Asa Resources Regulatory News (ASA)

26 Feb 2008 07:00

Mwana Africa PLC26 February 2008 Democratic Republic of Congo Ministry of Mines Review of Mwana JV with OKIMO London, 26 February 2008 - Mwana Africa ("Mwana"), the pan-African resourcecompany, has received notification from the Ministry of Mines of the DemocraticRepublic of the Congo of the conclusions of its review of Mwana's gold jointventure (Zani-Kodo) with L'Office des Mines d'or de Kilo-Moto ("OKIMO"). Mwana is also active in the DRC with exploration for base metals and diamonds.All those licences are in good standing order with the Ministry of Mines. The points raised by the Ministry of Mines are as follows: • The Government would like to understand the basis for the 80:20 share of the joint venture between respectively Mwana and OKIMO • Mwana to make retrospective payments to the Mining Registry for surface rights over the joint venture from the signature date in 2004 • An undertaking is required from Mwana that it will discuss with the Government a social development plan before the start of any mining • Lease rental payments to be renegotiated • The Mwana/OKIMO JV (ammodiation contract) to be registered at the DRC Mining Registry • OKIMO to become more involved in the day to day management of the Zani Kodo joint venture. Mwana will respond to the requests of the Ministry of Mines by the specifieddeadline of 27th February 2008. Kalaa Mpinga, CEO of Mwana Africa, commented, "We are now within sight of whatwe hope will be a successful conclusion to the Government's review of mininglicences. The process has from our point of view been productive, conductedfairly and we have been able throughout to engage in a constructive dialoguewith the Ministry of Mines. We are continuing with our plans for investment andgrowth of production from our assets in the Congo. The DRC is an exciting placeto be operating and remains full of potential. " Enquiries: Kalaa Mpinga, Chief Executive Officer Tel: 020 7654 5588Oliver Baring, Executive ChairmanMwana Africa plc Tom Randell / Anca Spiridon Tel: 020 7653 6620Merlin Mike Jones / Ryan Gaffney Tel: 020 7050 6500Canaccord Adams This information is provided by RNS The company news service from the London Stock Exchange