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1 Apr 2011 07:00
1 April 2011
Mwana Africa PLC
("Mwana" or the "Company") (AIM: MWA)
BNC Funding and Gold Production Update
Bindura Nickel Corporation
Further to the announcement made on the 25th of March 2011, referring to press speculation, the Company can confirm that no equity fundraising is being undertaken at this time. Mwana continues to consider a number of options to finance the restart of production at BNC, including debt, and will update shareholders in due course.
The planned restart of production at BNC's Trojan mine, which requires funding, follows the completion of a Competent Person's Report by SRK Consulting (UK) Ltd, and, the signature of an off-take agreement with Glencore International AG whereby Glencore will purchase all the concentrate produced by BNC, as previously announced. BNC's assets remain on a care and maintenance programme.
Freda Rebecca Gold Mine
Further to the announcement made on the 9th of February 2011, production at the Freda Rebecca Gold Mine has been progressing well. The average monthly productions achieved for the 3 and 6 month periods to the 31st of March 2011 are 2,858 oz and 2,720 oz respectively.
For the financial year to date, Freda Rebecca produced 27,211 oz of gold, with 3,573 oz of gold produced in the month of March 2011.
The Phase II expansion to a targeted production rate of 50,000oz p.a. continues to progress with the second milling circuit expected to be commissioned in May. The Phase II expansion is fully funded.
Enquiries:
Mwana Africa PLC Tel: +44 (0)20 7654 5580
Oliver Baring - Executive Chairman
Nominated Adviser and Broker
Ambrian Partners Limited Tel: +44 (0) 20 7634 4700
Anthony Rowland / Jen Boorer
Public Relations
Merlin Tel: +44 (0)20 7726 8400
David Simonson
Anca Spiridon
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