Mwana Africa reports 30 per cent increase in gold resource



LONDON (ShareCast) - AIM-listed multi-commodity resources company Mwana Africa (Other OTC: MWNAF - news) has reported a 30 per cent increase in gold resource, including a maiden resource at the new Lelumodi discovery.

In a resource update for the Zani-Kodo project located in the Ituri region of the Democratic Republic of Congo, the company reported that total combined JORC-compliant gold resource now stands 2.6m ounces (based on a cut-off grade of 0.5 grams per tonne (g/t)), representing a 30% increase to the company's February 2012 resource statement.

A maiden resource of 442,903 ounces was recorded for the newly discovered Lelumodi deposit.

Kodo Main indicated gold resource increased by 22% to 547,838 ounces while Kodo Main inferred gold resources increased by 8.0% to 1.023m at an average grade of 3.51 g/t.

Kalaa Mpinga, Chief Executive Officer of Mwana Africa, commented: "Our exploration drilling at Zani-Kodo continues to significantly increase the gold resource with each drill campaign, supporting our philosophy to focus on the projects most likely to deliver real shareholder value in the long term and aggressively pursue these targets."