Disposal of 15% interest in Freda Rebecca

18 May 2012

Mwana Africa PLC

("Mwana", the "Group" or the "Company")

Disposal of 15 per cent. interest in Freda Rebecca Gold Mine

Mwana Africa PLC is pleased to announce the disposal of a 15 per cent. interest in the Freda Rebecca Gold Mine ("Freda Rebecca"). The disposal fulfils an obligation Mwana made at the time it purchased Freda Rebecca in 2005, and is conditional on receiving approval from the IDC, the principal debt provider to Freda Rebecca. Mwana expects to complete the disposal over the next few weeks.

Upon completion, the 15% interest in Freda Rebecca will be purchased by Mr. Kenneth Musanhi for US$405,000, being the price agreed with Mr. Musanhi in 2005 at the time Mwana acquired Freda Rebecca. Mr. Musanhi, a prominent and respected businessman from the Bindura area in Zimbabwe, is well known to the Company having been a longstanding board member of the Freda Rebecca Gold Mine; his input in the efforts to restart operations at the mine has been invaluable.

Mwana's shareholding in Freda Rebecca following the disposal will be 85 per cent.

Mining operations at Freda Rebecca recommenced in September 2009. Since then Mwana has successfully grown gold production at the mine to a current annualised rate of over 50,000 ounces of gold, and made a profit before tax of $11.5 million during the six months to 30 September 2011.

Kalaa Mpinga, CEO of Mwana, commented:

"This disposal completes our pre-existing agreement from when we first invested in Freda Rebecca. Mr. Musanhi is well respected in Bindura and has played a significant role in assisting in the restart of the mine. We look forward to continuing to work closely together on further developing the prospects of the Freda Rebecca Gold Mine."

For further information please visit www.mwanaafrica.com or contact:

Mwana Africa PLC Tel: +44 (0)20 7654 5580

Donald McAlister / Lorenz Werndle

Nominated Adviser and Broker

Liberum Capital Limited Tel: +44 (0)20 3100 2000

Michael Rawlinson / Tom Fyson / Christopher Kololian

Public & Investor Relations

Tavistock Communications Tel: +44 (0)20 7920 3150

Ed Portman / Simon Hudson / Mike Bartlett

About Mwana Africa PLC

Mwana Africa PLC is a pan-African, multi-commodity resources company. Mwana's principal operations and exploration activities cover gold, nickel and other base metals, and diamonds in Zimbabwe, the DRC and South Africa. Mwana was the first African owned and managed mining business to be listed on London's AIM market. Mwana's Freda Rebecca gold mine in Zimbabwe achieved its target production rate of 50,000 ounces gold per annum in 2011. In February, Mwana announced a gold mineral resource of 2.01 million ounces at its Zani Kodo project in Democratic Republic of Congo. Further information on the Company can be found at www.mwanaafrica.com.