AFE African Eagle

 
TIDMAFE 
 
 
   30 August 2013 
 
   African Eagle Resources Plc 
 
   ("African Eagle" or the "Company") 
 
   Elephant Copper 
 
   African Eagle notes an announcement made on 29 August 2013 by RTG Mining 
Inc. (TSX:RTG), regarding Elephant Copper Ltd. ("Elephant Copper"). 
 
   As announced in the circular sent to shareholders on 5 July 2013, 
African Eagle remains interested in 9,050,000 shares in Elephant Copper, 
representing approximately 14.4% of the issued share capital. 
 
   The full announcement made by RTG Mining Inc. is set out below: 
 
   "SALE OF INTEREST IN MKUSHI COPPER JOINT VENTURE FOR US$13.1M 
 
   29 AUGUST 2013 
 
   RTG Mining Inc. (TSX:RTG) (RTG) is pleased to announce an agreement has 
been entered into for the sale of RTG's 51% interest in the Mkushi 
Copper Project in Zambia for US$13.1m (Transaction). The sale to our 
joint venture partner, Elephant Copper Ltd. (Elephant Copper), is 
subject to conditions precedent, with completion expected in mid 
September 2013. 
 
   The purchase price of US$13.1m will be satisfied by the issue of US$6.6m 
in new fully paid ordinary shares in Elephant Copper and a US$6.5m 
unsecured redeemable convertible note (Convertible Note). The 
Convertible Note will be repayable on or before 1 January 2015, unless 
converted earlier, and will have an exercise price for conversion equal 
to the lesser of US$0.45 and 1.36 times the IPO Price (as defined in the 
agreement). Elephant Copper is in the process of completing a "go public 
event" (IPO) through a transaction that would, after obtaining 
regulatory approval, be the qualifying transaction for Credent Capital 
Corp. 
 
   If Elephant Copper enters into an "alternative transaction" (a sale of 
20% or more of the shares or assets in Elephant Copper or similar 
transaction) both parties have rights to convert the US$6.6m share issue 
into a cash payment and Elephant Copper is entitled to redeem the 
Convertible Note early. 
 
   Elephant Copper has also agreed to repay on or before 1 January 2014, 
certain debts owing to RTG, which are currently in the order of 
US$1.35m. 
 
   ABOUT RTG MINING INC. 
 
   RTG Mining Inc. is listed on the main board of the TSX and is a mining 
exploration company focused on identifying new gold development and 
operating acquisition opportunities. RTG is now run by the previous 
management team of CGA Mining Limited, which successfully merged with 
B2Gold Inc. in a US$1.1bn scheme of arrangement in January 2013. RTG 
also holds a 51% interest in the Segilola Gold Project in Nigeria (in 
dispute), the largest undeveloped gold resource identified in Nigeria 
and holds a 51% interest in the Mkushi Copper Project in Zambia, the 
subject of this announcement. At the Segilola Gold Project, Ratel Group 
has identified an indicated resource of 520,000 ounces of gold contained 
in 3,658,000 tonnes at a grade of 4.4g/t and an inferred resource of 
97,600 ounces of gold contained in 790,200 tonnes at a grade of 3.8g/t 
in accordance with NI 43-101. 
 
   NATIONAL INSTRUMENT 43-101 COMPLIANCE 
 
   The technical information in this news release has been reviewed by and 
approved by Mark Turner for Ratel Group, and a Qualified Person under 
National Instrument 43-101 -Standards of Disclosure for Mineral 
Projects. 
 
   Mr. Alfred John Gillman of Odessa Resources Pty Ltd, an independent 
qualified person experienced in the style of mineralisation at the 
Segilola Gold Project, has completed the resource statement for the 
Segilola Project as referred to in this announcement, including 
verification of the sampling, analytical and test data underlying the 
estimate. Verification also included a site visit, database validation 
of historical drill results and a review of sampling and assaying 
protocols. The qualified person was satisfied with all of the protocols 
used during the drilling, sampling and in the Segilola resource estimate 
compilation and computation. 
 
   The technical information in this news release has been reviewed by and 
approved by Mark Turner for Ratel Group, and a Qualified Person under 
National Instrument 43-101 -Standards of Disclosure for Mineral 
Projects. 
 
