Mwana Africa - A New beginning

Progress on the Freda Rebecca expansion project has been slower than expected
mainly due to the bureaucracy of the Zimbabwe investment approval system,
sourcing materials and spares, and construction skills availability.
Commissioning of the new and refurbished tankage should start in second quarter
of 2007 with ramp up to 60,000 tons of ore and 4,000 ozs of gold per month.

In the DRC at Kilbolwe drilling is programmed to start in December with
completion in the first quarter.

In Ghana, we have almost completed the drilling at Banka and the results should
be available shortly. At Ahanta we are completing a reassessment of the new RC
drilling within the context of all of the existing historical data. At Konongo
we are examining all of our options against the background of the resource
report prepared by RSG.