Result of Cash Placing

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW ZEALAND OR ANY JURISDICTION IN WHICH SUCH PUBLICATION RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.

26 March 2010

Mwana Africa PLC

("Mwana Africa" or the "Company")

Result of Cash Placing 

(the "Placing")

Mwana Africa is pleased to announce the successful completion of the equity placing announced yesterday.

A total of 88,340,540 new ordinary shares of the Company (the "Placing Shares") have been placed by Canaccord Adams Ltd at a price of 10 pence per Placing Share, raising approximately £8.83 million ($13.25 million) before expenses.

The Placing Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares in the share capital of Mwana Africa, including the right to receive all dividends and other distributions declared, made or paid after the date of their issue.

Application has been made for, and the Placing is conditional on, inter alia, admission of the Placing Shares to trading on AIM ("Admission"). It is expected that settlement will occur, Admission will become effective and dealings in the Placing Shares will commence at 8.00 a.m. on 31 March 2010.

Following Admission of the Placing Shares, Mwana Africa's issued share capital will consist of 486,107,759 ordinary shares of 10p each (excluding 2,666,600 ordinary shares, which are currently held by Mwana Africa in treasury, and in respect of which no voting rights may be exercised). As such, the total number of ordinary shares in Mwana Africa to which voting rights are attached on the basis of one vote per ordinary share held will be 486,107,759.

The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

Enquiries

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

Oliver Baring - Executive Chairman

Kalaa Mpinga - Chief Executive Officer

Donald McAlister - Finance Director

Canaccord Adams Tel: +44 (0)20 7050 6500

Robert Finlay

Guy Blakeney

Smiths Corporate Advisory Limited Tel: +44 (0)20 7239 0140

Jonathan Martin Smith

Christopher Getley

Merlin Tel: +44 (0)20 7726 8400

David Simonson

Tom Randell

Anca Spiridon

These materials are not an offer for sale of any securities in the United States. The Company has not registered, and does not intend to register, any portion of the Placing in the United States, and does not intend to conduct a public offering of any securities in the United States. These securities may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended.

This document does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore. The Placing and distribution of this document and other information in connection with the potential capital increase in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

No person has been authorized to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on as having been authorized by the Company. In addition, no agent or representative of the Company accepts any responsibility whatsoever for the contents of this document and no representation or warranty express or implied, is made by any agent or representative as to the information set out in this document. The issue of this announcement shall not, in any circumstances, create any implication that there has been no change in the affairs of the Company or any of its subsidiaries or affiliates, since the date of this announcement or that the information in it is correct as at any subsequent date.

Neither the content of Company's website (or any other website, including but not limited to the websites of the Company's subsidiaries or affiliates) nor the content of any website accessible from hyperlinks on the Company's website (or any other website, including but not limited to the websites of the Company's subsidiaries or affiliates) is incorporated into, or forms part of, this announcement.

This document contains forward-looking statements, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or including the words "targets," "believes," "expects," "aims," "intends," "may," "anticipates," "would," "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future. These forward-looking statements speak only as at the date of this document. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based.

The information contained herein is restricted and is not for publication, distribution or release, directly or indirectly, in or into, United States, Canada, Japan, the Republic of South Africa, New Zealand or Australia or any jurisdiction in which such offer or solicitation would be unlawful. Subject to certain exceptions, the securities referred to herein may not be offered or sold in United States, Australia, Canada, the Republic of South Africa, New Zealand or Japan or to, or for the account or benefit of, any national, resident or citizen of United States, Australia, Canada, the Republic of South Africa, New Zealand or Japan. There will be no public offer of the securities in the United States, Australia, Canada, the Republic of South Africa, New Zealand or Japan.

Any offer of securities to the public that may be deemed to be made pursuant to this communication in any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive") is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive ("Qualified Investors"). This document is an advertisement and not a prospectus for the purposes of the applicable measures implementing the Prospectus Directive and as such does not constitute an offer to sell or the solicitation of an offer to purchase securities.