African Copper Plc

Published : August 14th, 2009

Today Filed Its Half Year Consolidated Financial Statements and Manag

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African Copper Plc
AIM: ACU
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August 14, 2009
African Copper Plc Today Filed Its Half Year Consolidated Financial Statements and Management Discussion and Analysis
LONDON, UNITED KINGDOM--(Marketwire - Aug. 14, 2009) - African Copper ("ACU" or the "Company") (AIM:ACU)(BOTSWANA:AFRICAN COPPER) announced today that it has filed its Second Quarter Financial Statements and Management's Discussion and Analysis for the six month period ended 30 June 2009 ("MD&A") on RNS and SEDAR (www.sedar.com). To review these documents on the Company website please see http://www.africancopper.com/i/pdf/2009-Q2_FS.pdf and http://www.africancopper.com/i/pdf/2009-Q2_MDA.pdf.

Corporate and financial highlights for the period:

- ZCI US$41m financing package and agreements negotiated and implemented

- GBP29million of previous impairment costs recognized in 2008 written back to balance sheet.

- ZCI Financing Package allows monetisation of mineral reserves through operational development

- Appointment of David Rodier, Chairman, and Jordan Soko, with wide industry experience to the Board

- Delisting from the Toronto Stock Exchange on 20 May 2009

Development and exploration upside:

- Mobilisation and mining activities recommenced at Mowana, in early August 2009

- Mowana open pit:

-- Open-pit reserve estimate - proven (10.82 Mt @1.0% Cu) and probable (3.98 Mt @1.4% Cu) mineral reserves of plus or minus 14.8 Mt @1.1%Cu containing 361 MM pounds of copper.

-- Run of mine grades potentially higher than modelled

-- Identified expansion opportunities close to surface & plant infrastructure

-- 83% of resources are potentially accessible by underground mining providing +20 years life

-- For information on the geological resource model see Mineral Resource and Mineral Reserve Estimates included in the report entitled "National Instrument 43-101 Technical Report on the Mowana Mine, Botswana" dated 26 November 2007 by Read, Swatman and Voigt (Pty) Ltd which is available on www.sedar.com or on the Company's website at www.africancopper.com.

- Thakadu deposit, plans being made to convert advanced prospect to Mining Licence status

- Extensive Matsitama exploration tenements offer further blue sky potential
Development Programme:

- Expected transition from operations start up to sustainable producer at Mowana:

-- Mine & plant established

-- Mining Operations recommenced with plant start up scheduled for late August.

-- Resumption of concentrate production estimated early September 2009

-- Long term off-take agreement in place.

Positive future outlook

- ZCI recapitalisation provides an established and experienced financial and management catalyst enabling ACU operations to grow to their full potential

- Quality, potentially low cost resource expected to begin production by the end of August 2009

- Wider portfolio expected to provide exploration upside

- New acquisitions and joint ventures will be considered on a strategic basis

Chris Fredericks, Chief Executive of African Copper commented:

"The publication of these results mark the start of a new stage in African Copper's development.

Following the ZCI funded recapitalisation, we look forward to the monetisation of our reserves base through near term production and sales. Production is planned to commence by the end of August 2009.

Finally, we will look to add further value for our shareholders by both considering our exploration options and through any potential acquisitions that might become available and will enhance the value of our portfolio.

With what we have achieved and what is now in place, we believe we can look forward to the future with renewed confidence."

This press release has been prepared under the supervision of Dave De'ath BSc (Hons), MSc, GDE-Mining and MIMMM, the Company's Manager of Geology of the Mowana Mine and a "qualified person" as such term is defined in Canadian National Instrument 43-101. Mr. De'ath has reviewed and approved the technical information in this press release.

Forward Looking Information

This news release contains "forward-looking information". Forward-looking information includes, but is not limited to, statements concerning mineral resource and reserve estimates, the Company's goals and plans with respect to recommencing operations at the Mowana Mine, including the anticipated timing scheduled for the resumption of operations in late August 2009, Company's estimated timing for the resumption of concentrate production, the Company's overall and exploration strategy, including with respect to its consideration of future acquisitions and/or joint ventures, the Company's plans with respect to obtaining mining licences for Thakadu, the Company's expectations with respect to, and the anticipated potential for, the exploration of the Matsitama Project, and other statements which are not historical facts.

