Ongoing drilling at two exploration projects – one in Ghana and the other in the Democratic Republic of Congo (DRC) – have revealed potential for large-scale deposits which could support substantial gold production operations.

This is the latest news from Mwana Africa plc – a pan- African resources company and the first African-owned, African-managed business in this sector to be listed on the AIM. With operations and exploration activities in Zimbabwe, and a broad range of exploration and development projects in the DRC and Ghana, its asset base includes gold, nickel, copper, zinc, cobalt and, more recently, diamonds and oil and gas.

Company CEO Kalaa Mpinga comments: “I am very pleased with our double good fortune to be making rapid progress with our gold mining operations in both the DRC and in Ghana. We are now able to consider the possibility of two substantial new gold projects in two different parts of Africa.”

The two gold exploration projects concerned are Zani- Kodo in the DRC and Konongo in Ghana.

In its latest update on results from the two projects, the company reveals that drilling at Zani-Kodo is ongoing, and an RC drilling programme at Konongo was recently completed. In each case drilling has demonstrated the potential for significant deposits and substantial production operations.

Owned 70% by Mwana, 20% by Talos Ghana Limited and 10% by the State of Ghana, the Konongo mining licence covers 125 sq km and is situated at the northeastern extent of the Ashanti Gold Belt in central Ghana. It covers an area that has been the site of mining activity since the 1930s. Total production before closure of operations was 1.65Moz at an average grade of 15.7g/t. A further 2500m RC drill programme is planned there to delineate more accurately the highgrade intersections.

Mwana has an 80% stake in the gold exploration rights of the Zani-Kodo project – located in the Ituri Province, of the DRC – with the other 20% being held by the Office des Mines d’Or de Kilomoto. This project represents the initial focus of exploration for Mwana in the licence area, and the drill programme aims to define an open pit resource. To date a total of 4 750m of a 7 000m diamond core programme has been drilled over a strike length of approximately 700m and 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 clarify further the geological setting of the mineralised zone, and to plan future drilling. A regional aeromagnetic survey has allowed the identification of a series of additional regional target areas which will be followed up during 2007/8.

Web: www.mwanaafrica.com