Asa Resources Regulatory News (ASA)

2 October 2013

Mwana Africa PLC

("Mwana" or the "Company")

13% increase in Zani-Kodo Gold Resource

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

Highlights

· Total combined JORC compliant gold resource now stands at 2.975Moz at 2.43 g/t (based on a cut-off grade of 0.5 g/t), a 13% increase to the February 2013 resource update statement , which was itself a 30% increase to the previous February 2012 resource statement.

· The total Indicated Resource increased by 16% to 0.634 Moz at 3.33 g/t.

· The Kodo main deposit increased to 1.729Moz at 3.55g/t, a 10% increase from the February 2013 resource update statement.

· The recently discovered Lelumodi deposit now stands at 0.549Moz at 1.84 g/t, a 24% increase from the February 2013 resource update statement

· A new area, Lelumodi North, has yielded further positive results, with an initial inferred resource of 86,589oz at 2.34g/t

· In accordance with the transition towards JORC 2012 requirements, a fourth (Exploration Target) classification has been introduced for the deepest extensions at Zani-Kodo and Lelumodi North. Whilst additional drilling is required to upgrade these figures to JORC resource status, the exploration target is estimated at 125koz to 300koz (grade range of 3.0 to 4.0 g/t) at Kodo, and, 97koz to 242koz (grade range of 2.0 to 2.5 g/t) at Lelumodi North. 

Kalaa Mpinga, CEO of Mwana, said: "The latest exploration drilling at Zani-Kodo has once again yielded positive results, with a further significant increase in the gold resource there. There is clearly a great deal of potential in this project and we remain excited about the future of Zani Kodo." 

Using a cut off grade of 0.5 g/t, table 1 summarises the current JORC compliant gold resource at Zani-Kodo. 

Table 2 breaks the resource down by sub-area at Zani-Kodo, with the location of sub-areas shown in Figure 1.

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

Table 2: Zani-Kodo project, gold resource figures by sub-area, September 2013.

In accordance with the transition towards JORC 2012 requirements, a fourth (Exploration Target) classification has been introduced for the deepest extensions at Zani-Kodo and Lelumodi North. The Exploration Target classification is shown in Table 3. Additional drilling is required to upgrade these figures to JORC resource status, and the figures are expressed as a range to reflect uncertainty in the estimate. The Exploration Target shown in Table 3 is separate from the JORC compliant resources shown in Tables 1 and 2.

Table 3: Exploration Target potential Zani-Kodo project, September 2013.

Figure 1: Zani-Kodo project area showing location of defined resources, updated resources (September 2013), current target areas and gold in soil anomaly

http://www.rns-pdf.londonstockexchange.com/rns/4791P_-2013-10-1.pdf

Kodo Area

§ A further seven drill holes (diamond core) have been completed at the Kodo area since the last resource update in February 2013. These have targeted the downdip extension of the Kodo Main zone

§ Drilling has continued to extend the banded iron formation ("BIF") hosted mineralized zone, with best intersections of 13.3m at 4.04g/t, 9m at 6.46g/t, 16m at 6.77g/t, and 9m at 4.24g/t.

§ Results are summarised in Table 4 with locations shown in Figure 2. Complete results are available at www.mwanaafrica.com.

§ Drilling during the year has confirmed the geological model at Kodo, with a basal thrust and a series of reverse sense splays identified, as shown in the cross section in Figure 3. A total of 900m of downdip continuity has currently been defined.

§ Using a cut off grade of 0.5g/t, the total JORC compliant resource at Kodo has been increased to 1.729Moz at 3.56g/t.

§ The Kodo resource remains open at depth.

§ Based on the excellent geological continuity at Kodo and in accordance with the transition towards JORC 2012 requirements, a fourth (Exploration Target) classification has been introduced for additional deep extensions at Zani-Kodo. This projected target is anticipated to be in the range of 1.3 to 2.3 Mt at an average grade of 3 to 4 g/t and to include 125-300 koz contained gold. (Figures are expressed as ranges to reflect uncertainty in the estimate.) Additional drilling is required to upgrade these figures to JORC resource status.

Table 4: Summary of best results received since January 2013 resource update, Kodo area.

