Asa Resources Regulatory News (ASA)

10 Dec 2009 07:01



10th December 2009

Mwana Africa PLC

Update on Phase 2 diamond core drilling program at Kodo Main, Zani-Kodo Project, DRC

Mwana Africa PLC ("Mwana" or the "Company") is pleased to announce the completion of a nine-hole, 2,550m diamond core drilling program at the Kodo Main section of its Zani-Kodo gold prospect in the Democratic Republic of Congo ("DRC"). JORC compliant indicated resources of 190,684 oz of gold and inferred resources of 261,192 oz of gold were announced for this area on the 2nd September 2009.

The recently completed drill program along a 250m strike length was designed to increase the inferred mineral resource on the down-dip portion of the previously drilled mineral resource. This program was completed on 1st December 2009, with all 9 holes intersecting mineralisation as expected. Assay results for 4 of the 9 holes have been received, and are reported in Table 1. Complete assay results will be posted on www.mwanaafrica.com.

Intersections are measured as down-hole widths. The orebody dips between 50 and 70° to ENE. Holes were drilled 80° to WSW.

Please click on the link below to view Figures 1-2.

http://www.rns-pdf.londonstockexchange.com/rns/8846D_-2009-12-9.pdf

Figure 1 shows a perspective view of the targeted mineralisation, outlining the area drilled as well as the area for which the assays have been reported. The assay results received to date indicate not only that the mineralisation continues at depth, but also that the dip appears to be reducing and mineralisation widening with depth (Figure 2). Figure 2 also illustrates the down-dip continuity of the drilled portion of the orebody.

Once all of the assay results have been received, an updated resource will be calculated, and it is anticipated that this will be reported early in the New Year.

Enquiries:

Mwana Africa PLC Tel: 020 7654 5580

Oliver Baring, Executive Chairman

Donald McAlister, Finance Director 

Canaccord Adams Limited Tel: 020 7050 6500

Mike Jones / Guy Blakeney

Merlin Tel: 020 7726 8400

Tom Randell / Anca Spiridon

References to dollars or "$" refer to US dollars unless otherwise stated.

Au gold

km kilometres

JORC the Joint Ore Reserves Committee of Australia

CIM Canadian Institute of Mining, Metallurgy and Petroleum

t tonne(s)

g gram(s)

N.I.43-101 National Instrument 43-101 Standards of Disclosure for Mineral Projects, Canada

Mineral resource  a concentration or occurrence of material of intrinsic economic interest in or on the Earth's crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

Indicated resource  part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.

Inferred resource  part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.

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. 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 under NI 43-101, 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.