Asa Resources Regulatory News (ASA)

Mwana Africa PLC

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

Zani-Kodo Gold Resource Update

Mwana announces +30% increase to Gold resource, including a maiden resource at the new Lelumodi discovery.

Mwana Africa PLC is pleased to provide a resource update for the Zani-Kodo project located in the Ituri region of the Democratic Republic of Congo.

Overview

·; Total combined JORC compliant Gold resource now stands 2.6Moz (based on a cut-off grade of 0.5 g/t), a 30% increase to the February 2012 resource statement

·; Maiden resource of 442,903oz for the newly discovered Lelumodi deposit

·; Kodo Main indicated gold resource increases by 22% to 547,838 oz

·; Kodo Main inferred gold resources increases by 8% to 1,023,292, at an average grade of 3.51 g/t

·; Metallurgical test work and preliminary mine design studies continue in parallel with ongoing drilling to define additional mineral resource at Lelumodi and the Kodo area

Kalaa Mpinga CEO commented, "̋Our exploration drilling at Zani-Kodo continues to significantly increase the gold resource with each drill campaign, supporting our philosophy to focus on the projects most likely to deliver real shareholder value in the long term and aggressively pursue these targets."

The current resource status of the Zani-Kodo project is shown in Table 1:

Table 1: Zani-Kodo project gold resource figures, February 2013.

Initial Results from Lelumodi Target Area

§ The Lelumodi target is located 4km SE of the Kodo area (Figure 1) and is situated on a prominent gold in soil anomaly with a strike length of 4,000m. The first phase of drilling on this anomaly which commenced in 2012 has been completed, with 28 holes drilled on a 50m x 50m grid over a strike length of 300m for a total of 6,400m of core drilling.

§ Drilling has successfully identified a series of near surface, subparallel, laterally continuous mineralised zones associated with sheared and silicified felsic volcanic units within a sequence dominated by metabasalt and metadolerite.

§ Best mineralised intersections of 59.6m @ 2.04g/t, 51.0m @ 2.01g/t, 50.0m @ 2.51g/t and 16.3m @ 3.56g/t have been identified. The location of intersections is shown in Figure 2, and a complete table of results will be published at www.mwanaafrica.com.

§ A cross section of the area is shown in Figure 3. This shows the presence of two main mineralized zones which locally merge to a single body, as well as significant mineralized zones at shallow depths in the hanging wall.

§ An initial resource of 442,903oz @ 1.87g/t has been defined. The mineralised zones remain completely open along strike to both NW and SE, and are also open at depth.

§ The maiden resource (plus additional potential outlined by the soil anomaly) is present at shallow depth and is considered to represent potential bulk mineable open pit material.

§ Drilling at Lelumodi has confirmed that soil geochemistry is an effective exploration tool and that the remainder of the 4,000m strike length gold in soil anomaly is highly prospective. Further drilling along strike on the soil anomaly will be carried out in this area during 2013.

Kodo Area

§ A further 22 holes have been completed at the Kodo area since the last resource update in February 2012.

§ These have targeted the downdip extension of the Kodo Main zone and the southern margin of the deposits.

§ Drilling has continued to extend the broad mineralized zone, with best intersections of 24.0m @ 10.04g/t, 12.9m @ 6.50g/t, 33.15m @ 3.67g/t, 21.5m @ 4.46g/t and 14.0m @ 5.98g/t received.

§ Complete results will be published at www.mwanaafrica.com.

§ Drilling during the year has improved the geological model at Kodo. A basal thrust and a series of reverse sense splays are now identified, as shown in the cross section in Figure 4.

§ The resource at Kodo has been increased to:

Indicated: 547,838oz @ 3.60g/t

Inferred: 1,023,292oz @ 3.51g/t

Total: 1 571 130oz @ 3.54g/t

The Kodo resource remains open at depth and further drilling is planned for the year.

For associated maps (Figures 1, 2, 3, 4 & 5), please click on, or paste the following link in to your web browser, to view the PDF file:

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. The exploration and resource information contained in this report pertaining to Zani Kodo have been reviewed and verified by Dr Du Plessis.

For further information please visit www.mwanaafrica.comor contact:

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