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Gold project update: Democratic Republic of Congo and Ghana

Positive results of gold drilling programmes in the DRC and Ghana

24 September 2007

London, 24th September 2007 – Mwana Africa, the pan-African resource company, is pleased to update shareholders on the latest results from two of its gold exploration projects, Zani-Kodo in the Democratic Republic of the Congo (the “DRC”), and Konongo in Ghana. Drilling at Zani-Kodo is ongoing, and a RC drilling program at Konongo was recently completed. In each case drilling has demonstrated the potential for large scale deposits of a type that could support substantial production operations.

Zani-Kodo, DRC

Zani-Kodo, located in the Ituri Province, of the DRC, is part of a 3,239 km2 which Mwana explores in a joint venture with Office des Mines d’Or de Kilomoto (OKIMO), in which it has an 80% stake in the gold exploration rights. The area contains a series of highly prospective greenstone belts of Kibalian age which are considered to have high gold potential. The Zani-Kodo project represents the initial focus of exploration for Mwana in the licence area. Drilling is targeting a mineralised shear at the contact between a footwall sandstone and graphitic schist-Banded Iron Formation sequence. The drill programme aims to define an open pittable resource. Mineralisation occurs in broad pyrrhotite-rich zones containing discrete quartz veins and shoots. To date a total of 4,750m of a 7,000m diamond core programme has been drilled over a strike length of approximately 700m. To date assays have been received for 16 of 34 holes.

Mwana is currently in the process of assessing the assay and geological results in order to further clarify the geological setting of the mineralised zone and plan future drilling.

The mineralised zone is open along over 10 kms strike and further drilling is planned to test the full extent of the structure. A regional aeromagnetic survey has allowed the identification of a series of additional regional target areas which will be followed up during 2007/8.

Konongo, Ghana

A 2,600m RC programme was recently completed at the Konongo project in the northern Ashanti belt, owned 70% by Mwana, 20% by Talos Ghana Limited and 10% by the State of Ghana. The Konongo project covers an area of 125km2 and is situated in Birimian metavolcanics and sediments close to the western margin of the prolific Ashanti belt. The JV area contains the historical Konongo Mine which produced 1.65Moz gold at 15.7g/t. Mineralisation is associated with quartz veins and shear zones within a predominantly metavolcanic sequence. Drilling was designed to target extensions of known mineralisation along the Odumase-Boabedroo and Awere trends and aimed to define an open pittable resource.

Additional drilling is planned to delineate the full extent of the mineralised zones.

A further 2500m RC drill programme is planned for Konongo to more accurately delineate the high-grade intersections. Drilling at Zani-Kodo is ongoing and will test strike extensions to the north and south of the Kodo Mine area.

Kalaa Mpinga, CEO of Mwana Africa, commented, “I am very pleased with our double good fortune to be making rapid progress with our gold mining operations in the DRC and in Ghana. We should be proud that within two years of the merger of Mwana Africa and African Gold we can now consider the possibility of two substantial new gold projects in two different parts of Africa. The progress at Zani-Kodo and Konongo shows that the Mwana gold exploration programme during 2007 has made substantial progress and all those involved should be congratulated.”

Charl du Plessis, Vice President Exploration of Mwana, who holds a PhD and is a Member of the AusIMM, is a “Qualified Person” as defined in the AIM Rules, and has reviewed the information disclosed herein.