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Updated gold resource estimate at Zani-Kodo

28 July 2010

Mwana Africa PLC ("Mwana" or the "Company") is pleased to announce an updated JORC compliant resource estimate for the Zani-Kodo gold project in the Ituri Region of north eastern DRC, in which Mwana has an 80% interest.

Summary

• JORC compliant gold resource of 1.25 million ounces at 1g/t cut-off, a 98% increase since February 2010
  • Indicated gold resource of 260,000 ounces, 18% increase since February 2010
  • Inferred gold resource of 1,000,000 ounces, 140% increase since February 2010
  • Overall resource grade increased from 2.8g/t to 3.5 g/t
• Resource remains open at depth and along strike
• Current drilling targeting new Kodo South discovery and prospects along the Zani-Kodo trend in addition to infill drilling
• AMEC Minproc engaged to conduct Preliminary Scoping Study

Since the most recent resource update in February 2010, results have been received for a further 20 diamond drill holes. The majority of these holes were drilled on a 50m x 50m grid and have primarily targeted the down dip extension of the high grade Kodo Main shoot. The drilling has resulted in an increased gold resource estimate as follows:

The minimal difference between the resource estimates using 0.00g/t and 1.00g/t cut-off grades highlights the well defined hanging (upper) and footwall (lower) boundaries of the mineralised zone. The geological coherence of the mineralised zone combined with the robust resource model indicates to Mwana that a high proportion of the inferred resource will convert to the indicated category. Infill drilling has commenced.

The latest results indicate excellent continuity of the lenticular Kodo Main mineralised shoot with a NE directed plunge to a vertical depth of 380m (Figure 2). This has extended the mineralised zone by approximately 150m down dip from the February resource calculation. The currently defined wireframe for the mineralised zone (0.5g/t cut off) is shown in Figure 3. Mineralisation comprising the current resource remains open at depth and along strike.

Gold mineralisation is associated with increased shearing and quartz veining within a banded iron formation adjacent to the contact with a narrow black shale unit overlying a metagreywacke (Figure 2). The dominant sulphide minerals are pyrrhotite and arsenopyrite.

Current drilling is targeting the Kodo South shoot (Figure 1) as well as infill drilling to bring the Kodo Main resource to indicated status. The Kodo South shoot has shown the potential to mimic the high-grade shoot at Kodo Main.

The reported Kodo resource (Kodo Main and Kodo North) covers a strike length of just 700m of the 9km long Zani-Kodo trend. Exploration drilling has begun at the Le Badolite target 1.5 kms to the south of Kodo (Figure 4). The continuation of the BIF-metasandstone contact has been identified here along with the black shale marker horizon. Early drilling shows the presence of significant widths of sulphide mineralisation. Assay results are awaited.

Further exploration drilling is planned along the Zani-Kodo trend at Zani Central where a single reconnaissance hole intersected 26m @ 1.3g/t and at the Lulemodi target area (Figure 4) where a gold in soil anomaly is present with values of >100ppb over a strike length of 3kms. Active artisanal activity is currently taking place in this area.

Mwana considers the complete strike length of the Zani-Kodo trend to have excellent potential to host a significantly larger overall gold resource.

While resource definition and expansion drilling continues Mwana has contracted AMEC Minproc to conduct a preliminary scoping study focused on metallurgical testwork.

Kalaa Mpinga, CEO, commented: "These most recent results confirm the excellent continuity of the Kodo mineralisation. I am especially heartened by the increase in the grade over the previous resource calculation. The discovery of the potentially high-grade Kodo South shoot indicates the potential for an increase of the Kodo resource in the near future."

View Figure 1-4: referred to in this press release, and complete assay results. (PDF - 617KB)