   ENQUIRIES 
 
 
 
 
Chairman - Michael Carrick     CEO - Justine Magee 
Tel: +61 8 6489 2900           Tel: +61 8 6489 2900 
Fax: +61 8 6489 2920           Fax : +61 8 6489 2920 
Email: mcarrick@rtgmining.com  Email: jmagee@rtgmining.com 
 
 
 
   www.rtgmining.com 
 
   Cautionary Note Regarding Forward Looking Statements 
 
   Certain statements contained in this announcement constitute forward 
looking statements within the meaning of applicable securities laws 
including, among others, statements made or implied relating to RTG's 
objectives, strategies to achieve those objectives, RTG's beliefs, plans, 
estimates and intentions, and similar statements concerning anticipated 
future events, results, circumstances, performance or expectations that 
are not historical facts. 
 
   Forward looking statements generally can be identified by words such as 
"objective", "may", "will", "expect", "likely", "intend", "estimate", 
"anticipate", "believe", "should", "plans" or similar expressions 
suggesting future outcomes or events. All statements, other than 
statements of historical fact, included herein including, without 
limitation; statements about the completion of the Transaction, use of 
proceeds and the business objectives of RTG, are forward-looking 
statements. By their nature, such forward looking statements are not 
guarantees of future performance and reflect RTG's current beliefs based 
on information currently available to management. Such statements 
involve estimates and assumptions that are subject to a number of known 
and unknown risks, uncertainties and other factors inherent in the 
business of RTG and the risk factors discussed in the Annual Information 
Form and other materials filed with the securities regulatory 
authorities from time to time which may cause the actual results, 
performance or achievements of RTG to be materially different from any 
future results, performance or achievements expressed or implied by such 
forward looking statements. Those risks and uncertainties include, but 
are not limited to: the mining industry (including operational risks; 
risks in exploration, and development; the uncertainties involved in the 
discovery and delineation of mineral deposits, resources or reserves; 
and the uncertainty of mineral resource and mineral reserve estimates); 
the risk of gold, copper and other commodity price and foreign exchange 
rate fluctuations; the ability of RTG to fund the capital and operating 
expenses necessary to achieve the business objectives of RTG; the 
uncertainty associated with commercial negotiations and negotiating with 
foreign governments; the risks associated with international business 
activities including disputes with joint venture partners; risks related 
to operating in Zambia and Nigeria; environmental risk; the dependence 
on RTG's key personnel; and the ability of RTG to access capital 
markets. 
 
   Readers are cautioned not to place undue reliance on these forward 
looking statements, which speak only as of the date the statements were 
made and readers are advised to consider such forward looking statements 
in light of the risks set forth above. Except as required by applicable 
securities laws, RTG assumes no obligation to update or revise any 
forward looking statements to reflect new information or the occurrence 
of future events or circumstances. 
 
   This press release does not constitute an offer to sell or the 
solicitation of an offer to buy, nor shall there be any sale of these 
securities, in any jurisdiction in which such offer, solicitation or 
sale would be unlawful prior to registration or qualification under the 
securities laws of such jurisdiction. The securities have not been and 
will not be registered under the United States Securities Act of 1933, 
as amended (the "U.S. Securities Act"), or any state securities laws and 
may not be offered or sold within the United States, unless an exemption 
from such registration is available." 
 
   - END - 
 
   For further information, please visit www.africaneagle.co.uk or contact: 
 
   African Eagle Resources plc 
 
   Robert McLearon, Managing Director 
 
   +44 20 7248 6059 
 
   Strand Hanson Limited (NOMAD) 
 
   Stuart Faulkner 
 
   Angela Hallett 
 
   James Dance 
 
   + 44 20 7409 3494 
 
   Ocean Equities Limited (Broker) 
 
   Guy Wilkes 
 
   +44 20 7786 4370 
 
   About African Eagle 
 
   African Eagle Resources plc is listed on the AIM Market of the London 
Stock Exchange (AFE) and Johannesburg AltX (AEA) stock exchanges. 
 
   This announcement is distributed by Thomson Reuters on behalf of Thomson 
Reuters clients. 
 
   The owner of this announcement warrants that: 
 
   (i) the releases contained herein are protected by copyright and other 
applicable laws; and 
 
   (ii) they are solely responsible for the content, accuracy and 
originality of the 
 
   information contained therein. 
 
   Source: African Eagle Resources PLC via Thomson Reuters ONE 
 
   HUG#1726183 
 
 
  http://www.africaneagle.co.uk/ 
 

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