Figure 2: Results status September 2013, Kodo area.

http://www.rns-pdf.londonstockexchange.com/rns/4791P_1-2013-10-1.pdf

Figure 3: Cross section, Kodo area.

http://www.rns-pdf.londonstockexchange.com/rns/4791P_2-2013-10-1.pdf

Further Results from Lelumodi Target Area

§ The Lelumodi target is located 4km south east 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 2013 has been completed, with 33 holes drilled on a 50m x 50m grid over a strike length of 300m for a total of 8,100m of core drilling.

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

§ Results for a further five drill holes (diamond core) have been received since the February 2013 resource update.

§ Best mineralised intersections of 37m at 2.44g/t, 42.3m at 2.29g/t and 19.6m at 2.50g/t have been identified. Results are shown in Table 5, with the location of intersections shown in Figure 4. A complete table of results is available at www.mwanaafrica.com.

§ A cross section of the area is shown in Figure 5. 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 hangingwall.

§ Using a cut off grade of 0.5g/t, the total JORC compliant resource at Lelumodi has been increased to 549,332 ozs at 1.84 g/t.

§ The broad mineralised zones at Lelumodi remain open at depth.

§ The resource is presently 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.

Table 5: Summary of best results received since January 2013 update, Lelumodi area.

Figure 4: Results status September 2013, Lelumodi area.

http://www.rns-pdf.londonstockexchange.com/rns/4791P_3-2013-10-1.pdf

Figure 5: SW-NE cross section, Lelumodi area. See Figure 2 for location of section line.

http://www.rns-pdf.londonstockexchange.com/rns/4791P_4-2013-10-1.pdf

Initial Results from Lelumodi North Target Area

§ This area is located directly north of the Lelumodi area (Figure 1).

§ Drilling has successfully identified the strike extension of the Lelumodi mineralized zone.

§ Best intersections include 13.2m at 2.23g/t, 17m at 3.75g/t and 43m at 2.12g/t. Results are summarized in Table 5 with locations shown in Figure 6.

§ An initial inferred resource of 86,589oz at 2.34g/t has been calculated for Lelumodi North.

§ Drilling to date has only tested a portion of the area, as shown in Figure 6, with mineralization open both along strike and at depth.

§ The resource is presently at shallow depth and is considered to represent potential bulk mineable open pit material.

§ As a result of the excellent geological control and the open ended nature of the mineralized zones at Lelumodi North, a 4th (Exploration Target) classification has also been introduced for the Lelumodi North area. This target is anticipated to be in the range of 1.5 to 3 Mt at an average grade of 2 to 2.5 g/t and to include 97-242 koz contained Au (Figures are expressed as ranges to reflect uncertainty in the estimate). Additional drilling is required to upgrade these figures to JORC resource status.

Table 6: Summary of best results received since January 2013 update, Lelumodi North area.

Figure 6: Results status September 2013, Lelumodi North area.

http://www.rns-pdf.londonstockexchange.com/rns/4791P_5-2013-10-1.pdf

For further information contact:

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.

About Mwana Africa PLC

Mwana Africa PLC is a pan-African, multi-commodity mining and development company. Mwana's principal operations and exploration activities cover gold, nickel, copper and diamonds in Zimbabwe, the DRC and South Africa.

Mwana's Freda Rebecca gold mine in Zimbabwe, having restarted operations in 2009, produced 65,350 ozs of gold in the 12 months to March 2013.

In September 2013, Mwana announced that the gold mineral resource at its Zani-Kodo project in Democratic Republic of Congo had increased to 2.975 million ounces.

In February 2013, Mwana announced it had signed a Joint Venture Agreement with Zhejiang Hailiang Company Limited to jointly explore some of its copper license areas in the Katanga Province of the DRC.

The restart of operations at The Trojan Nickel Mine (owned by Mwana's Zimbabwe subsidiary Bindura Nickel Corporation ("BNC")) followed four years during which all of the BNC assets were on care and maintenance. In September 2012, BNC carried out a restructuring and recapitalisation involving US$23m being invested into BNC which has allowed it to restart the Trojan mine. First sale of concentrate to Glencore took place in April 2013.

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