Mwana Africa PLC (AIM: MWA) (“Mwana Africa”, the “Group” or the “Company”), the pan-African resources company, is pleased to announce its audited financial results for the year ended 31st March 2008.
Commenting on the results for the year, Kalaa Mpinga, Chief Executive of Mwana Africa said: “Our existing operations and investment in Zimbabwe are, of course, being affected by the continuing economic difficulties in the country. However, despite these difficulties our team has managed to continue production, and in the past year to complete two major projects at BNC, and has started development at Hunters Road. Our exploration and development activities elsewhere in Africa, including our newly acquired portfolio of diamond assets, have continued as planned.
“With our highly skilled and experienced staff, our recently strengthened financial position, Mwana Africa is well placed to enhance the long term value of our existing operations, to develop key projects and to build on our exciting portfolio of exploration prospects.”
This summary should be read in conjunction with the full text of the following announcement. This announcement has been issued by, and is the sole responsibility of Mwana Africa PLC. This announcement includes “forwardlooking 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 announcement, 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, changes in commodity prices, changes in equity markets, failure to establish estimated mineral resources, political risks, changes to regulations affecting Mwana Africa’s activities, delays in obtaining or failures to obtain required regulatory approvals, failure of equipment, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other geological data, delays in obtaining geological results, and the other risks involved in the mineral exploration industry. 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 announcement 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 is based upon information prepared under the supervision of Dr. du Plessis. Uwe Naeher, Professional Geologist and SouthernEra’s Western Exploration Manager, is the qualified person, under NI 43-101, responsible for the technical information in this release relating to Mwana Africa’s diamond production and exploration activities. The information relating to resources at BNC is based on information prepared under the supervision of Claudius Makuni, Manager Geology for BNC and a qualified person under NI 43-101.
Oliver Baring / Executive Chairman
Kalaa Mpinga / Chief Executive Officer
Peter Sydney-Smith / Finance Director
Tel: +44 (0)20 7654 5580
Mike Jones / Andrew Chubb
Tel: +44 (0)20 7050 6500
David Simonson / Tom Randell
Tel: +44 (0)20 7653 6620
| Share code: | MWA |
| Market: | AIM |
| Listing date: | 26 Oct 2005 |
| Index: | FTSE AIM All-Share Index |
| Sector: | Basic Resources; |
| Sub‑sector: | Gold Mining |
| Country of register: | Great Britain |
| Segment: | AMSM |