Asa Resources Regulatory News (ASA)

9 July 2015

Mwana Africa PLC

("Mwana" or the "Company")

Update on progress since EGM

Following the EGM on 9th June, 2015 which saw the appointment of four new Directors to the Board of Mwana Africa, the Company has responded to the shareholder majority by implementing a number of initiatives to reduce costs, re-organise the corporate structure and bring about necessary culture changes under the guidance of Yat Hoi Ning.

Twelve positions have been made redundant, including a senior manager, expatriates and corporate office staff. This restructuring has been carefully designed to further reduce corporate overheads without affecting the Company's operating subsidiaries which are core to the Company's business.

The number of advisers and consultants has also been reduced.

The Board's Remuneration and Nomination Sub Committee will be initiating an executive search to find suitably qualified leaders for the new organisational structure to develop, support and deliver the Company's strategic growth plan.

Mr Yat Hoi Ning said, "Shareholders voted for change at the EGM and with the help of our new Directors this process is now well underway. We expect that our restructuring will take a couple of months as we address a number of legacy issues. Our Management team is focusing on reducing costs to mitigate the impact of the current weak pricing environment for gold and nickel, but I am confident that we can deliver a stable platform upon which to build a new, and stronger corporate culture."

Meanwhile, progress is being made with the appointment of the Company's new Nomad and Broker. The Company is in discussions with a number of Nomad and Broker firms and there is every expectation that an appointment will be made within the required time frame. Peel Hunt is fully co-operating with the handover process to ensure a smooth transition.

A further announcement will be made once the appointment of the new Nomad and Broker is formalised.

For further information contact:

Mwana Africa PLC

Yim Chiu Kwan, Finance Director

Amilha Young, Group General Counsel and Company Secretary Tel: + 44 (0) 203 696 5470 

Nominated adviser and broker

Peel Hunt LLP

Matthew Armitt / Ross Allister Tel: +44 (0) 20 7418 8900

Public and investor relations

Russell and Associates

Jim Jones / Leigh King Tel: +27 (0) 11 880 3924

Tavistock

Ed Portman / Jos Simson / Mike Bartlett Tel: +44 (0) 20 7920 3150

About Mwana Africa PLC

Mwana Africa PLC is a pan-African, multi-commodity mining and development company. Mwana's principal operations and exploration activities cover gold, nickel, copper and diamonds in Zimbabwe, the Democratic Republic of Congo (DRC) and South Africa.