Appointment of Finance Director

African Eagle Directorate Change Appointment of Finance Director 3 July 2012: African Eagle Resources plc ("African Eagle" or the "Company") (AIM: AFE; AltX: AEA) is pleased to announce the appointment of David Newbold as Finance Director, effective 2 July 2012.  David joins the Board of Directors as an Executive Director with immediate effect whilst Robert McLearon, who has acted as Interim Executive Director since 20 June 2012, has resigned his position...

African Eagle Directorate Change

 

Appointment of Finance Director

 

3 July 2012: African Eagle Resources plc ("African Eagle" or the "Company") (AIM: AFE; AltX: AEA) is pleased to announce the appointment of David Newbold as Finance Director, effective 2 July 2012.  David joins the Board of Directors as an Executive Director with immediate effect whilst Robert McLearon, who has acted as Interim Executive Director since 20 June 2012, has resigned his position on the Board.

 

David Ronald Newbold, aged 62, has 35 years experience in the natural resources industry, with over 20 years of those specifically focused on international mineral resource development including financing initiatives, mining, processing and marketing of base and precious metals in the UK, North and South America, Europe, Australia and the Far East.  He has held a number of executive and senior positions at Compañia Minera Zaldívar (as an executive board director), Placer Dome Inc., Outokumpu Oyj, Mercury Resource Consultants LLP (as a managing partner) and Greystar Resources Limited (renamed Eco Oro Minerals Corporation in August 2011).

 

During his time as CFO at Greystar Resources Limited, Mr Newbold was responsible for the strategic design of a financing package, embracing debt, equity and strategic partners, to fund a US$1.4 billion gold project in Colombia.  Mr Newbold spent 11 years of his career at Placer Dome Inc. where his last role as Senior Vice President Projects was specifically focused on the corporation's global capital projects with Mr Newbold being accountable for advancing projects which exceeded US$4 billion in value to development recommendations.  Prior to this, he has also held the positions of President and CEO of Compañia Minera Zaldívar SCM, a copper operation in Chile, and CFO of Placer Dome Latin America S.A.  Mr Newbold is a Fellow of the Institute of Chartered Accountants in England and Wales and holds a B.Sc. (Hons.) from the University of East Anglia, England.

 

Commenting on the announcement, African Eagle's CEO, Trevor Moss stated: "I am delighted to welcome David to African Eagle.  He has an excellent track record in the development, financing, risk mitigation, governance and operation of natural resource businesses globally.  David's deep experience and strong skills will complement the current management and project development team as we progress the development of Dutwa through feasibility into construction and production."

 

There are no further disclosures required relating to Mr Newbold under Schedule 2(g) of the AIM Rules for Companies.

 

For further information, please visit www.africaneagle.co.uk or contact:

 

African Eagle Resources plc

Trevor Moss, CEO

Alex Buck,

+44 20 7248 6059

 

Canaccord Genuity Limited (NOMAD and Joint Broker)

Rob Collins or Andrew Chubb

+ 44 20 7523 8000

 

Ocean Equities Limited (Joint Broker)

Guy Wilkes

+44 20 7786 4370

 

Russell & Associates, Johannesburg

Charmane Russell or Marion Brower

+27 11 880 3924

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