Company Information for Mwana Africa plc

AIM-MWA

www.mwanaafrica.com

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AIM; MWA

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Company Statement

Mwana Africa PLC is a pan-African resources company established in October 2005. It is the first African-owned, African-managed business in this sector to be listed on the London Stock Exchange’s Alternative Investments Market (AIM).

The company was formed through a reverse takeover of African Gold plc, the AIM-listed African gold exploration and mining company, by a privately held mining company, Mwana Africa Holdings (Pty) Limited.

With operations and exploration activities in Zimbabwe, and a broad range of exploration and development projects in the Democratic Republic of Congo (DRC) and Ghana, the asset base is diverse — gold, nickel, copper, zinc, cobalt and, more recently, diamonds and oil and gas. The company intends to pursue further mining opportunities across the African continent, both independently and, where appropriate, in partnership with other stakeholders.

Current Operations

DRC
Mwana's Democratic Republic of Congo exploration licenses cover approximately 13,000 km2 and contain copper, zinc, cobalt and gold.

Zani–Kodo Joint Venture
Once a camp had been established and basic field equipment brought on site, the first phase of the exploration programme got under way in September 2006 with a ground geological assessment.

A full interpretation of Landsat Satellite imagery of the entire license area identified a series of prominent structures and a first–pass target generation followed.

After a second phase of geological mapping around the Kodo Mine, an initial drilling programme was designed to test the mineralisation in the vicinity of this historical mine. Diamond core drilling started at the beginning of April 2007.
During the same month, an airborne geophysical survey of the entire license area began and was completed in May 2007. A detailed geological interpretation of the data was carried out and a series of target areas identified.

Katanga Concessions
At Kibolwe a significant secondary enriched sediment-hosted stratiform copper deposit has been identified. Mineralisation is hosted within steeply dipping Roan and Mines Sub–group rocks. The dominant copper oxide mineral is malachite with minor amounts of cuprite and tenorite which occur within argillaceous carbonate and shale units. Reverse circulation drilling programmes have outlined a number of mineralised zones. The Main Zone, which is up to 40 metres wide in places, can be traced over a strike of 1000 metres and is open–ended to the west.

Gravity Diamonds Limited
The 2007 field season aims to better constrain these high interest areas and delineate targets for drilling. Work will consist of detailed follow-up and in-fill sampling from stream sediments that drain these anomalous areas, as well as airborne geophysical surveys to acquire magnetic data that will identify possible kimberlite intrusions. Depending on the turnaround times, drilling is expected to commence in late 2007 or early 2008.

Gravity’s strong land position in the prolific Kasai Craton will supplement the attributable production from MIBA, and Gravity’s field exploration team reinforces Mwana’s expertise in project development and construction.

Ghana
Mwana has four gold properties in Ghana and a significant 250 km2 Ashanti gold belt.

Konongo
A recently completed resource evaluation for the Obenemase Sulphide deposit has outlined a JORC compliant resource of 243 000 ounces of gold in the Indicated and Inferred categories. A re-evaluation of all exploration data for the mining- and exploration areas (i.e. including the adjacent 67 sq km Kurofa concession) has identified several conceptual structural targets for small satellite deposits.

Ahanta
At Ahanta, Mwana is completing a reassessment of the new RC drilling within the context of all of the available historical data.

Banka
Results from pre-drilling exploration indicated the potential to produce up to 50,000oz of gold a year. Drilling started in the last quarter of 2006 to outline mineralised zones, was completed in 2006, and the results have been interpreted, and follow-up drilling drilling has been completed. Follow-up programmes are in the planning stage.

Zimbabwe
Mwana's exploration and production properties in Zimbabwe include high quality nickel and gold interests.

Bindura Nickel Corporation
A new concentrator designed to improve nickel recovery and reduce the talk content of the concentrate, is currently under construction. This will replace the Trojan mine concentrator which was built in the early 1970s (excessive talc has a deleterious effect on the smelter operation).
The lives of Shangani and Trojan are estimated to be around 2 and 7 years respectively. The Trojan shaft is being deepened by some 480m to access new reserves and this could extend the life-of-mine to 2018. Development of a conveyor decline has commenced at Shangani to access deeper ore on the far west ore body. This will extend the life-of-mine to 2012. Opportunities are being investigated to expand nickel refinery capacity and to re-establish the copper recovery circuit.

