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Democratic Republic of Congo – Ministry of Mines Review of Mwana JV with OKIMO

26 February 2008

Mwana Africa (“Mwana”), the pan-African resource company, has received notification from the Ministry of Mines of the Democratic Republic of the Congo of the conclusions of its review of Mwana's gold joint venture (Zani-Kodo) with L'Office des Mines d'or de Kilo-Moto (“OKIMO”).

Mwana is also active in the DRC with exploration for base metals and diamonds. All those licences are in good standing order with the Ministry of Mines.

The points raised by the Ministry of Mines are as follows:

• The Government would like to understand the basis for the 80:20 share of the joint venture between respectively Mwana and OKIMO
• Mwana to make retrospective payments to the Mining Registry for surface rights over the joint venture from the signature date in 2004
• An undertaking is required from Mwana that it will discuss with the Government a social development plan before the start of any mining
• Lease rental payments to be renegotiated
• The Mwana/OKIMO JV (ammodiation contract) to be registered at the DRC Mining Registry
• OKIMO to become more involved in the day to day management of the Zani Kodo joint venture.

Mwana will respond to the requests of the Ministry of Mines by the specified deadline of 27th February 2008.

Kalaa Mpinga, CEO of Mwana Africa, commented, “We are now within sight of what we hope will be a successful conclusion to the Government's review of mining licences. The process has from our point of view been productive, conducted fairly and we have been able throughout to engage in a constructive dialogue with the Ministry of Mines. We are continuing with our plans for investment and growth of production from our assets in the Congo. The DRC is an exciting place to be operating and remains full of potential.”