Dutwa Nickel

completed

African Eagle Resources (“AFE” or the “Company”) is a publicly listed British junior mining company, which has early-stage and advanced exploration projects in Tanzania (nickel and gold) and Zambia (copper). IFC’s main interest is the Company’s Dutwa nickel laterite project located in north-central Tanzania, approximately 100km east of Mwanza and 1100km northwest of Dar es Salaam, near Dutwa, a large village and administrative centre within Bariadi District.A total IFC equity investment of around 3.1 Great British pounds (approximately $5.0 million) is proposed to contribute to the financing of the Bankable Feasibility Study (BFS) of the project and for other corporate purposes. AFE has commissioned baseline studies which will lead to the Environmental and Social Impact Assessment (ESIA) as part of the BFS. The baseline studies will commence in November 2011 and the consultants are currently finalising the scope of work for the studies. IFC will assist AFE in reviewing the scope of work to ensure that the company can develop the project in line with international best practice in environmental and social sustainability. This Environmental and Social Review Summary (ESRS) covers AFE’s activities at the early exploration stage including feasibility studies.