Hunter’s Road
An indicated resource of 33 million tonnes has been defined at an average grade of 0.5% nickel. This resource contains 165,000 tonnes of nickel and can be mined by open pit. In the first phase, a concentrator will be constructed on site to treat 60,000 tonnes of ore per month (tpm) to produce a concentrate of nickel sulphide. The concentrate will be treated at the Bindura smelter and refinery to produce slightly more than 2,000 tonnes of nickel cathode annually. Construction is scheduled start in the last quarter of 2007 with commissioning scheduled for the end of 2008.

Freda Rebecca MineProgress on the mine's expansion has been slower than expected largely because of the bureaucracy of the Zimbabwe investment approval system, difficulties in sourcing materials and spares, and the shortage of workers with construction skills.

The fixed gold price and currency exchange conditions since July 2006 have placed severe financial constraints on the operation and a decision to place the mine on care and maintenance has been taken. This will continue until realistic revenues are received.

Commissioning of the new and refurbished tankage should start late in the second quarter of 2007 with ramp up to 60,000 tonnes of ore per month and 4,000oz of gold per month. Should the current economic conditions persist it will be necessary to adjust the reserves statement.

Cluff Mining (Zimbabwe) Holdings Limited
Mwana Africa will assess the potential for growth in developing the near-mine resources as it also holds 100% of Cluff Mining exploration titles in the surrounding area, with significant untested targets within a 10km radius of Maligreen mine. Exploration options are under review and the objective is to start on early drilling programmes. Under the economic conditions prevailing in Zimbabwe, no investment will be made to bring the mine back into production.

Makaha Deposit
The work programme is under review. Metallurgical test work will precede a pre-feasibility study but no work was planned for 2007. With Maligreen, under the economic conditions prevailing in Zimbabwe, no investment will be made to bring the mine back into production.

Geographical Spread

DRC, Ghana, and Zimbabwe

Board of Directors and Key Management

Oliver Baring	Executive Chairman
Kalaa Mpinga	Chief Executive Officer
David Fish	Finance Director
Ken Owen	Technical Director
Stuart Morris	Non-executive Director
John Anderson	Non-executive Director
Etienne Denis	Non-executive Director

Company Address

Devon House
12-15 Dartmouth Street
London, United Kingdom SW1H 9BL


Telephone:	+ 44 (0) 207 654 5580
Facsimile:	+ 44 (0) 207 654 5581
Website:	http://www.mwanaafrica.com

Capital

Ordinary shares in issue 337,933,819

Year End

31 March

Nominated Brokers

Canaccord Adams Limited
7th Floor, Cardinal Place
80 Victoria Street
London
EC2R 6DA

J P Morgan Cazenove Limited
20 Moorgate
London
EC2R 6DA

Nominated Advisors

Canaccord Adams Limited
7th Floor, Cardinal Place
80 Victoria Street
London
EC2R 6DA

Major Shareholders

Morstan Nominees Limited	24,353,568	7.2%
Kalaa Katema Mukubayi trust	19,981,415	5.9%
Mr D G K Fish	19,393,726	5.7%
HSBC Global Custody Nominee (UK) Limited	17,610,558	5.2%
Royal Bank of Canada Europe Limited	16,998,152	5.0%
State Street Nominees Limited	15,967,593	4.7%
Roy Nominees Limited	15,031,458	4.4%
African Mining Company Limited	13,712,736	4.1%
Bear Stearns Securities Corp	11,684,801	3.5%

Most Recent Statement

17/07/08 - Results for the year ended 31st March 2008
18/06/08 - Cash placing to raise up to £25m.
10/01/08 - Price Monitoring Extension
20/12/07 - World First Seafloor Massive Sulphide Resource
27/11/07 - Base Metals Update - Democratic Republic of the Congo
24/09/07 - Gold project update: Democratic Republic of Congo and Ghana

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