Statement Regarding Press Speculation

25 March 2011

Mwana Africa PLC

("Mwana" or the "Company") (AIM: MWA)

Statement Regarding Press Speculation

Further to recent press speculation, the Company can confirm that it is considering an equity fundraising as one of the options to finance the restart of production at Bindura Nickel Corporation's ("BNC") Trojan mine. The pricing of an equity fundraising, if any, has yet to be determined.

The planned restart of production from the Trojan mine follows the completion of a Competent Person's Report by SRK Consulting (UK) Ltd, and, the signature of an off-take agreement with Glencore International AG whereby Glencore will purchase all the concentrate produced by BNC, as previously announced.

A further announcement will be made in due course.

Enquiries:

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

Oliver Baring - Executive Chairman

Nominated Adviser and Broker

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

Anthony Rowland / Jen Boorer

Public Relations

Merlin Tel: +44 (0)20 7726 8400

David Simonson

Anca Spiridon