Mwana Africa PLC
("Mwana", the "Group" or the "Company")
Operations and Exploration Update
Mwana Africa PLC is pleased to provide an update on operations and exploration activity for the quarter ending 30 September 2012.
Highlights
· 18,350 ozs of gold sold by Freda Rebecca for the quarter, representing an increase of 34% over the same quarter in 2011.
· Freda Rebecca achieved recoveries of 83% for the quarter, highest average recoveries in 2012.
· Freda Rebecca achieved C1 cash costs of US$797/oz down from US$815/oz in the previous quarter.
· BNC concluded a rights issue and restructuring which has allowed the nickel miner to commence operations with first sale of concentrate expected in Q2 2013.
Exploration and Development Projects
· BNC: first drilling results from Trojan since the recapitalisation and restructuring of BNC was completed during Q3, key mineralized intercepts received post period include:
o 27.0m at 3.50% Ni from 359m (BH 35-0-77)
o 94.0m at 3.14% Ni from 224m (BH 35-0-79)
o 27.7m at 10.63% Ni from 264m (BH 35-0-76)
o 10.4m at 8.25% Ni from 164m (BH 35-0-80)
· Zani Kodo: drilling continued at Kodo Main and the best drill result received was:
o 33m at 3.67g/t Au (KDODD073)
· Zani Kodo: At Lelumodi 14 holes for 3,387m were completed during the quarter and the best drill result received was:
o 3.7m at 5.11 g/t Au (ZNSDD022)
· SEMHKAT: Mwana entered into a Cooperation and Development Agreement covering 28 licences within its 100% owned SEMHKAT copper exploration area with Hailiang.
Kalaa Mpinga, CEO of Mwana, commented:
"This has been another very pleasing and positive quarter for the company with record levels of gold production achieved at Freda Rebecca since operations were restarted in 2009. I am also delighted by the progress shown at Trojan following the successful conclusion of the recapitalisation and restructuring of BNC. I look forward to updating shareholders with news of the refurbishment programme now underway as the company moves towards the sale of its first nickel concentrate in Q2 2013."