Asa Resources Regulatory News (ASA)

1 August 2011

Mwana Africa PLC

("Mwana", the "Group" or the "Company")

Resource Update at Zani-Kodo

Mwana Africa PLC is pleased to announce an updated JORC compliant gold resource at the 80% owned Zani-Kodo gold prospect in the Ituri Region of north eastern DRC.

Highlights

·; A 13% increase to a total resource of 1,400koz at an average grade of 3.18g/t at a 0.5g/t cut off

o Indicated gold resources increased by 21% since July 2010, to 310koz at an average grade of 2.91g/t at a 0.5g/t cut off

o Inferred gold resources increased by 11% since July 2010 to 1,100koz at an average grade of 3.26g/t at a 0.5g/t cut off

·; Exploration activities are ongoing with additional targets being drilled along the Zani-Kodo trend

Following further drilling at the Kodo Main and Badolite areas (Figure 1) an increased gold resource has been calculated. Drilling commenced at Zani Kodo in April 2007 and to date 287 holes have been drilled totalling 62,094m. The combined strike length along which mineralisation has been identified at Zani Kodo now stands at 1,300m. The overall resource for the project (Kodo Main plus Badolite) is now as follows:

At a cut-off of 0.5 g/t:

At a cut-off of 1.0 g/t:

Kodo Main

9 infill holes have been completed at the Kodo Main area in order to more accurately define the near surface portion of the orebody. The Kodo Main strike length is 700m. The updated resource at Kodo Main is now as follows:

At a cut-off of 0.5 g/t:

At a cut-off of 1.0 g/t:

Badolite

The Badolite target area is located 1.5km to the south of Kodo Main (Figure 1). The area was identified as the inferred location of the strike continuation of the metagreywacke-banded iron formation ("BIF")/black shale contact which hosts the mineralisation at Kodo. The area is covered by surface scree deposits which mask the underlying bedrock.

Drilling at Badolite has identified a continuous zone of mineralisation over a strike length of 600m. A total of 33 diamond core holes were completed for 6,201m and all intersected the targeted horizon (Figure 2).

Selected significant intersections (based on grade and width) are tabulated below:

1Incl. 6m @ 4.15g/t and 10m @ 4.05g/t

2incl. 3.7m @ 4.65g/t

The mineralisation occurs within BIFs and quartz veins at or close to the contact with the footwall metagreywacke (Figure 3). Mineralisation is near surface and continuous.

The mineralised zone at Badolite is bounded to both the north and the south by faults, but remains open at depth.

The updated resource at Badolite is now as follows:

The results confirm the presence of near surface mineralisation along the southerly continuation of the Zani-Kodo trend. A further strike length of 5,000m remains to be tested.

Exploration drilling is currently focused on the Zani Central area to the south of Badolite (see Figure 1) and encouraging initial results have already been obtained, including an intersection of 37m @ 1.29g/t (including 8m @ 2.76g/t).

For more information about Zani Kodo and for a list of all intersections at Kodo Main and Badolite please visit www.mwanaafrica.com/oe/drc_zani.asp

For figures 1-3, please click on the link below:

http://www.rns-pdf.londonstockexchange.com/rns/4355L_-2011-7-29.pdf 

Kalaa Mpinga, CEO commented: "We are delighted to announce the 3rd resource upgrade at Zani Kodo in the last two years. The exciting results of our ongoing drilling programme confirm the tremendous potential of this asset and we look forward to the progress of our exploration programme during the coming months."

Charl du Plessis, Executive Vice President Exploration of Mwana Africa, who holds a PhD and is a Member of the AusIMM, is a 'Qualified Person' as defined in the AIM Rules, and the exploration and resource development information contained in this press release has been reviewed by Dr Du Plessis. Mineral resource estimates included herein are presented in accordance with the JORC Code. If presented in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council, the mineral resource and mineral reserve presentation would be materially the same.

Enquiries:

Mwana Africa PLC Tel: +44 (0)20 7654 5580

Donald McAlister / Lorenz Werndle

Nominated Adviser and Broker

Ambrian Partners Limited Tel: +44 (0) 20 7634 4700

Anthony Rowland / Jen Boorer

Joint Broker

XCAP Securities plc

Jon Belliss / John Grant / Parimal Kumar Tel: +44 (0)20 7101 7070

Public Relations

Merlin Tel: +44 (0)20 7726 8400

David Simonson / Anca Spiridon

This press release includes 'forward-looking statements'. Words such as 'anticipates', 'expects', 'intends', 'plans', 'forecasts', 'projects', 'budgets', 'believes', 'seeks', 'estimates', 'could', 'might', 'should' and similar expressions identify forward-looking statements. All statements other than statements of historical facts included in this press release, including, without limitation, those regarding Mwana Africa's business strategy and plans and objectives of management for future operations and acquisition opportunities, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors which could cause the actual results, performance or achievements of Mwana Africa or the markets and economies in which Mwana Africa operates to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements, including, without limitation, political, regulatory and economic factors. Factors that would cause actual results or events to differ from current expectations include, among other things, political and regulatory risks and the other risks and hazards associated with mineral exploration, development and production. Mwana Africa believes that the assumptions inherent in the forward-looking statements are reasonable; however, forward looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Mwana Africa does not assume any responsibility to update any of such forward-looking statements, save as required by relevant law or regulatory authority. This report contains information regarding the results of various exploration activities. Where a mineral resource has not been defined, it should be noted that the potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.