Asa Resources Regulatory News (ASA)

April 7th 2011, London

Mwana Africa PLC

("Mwana" or the "Company") (AIM: MWA)

Updated mineral resource estimate for the Freda Rebecca Gold Mine in Zimbabwe

Mwana Africa PLC is pleased to announce an updated mineral resource estimate for its Freda Rebecca Gold Mine ("FRGM" or "Freda Rebecca") in Zimbabwe. This increases the total Indicated Mineral Resource by 61% to 1.67 million ounces (Moz) of gold.

Highlights

Ø 61% increase in total Indicated Mineral Resources

Ø Increased resource expected to form basis for extended mine life

Ø 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 updated mineral resource has been independently verified by SRK Consulting (UK) Limited using all available data, inclusive of drilling results and information obtained through ongoing underground development, as at 31 March 2011. It is based on a cut-off grade of 1.5 g/t gold. Notably, the total Indicated Mineral Resource as defined by the JORC Code has increased from just over 1 million ounces (Moz) to 1.67 Moz of gold while the Inferred Mineral Resource, as similarly defined, now stands at 0.64 Moz (tabulated below*).

* 100% Mwana Africa, with commitment to sell 15% to local partner

The increased resource is expected to form the basis of an extended life of mine at Freda Rebecca,

In February 2010, BMRE Mineral Resource Solutions of South Africa (BMRE) was commissioned by Mwana to assist in the re-evaluation of the Freda Rebecca Gold Mine resource as part of Mwana's recommencement of operations.

BMRE has provided a complete update and revision to the FRGM Resource Model which it has informed the Company is based on optimised Kriging which produced robust individual block estimates. The Directors believe that this work, together with a partially re-captured database, has provided a sound platform for the future management of the resource.

BMRE's mineral resource estimate concurs with an internal resource estimate carried out by mine personnel in conjunction with Digital Mining Services in 2006 prior to the mine rehabilitation in April 2009.

As part of the resource re-evaluation exercise, an Umpire QA/QC programme was initiated. This program highlighted two issues:

Ø That the FRGM assay database is potentially globally biased low (in the order of 12%) relative to the umpire laboratory which yielded systematically higher values than the historical values used in the BMRE resource model

Ø That on a very local scale (sample level) the correlation with true values is low. It is therefore anticipated that while over a period of a year or more there will be a good correlation between the resource model and production statistics, over a shorter period (approximately 1 to 3 months) the mined grades could be higher or lower than predicted.

Future management of the resource will focus on effective grade control with particular emphasis being placed on the quality assurance and control of sampling and assays. Routines have been put in place to manage interim updates to the Resource model - both to assist in short-term planning and improve the accuracy of the longer term Resource Model. It is hoped that this work will enable a Measured Mineral Resource to be reported in due course.

CEO Kalaa Mpinga commented:

"The focus over the past 12 months has been on the Phase I rehabilitation and production ramp-up at our primary gold asset in Zimbabwe. This resource evaluation demonstrates the longevity and potential of the operations at Freda Rebecca. The mine boasts 200,000m of historical drilling, including 25, 000 ore body intercepts, and a proven production history. The addition of this robust updated resource model will put us in a strong position as we move to Phase II of the production ramp-up to 50,000ozpa over the coming months."

For more information, please visit www.mwanaafrica.comor contact:

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

The mineral resource estimate was managed and compiled by Peter Bloy, Principal Consulting Geologist BMRE. Mr Bloy (BSc Honors) has over 20 years of experience in the evaluation of gold deposits, is a Competent Person, as that term is defined in the JORC Code and a "Qualified Person" for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr Bloy has been a member of AusIMM since 2001 (member no.210408) and has reviewed the information contained in this announcement.

The above resource estimate has been further reviewed and accepted by SRK and currently forms part of the ongoing Competent Person Report being compiled by SRK on behalf of Freda Rebecca Gold Mine.

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