StockMarketWire.com - African Eagle has completed the first stage of an asset disposal programme to Syrah Resources and realised proceeds of A$695,120.

African Eagle anticipates that the disposal of the remainder of the assets to Syrah will be completed later in the year.

The proceeds will contribute to funding for the development of the company's flagship Dutwa nickel project in Tanzania.

The disposal programme concerns the disposal of eight licences, two in Mozambique, five in Tanzania and one in Zambia.

African Eagle has completed the disposal of Twigg Exploration & Mining Ltd, its Mozambique subsidiary, which holds the Balama Graphite and Sena Uranium prospecting licences.

As a result consideration of A$325,120 has been paid to the company.

In Tanzania, Syrah has made a down payment of A$100,000 to cover the submission of applications to transfer all of the five licences.

Of these, African Eagle's three Wembere prospecting licences have now been transferred to Syrah, resulting in a further payment of A$270,000.

Total proceeds for the disposal of assets in Tanzania to date amounts to A$370,000.

For the two remaining Tanzanian licences, Tanga and Shikula licences, Syrah will pay A$90,000 on the completion of the transfer of each (total A$180,000 (approx. £120,000)).

African Eagle anticipates that both these transfers will be completed later this year.

At 8:21am: (LON:AFE) African Eagle Resources share price was +0.01p at 6.63p


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