Asa Resources Regulatory News (ASA)

23 Nov 2007 07:01

Mwana Africa PLC23 November 2007 GOLD PROJECTS UPDATE: Democratic Republic of the Congo ("DRC") Positive results of gold drilling programme at Zani-Kodo in the DRC London, 23rd November 2007 - Mwana Africa, the pan-African resource company, ispleased to update shareholders on the latest results from its Zani-Kodo jointventure with OKIMO in the DRC, where it holds gold exploration rights over3,293km2 in the Ituri region of the Orientale Province. The area contains a series of highly prospective greenstone belts of Kibalianage which are considered to have high gold potential. The Zani-Kodo projectrepresents the initial focus of exploration for Mwana in this licence area.Current exploration is focused around the historical Kodo mine which produced572,000t of ore at 6.5g/t until 1964. Several additional targets identified froma high-resolution magnetic-radiometric airborne survey will be followed upseparately. Initial diamond core drilling at Zani-Kodo, designed to outline the potentialopen-pittable mineralisation, confirmed the presence of a continuous mineralisedshear zone at the contact between sandstones and banded iron formation /graphitic schists. Gold mineralisation broadly correlates with increased quartzveining and the presence of pyrrhotite. Ongoing drilling has focused on testingthe downdip extensions of this zone over a strike length of 350m. The drillinghas confirmed continuity of the mineralised structure and has also identified ahigh-grade quartz shoot immediately below historical workings. Since the previous Gold Projects Update in September 2007, assay results havebeen obtained and the results of 14 selected holes are as follows: N.B. All quoted widths are apparent width, not necessarily true width. Hole ID Easting Northing Azimuth Dip From Intersection-------------------------------------------------------------------------------- KDODD008 219880 290453 240 -50 106m-109m 3m @ 5.51g/t KDODD012 219864 290474 240 -70 139m-142m 3m @ 14.78g/t 152m-154m 2m @ 6.59g/t KDODD014 219817 290507 255 -45 92m-93m 1m @ 2.93g/t KDODD015 219817 290508 255 -80 38m-51m 13m @ 4.85g/t 128m-132m 4m @ 31.19g/t 139m-150m 11m @ 5.74g/t KDODD016 219783 290536 240 -45 81m-83m 2m @ 1.53g/t KDODD017 219801 290539 255 -50 68m-69m 1m @ 1.83g/t 75m-76m 1m @ 2.04g/t KDODD018 219803 290540 255 -80 135m-149m 14m@ 10.47g/t 154m-156m 2m @ 4.03g/t KDODD019 219776 290562 240 -55 68m-72m 4m @ 1.34g/t KDODD021 291812 290575 240 -80 147m-150m 2m @ 5.84g/t 167-173m 6m @ 1.39g/t KDODD022 219759 290600 255 -55 46m-47m 1m @ 7.49g/t KDODD024 219813 290616 255 -80 129m-131m 2m @ 5.84g/t 147m-162m 15m @ 4.74g/t KDODD028 219763 290680 255 -50 44m-57m 13m @ 1.87g/t KDODD029 219795 290688 255 -50 75m-85m 10m @ 3.24g/t KDODD031 219746 290734 240 -55 144-146m 2m@ 2.22g/t Full drilling results and diagrams are available at www.mwanaafrica.com. The high grade shoot intersected in holes KDODD015, KDODD018 and KDODD024 hasbeen delineated over a strike length of 150m and remains open to the north andat depth. Drilling along the northern extension of the Kodo structure hascontinued with banded iron formation, quartz veins and sulphide zonesintersected over a total strike length of 600m. Assay results are awaited forthese holes. Current drilling is targeting the Block 6 mineralised zone in thewestern footwall of the Kodo structure. Total diamond drilling to date is9,023m, with assays received for 31 out of 58 holes. Kalaa Mpinga, CEO of Mwana Africa, commented, "This announcement confirms ouroptimism about the potential for Zani-Kodo. We are looking forward to furtherdrilling results, which we hope will support our aim to advance this project asrapidly as possible." Charl du Plessis, Vice President Exploration of Mwana, who holds a PhD and is aMember of the AusIMM, is a "Qualified Person" as defined in the AIM Rules, andhas reviewed the information disclosed herein. Enquiries: Oliver Baring, Executive ChairmanKalaa Mpinga, Chief Executive Tel: 020 7654 5588Mwana Africa plc Tom Randell / David Simonson 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