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Uniform magnetization precessions are generated by ultrafast optical excitation along the in-plane easy axis , as well as along the hard axis [1-10], in epitaxial Fe films grown on AlGaAs (001) over a wide range of applied magnetic fields. From the temporal evolution of the coherent magnetization precession, we determine the magnetic anisotropy constants and damping parameters which are crucial in designing fast magnetic switching devices and spintronics devices.