With respect to forward-looking information contained in this news release, the Company has made assumptions regarding, among other things, the necessary working capital that will be required for production to be recommenced at the Mowana Mine, the net present value calculations underlying the Company's determination that a partial reversal of the impairment charge recognized in 2008 is appropriate, the Company's ability to access debt and capital markets to meet its future funding requirements, if any, and the regulatory framework in Botswana with respect to, among other things, permits, licenses and authorizations.

Although the Company believes that its expectations reflected in forward-looking information are reasonable, such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company or the Company's projects in Botswana, or any of them, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, the defaulting under the financing package, ZCI failing to obtain shareholder approval of the convertible loan facility under the financing package, the financing package being insufficient to meet the Company's necessary working capital requirements for production to be recommenced at the Mowana Mine, adverse changes in any of the key assumptions of the Company regarding the net present value calculations underlying the Company's determination regarding the partial reversal of the impairment charge recognized in 2008, risks related to failure to convert estimated mineral resources to reserves, the possibility that actual circumstances will differ from the estimates and assumptions used in the current mining plan for the Mowana Mine (even if operations at the Mowana Mine recommence, there is no certainty that the production schedule, recoveries and/or operating costs will ever be achieved) future prices of copper, unexpected increases in capital or operating costs, possible variations in mineral resources, grade or recovery rates, failure of equipment or processes to operate and other risks of the mining industry, including political risks arising from operating in Africa, as well as those factors discussed under "Risks" in the MD&A.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein, unless stated otherwise, is made as of the date of this news release and the Company makes no responsibility to update them or to revise them to reflect new events or circumstances, except as required by law.

The mineral resource and mineral reserve figures referred to in this news release are estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the resource and reserve estimates referred to in this news release are well established, by their nature resource and reserve estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration.

CONTACT INFORMATION:

African Copper Plc
Chris Fredericks
Chief Executive Officer
+27 (11) 467 2360
cfredericks@africancopper.com

or

African Copper Plc
Brad Kipp
Chief Financial Officer
(416) 847 4866
bradk@africancopper.com
www.africancopper.com

or

Numis Securities Limited
John Harrison
Nominated Advisor
+44 (0)20 7260 1000

or

Numis Securities Limited
James Black
Corporate Broker
+44 (0)20 7260 1000

or

College Hill Associates
Paddy Blewer / Nick Elwes
+44 207 457 2020

INDUSTRY: Manufacturing and Production - Mining and Metals

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African Copper Plc

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CODE : ACU.L
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African Copper is a copper producing company based in United kingdom.

African Copper develops copper and silver in Botswana, and holds various exploration projects in Botswana.

Its main asset in production is MOWANA MINE in Botswana, its main asset in development is THAKADU in Botswana and its main exploration property is MATSITAMA in Botswana.

African Copper is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 44.6 millions as of today (€ 40.1 millions).

Its stock quote reached its highest recent level on July 20, 2007 at GBX 97.50, and its lowest recent point on June 05, 2015 at GBX 0.03.

African Copper has 1 485 110 016 shares outstanding.

