Asa Resources Regulatory News (ASA)

28 November 2012

Mwana Africa PLC

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

High Grade Nickel Mineralisation at Trojan Nickel Mine

Mwana is pleased to announce further significant intersections of high grade Nickel sulphides from the latest results from its underground resource drilling programme being carried out at Bindura Nickel Corporation's ("BNC") Trojan nickel mine.

This is the second tranche of drilling results from Trojan since the successful recapitalisation and restructuring of BNC was completed in September 2012. Key mineralised intersections include:

·; 10.7m at 11.02% Ni from 368.7m (BH 3570)

·; 18.41m at 7.42% Ni from 284m (BH 3582)

·; 35.75m at 9.44% Ni from 177m (BH 3583)

·; 24.00m at 1.96%Ni from 182m (BH 35 - 0- 85)

·; 18.4m at 1.22% Ni from 137.6m (BH 3586)

Further selected results from this drilling programme are outlined in Table 1 at the end of the announcement.

Since the announcement on 8 October 2012, the Company has assayed the results from a further four underground diamond drill holes. The total meters drilled stand at 8,490 meters since the drilling programme commenced in April 2010. The aim of the current drilling programme at Trojan is to confirm the down dip extension of the massive sulphide zone within the Main Orebody. The drilling programme will delineate the Main Ore Body and Hanging wall Ore Body resources between 37 level and 45 level, form the basis of an updated JORC compliant resource and provide input for the extended life of mine plan for Trojan.

Kalaa Mpinga, Chief Executive Officer of Mwana, commented:

"The Nickel grades at the Trojan mine continue to confirm our confidence in the quality and future prospects for the mine which is currently in the process of being restarted. We are especially encouraged by the fact the grades of the recent drilling results are significantly better than historical grades. The target is to build production up to a rate of 7,000 tonnes per annum of nickel in concentrate with production of first concentrate expected by Q2 2013."

Qualified Person

Gayle Hanssen, Consultant Geologist B.Sc (Hons) Natal, Pr. Sci. Nat, is a 'Qualified Person' as defined in the AIM Rules. The exploration and resource information contained in this press release pertaining to Trojan have been reviewed and verified by Ms. Hanssen.

For further information please visit www.mwanaafrica.com or contact:

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

Donald McAlister / Lorenz Werndle

Nominated Adviser and Broker

Liberum Capital Limited Tel: +44 (0)20 3100 2000

Michael Rawlinson / Tom Fyson / Christopher Kololian

Public & Investor Relations

Tavistock Communications Tel: +44 (0)20 7920 3150

Ed Portman / Simon Hudson / Mike Bartlett

About Mwana Africa PLC

Mwana Africa PLC is a pan-African, multi-commodity resources company. Mwana's principal operations and exploration activities cover gold, nickel and other base metals, and diamonds in Zimbabwe, the DRC and South Africa. Mwana was the first African owned and managed mining business to be listed on London's AIM market.

Mwana's Freda Rebecca gold mine in Zimbabwe restarted operations in 2009 and achieved its target production rate of 50,000 ounces gold per annum in 2011.

In February 2012, Mwana announced a gold mineral resource of 2.01 million ounces at its Zani Kodo project in Democratic Republic of Congo. 

In August 2012, Mwana announced it had entered into a Cooperation and Development Agreement with Zhejiang Hailiang Company Limited to jointly explore it copper license areas in the Katanga Province of the DRC.

In September 2012, Mwana's subsidiary, Bindura Nickel Corporation, carried out a restructuring and recapitalisation which has allowed it to restart its Trojan nickel mine.

Further information on the Company can be found at www.mwanaafrica.com.

TABLE 1: Selected intersections from Trojan Drilling Campaign

 (1) Widths reported are down hole measurements and as such not true widths.(2) Results are not independently audited