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African Eagle Resources

  • BY: Andrew Hore |
  • POSTED: 16/05/2013 |

African Eagle Resources says that it has been unable to secure financing to develop its Dutwa nickel laterite project in Tanzania.

The company says that it cannot afford to keep on funding Red Hill Nickel Ltd, which was originally established to develop Dutwa. The licences for Dutwa are held by a different subsidiary.

The operating costs of the group are being reduced and spending on other projects will be considered on a case by case basis. Senior management and other employees will leve the company.

African Eagle will seek renewal of the licence for the Wamangola hill deposit in Tanzania. This is a significant proportion of the Dutwa resource.

There was £1.15m in the bank on 14 May and this hould last for six months. African Eagle will effectively become a shell and look for new opportunities.

The share price has more than halved in the past week. At 0.35p a share, African Eagle is valued at £2.43m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2013_44.pdf

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