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Annual reports of African Copper Plc
2008 Annual Report
2007 annual Report
Financings of African Copper Plc
6/26/2007Completes Private Placement with Botswana Institutional Inve...
6/20/2007Announces Private Placement with Botswana Institutional Inve...
Nominations of African Copper Plc
1/26/2012Appointment of Non-Executive Director
10/29/2009Board Changes and NOMAD and Broker Appointment
4/5/2007Appointment of Naomi Nemeth to Vice President, Investor Rela...
Financials of African Copper Plc
2/16/2010Fourth Quarter 2009 Financial Results
Project news of African Copper Plc
10/15/2012Production Update: Record =?ISO-8859-1?Q?=20Production=20of=...
8/29/2012Initial Inferred Resource Estimate for the Mowana North Area...
8/8/2012Production Update-Record Concentrate Production in July afte...
6/8/2012(Mowana Mine)Additional USD6=2E0 Million Working Capital Facility and Mow...
5/22/2012(Mowana Mine)Failure of the Ball Mill Pinion Shaft at the Mowana Mine
4/2/2012Production Update
6/24/2011(Matsitama)Matsitama Minerals Licence Extensions and Exploration Update
5/19/2011Production Update
12/21/2009(Mowana Mine)ZCI Releases Independent Competent Persons Report on Mowana ...
1/21/2009(Mowana Mine)Mowana Mine Update
9/17/2008(Mowana Mine)Mowana Mine Update
2/25/2008(Mowana Mine)The Revised Mowana Mine Production Schedule Provides for Out...
1/25/2008(Mowana Mine) Finalizes Offtake Agreement for Mowana Concentrates Complet...
7/25/2007(Thakadu)Independent Resource Estimate for Thakadu Copper-Silver Proj...
6/14/2007(Mowana Mine)New Resource Estimate for Dukwe Project Enhances Resource Co...
6/6/2007High-Grade Mineralisation Extended for at Least 350 Metres t...
6/5/2007Drill Programme Returns High-grade Intersections and Shows V...
5/17/2007(Thakadu)'s Thakadu Drill Results a Positive Step Toward Delineating ...
4/18/2006Proposed placing of new ordinary shares
Corporate news of African Copper Plc
5/29/2015Small-cap Week, May 30
2/2/2015African Copper Plc: Resignation of Director
1/12/2015African Copper Plc: Directorate Changes
2/11/2014Production and Exploration Update for the Third Quarter of F...
12/10/2012Half-Year Results for th
10/3/2012Further Cautionary Statement
10/2/2012Change of Adviser
9/20/2012Result of Annual General Meeting
7/31/2012Final Results for the Year to 31 March 2012
7/10/2012ZCI Strategic Review
5/30/2012ZCI Strategic Review
4/16/2012ZCI Strategic Review
2/28/2012ZCI Strategic Review
2/1/2012Additional USD5 Million Facility Secured from ZCI
1/6/2012USD2.0 Million Working Capital Facility
8/26/2011Notice of Annual General Meeting
6/30/2011Final Results for the Year to 31 March 2011
6/28/2011Re: ZCI Trading Update
6/9/2010Change of Advisor's Names
5/4/2010Operational Update
4/1/2010Financing and Trading Update
2/1/20101 February 2010
1/18/2010Zambia Copper Investments ("ZCI") has received shareholder a...
12/10/2009Chris Fredericks resigned as a director and Chief Executive ...
11/17/2009Today Filed Its Third Q
10/14/2009Operational Update
9/30/2009Extension of Loan Facility
9/9/2009Operational Update
8/14/2009Today Filed Its Half Year Consolidated Financial Statements ...
7/30/2009Result of Annual General Meeting
7/30/2009AGM Presentation
6/29/2009Revocation of Cease Trade Order
6/29/2009Annual General Meeting
6/23/2009Filing of Interim Financial Statements and MD&A
6/19/2009and Zambia Copper Investments Limited ('ZCI') Term Loan Agre...
6/3/2009Settlement of Natasa Mining Ltd ("Natasa") Claims and Withdr...
5/26/2009ACU Payment to Bondholders and Natasa
5/22/2009Board Changes
5/22/2009Issue of 676,570,500 New Ordinary Shares of 1p Each
5/22/2009Share Transfer Instructions
5/21/2009Issue of Shares and Compromise Agreement With RSV
5/20/2009Announces Delisting from the Toronto Stock Exchange
5/18/2009Amended Agreement Between ACU and ZCI Dated 18 May 2009
5/15/2009Announces Delay in Filing Interim Financial Statements and M...
5/15/2009Revised Offer of Financing From Natasa Mining Limited
5/15/2009Natasa Mining Limited ("Natasa") Announcement
5/14/2009Transfer and Demand for Repayment of Bonds
5/13/2009Amended Agreement Between African Copper and Zambia Copper I...
11/12/2008Nets US$4.75 Million From Sale of Copper Put Options
8/15/2008Half Yearly Report
6/19/2008Result of AGM
6/13/2008Management Reorganization
5/16/2008Q1 Results
4/1/2008Preliminary Results for the Year Ended 31 December 2007
2/26/2008Total Voting Rights
2/15/2008 Disclosure of Shareholding
2/8/2008Issues 7.284 Million New Shares at 70p
1/30/2008Completes the Issue of 7.284 Million Shares
9/18/2007Receives Licence Renewal for =?ISO-8859-1?Q?Over=203,500sq=...
6/7/2007Annual Meeting Statement-Business & Growth Strategy
5/23/2007Protects Against Decline in Copper Price
6/5/2006Results of EGM
4/3/20062005 drilling programme triples contained copper at Mapanipa...
4/3/2006(Mowana Mine)Dukwe development plan finalized
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AIM (ACU.L)FRANKFURT (BNA.F)
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