AIM-listed nickel exploration and development company African Eagle Resources has noted an announcement issued by its joint venture partner mineral exploration company Rift Valley Resources stating that phase one of the Miyabi Gold Project in Tanzania has been completed.
The completion of phase one gives Rift Valley equal ownership in the Miyabi Gold Project with African Eagle.
Rift Valley said it could increase its share of the project to 75% under the terms of the joint venture agreement, or had a pre-emptive right to acquire the remaining share of the project.
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African Eagle Resources' share price was unchanged at 0.83p at 10:53 following a morning high of 0.85p.
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