African Eagle shows wings

07/03/2012 Ben Jaglom

Tanzania-focused African Eagle Resources (AFE ) has provided an update on its Dutwa nickel project.

The AIM-quoted concern declared the results from its Tanzanian project that showed that some of the best intercepts included 63 metres at 1.49 per cent of nickel and 66 metres at 2.09 per cent of nickel. For cobalt the strongest results included 0.27 per cent of cobalt at 9 metres including 6 metres at 0.5 per cent of cobalt.

Director of corporate development Mark Parker remarked that the results should helpd the company 'to upgrade the bulk of the Ngasamo deposit into JORC indicated category' and to 'extend the resource beyond previous drilling'.

Currently trading at 6.13p the shares were last recommended by Growth Company Investor with a 'reduce' rating at 15.75p last January. At the current price the shares look fairly valued with the company making slow but steady progress in Tanzania. Hold.

Tags: Business in Africa, Drilling in East Africa, Hunting for minerals

Sector: Mining

Companies: African Eagle Resources

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