25 May 2012

Congo cheer for Mwana Africa

02/02/2012 Robert Tyerman

Mwana Africa (MWA) says estimated gold resources at Zani-Kodo in the Democratic Republic of Congo have risen 41 per cent to 2.01 million oz.

The London-headquartered company, which also has interests in Zimbabwe, reports the estimate, for indicated and inferred resources, includes 1.4 million oz at the Kodo Main deposit with 4.02 grammes of gold per tonne of ore, 211,000 oz at Badolite with 2.34 grammes a tonne and 399,000 oz at Zani Central with 1.28 grammes a tonne.

Chief executive Kalaa Mpinga argues 'the increased tonnage and grade of our resource at Zani-Kodo confirms our view that we have a world-class gold deposit.' Mwana's AIM-quoted shares, which have traded between 11.75p and 3.68p over the past year, now stand at 4.89p, valuing the company at £35 million and offering speculative possibilities for those who do not mind the political risk.

Tags: AIM market, Congo, Gold, Kalaa Mpinga, Zimbabwe

Sector: Mining

Companies: Mwana Africa

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