgical testwork,
key components of the DFS, are currently underway on carefully chosen bulk
samples of each of the ore types. The new testwork
will build on the results of past tests which demonstrated that the Dutwa ore can be treated by simple atmospheric leaching at
low acid consumption, with no requirement to employ costly and challenging HPAL
(high pressure acid leaching) technology. The new tests will help to optimise the process flow-sheet and investigate various
ways to optimisecosts andthe
favourable economics already demonstrated by the
scoping studies.
Several elements of the DFS are already underway in
parallel with the pre-feasibility work, including drilling a second bulk ore
sample for pilot-plant testwork and the environmental
and social impact assessment.