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Notification of Directors' Interests

31 March 2010

Mwana Africa announces that the following directors of the Company have acquired new ordinary shares ("Shares") pursuant to the placing of 88,340,540 Shares announced by the Company on 25 March 2010 (the "Placing"), in each case at the Placing Price of 10p per Share. The Placing Shares were admitted to trading on AIM today, 31 March 2010 ("Admission").

Oliver Baring, Executive Chairman of Mwana Africa, acquired 420,000 Shares. These shares were acquired by Oliver Baring's pension fund. Oliver Baring's total beneficial interest in the Company has increased to 2,052,976 Shares, amounting to 0.42% per cent of the issued share capital of the Company as enlarged by the Placing (the "Enlarged Share Capital"), being 486,107,759 ordinary shares, excluding 2,666,600 issued shares held in treasury.

Kalaa Mpinga, Chief Executive Officer acquired 1,000,000 Shares. As a result of this transaction, the number of Shares over which Kalaa Mpinga has control of the voting rights has increased to 38,208,675, amounting to 7.86% per cent of the Enlarged Share Capital.

Donald McAlister, Finance Director, acquired 300,000 Shares. Donald McAlister's total beneficial interest in the Company has increased to 500,000 Shares, amounting to 0.10% of the Enlarged Share Capital.